Axia Corporation volumes during the three months to September (Q1:2022) held steady to offset the effects of reduced trading hours during the initial two months of the quarter on account of consistent product supply.
In its latest trading update, the Group said inflation and the currency depreciation affected the business during the quarter.
At TV Sale and Home, volumes grew by 36 percent compared to the same period last year, benefiting from competitive pricing, consistent product supply, and the positive momentum of credit offerings.
At Transerv volumes were up 25 percent above the comparative period as the business continued to closely manage its costs and review its product and service offerings.
At DGA, in Malawi, first quarter volumes were 58 percent up compared to the comparative period, owing to the impact of newly acquired distribution agencies which came on Board which are Unilever, BIC and Clover.
“Malawi has now become a significant contributor to the positive performance of the regional business. The Zambian Kwacha appreciated against key supplier currencies such as the South African Rand and United States Dollar following the positive political sentiment after the recent Presidential election,” said Axia.
The Group is pursuing growth and a number of projects are already underway.
TV Sales & Home managed to fund the construction of a new multi-million US Dollar state of the art factory, which commenced in August 2021.
This new factory will result in the business growing its production to meet increasing local demand and service export markets.
“The Group remains focused on executing the expansion opportunities as previously advised,” said Axia.
A new retail store is scheduled to open in Bulawayo by the end of the second quarter.
Transerv has also managed to secure new store sites in Chiredzi and Victoria Falls.
