Axia Corporation Limited Revenue 33% Up

Zimbabwe Stock Exchange-listed company Axia Corporation Limited Group has reported a total revenue of US$134.328 million for the six months ended December 2017- a 33% increase from the comparative period last year.

According to the group chairman, Luke Ngwerume, both basic and headline earnings per share for the period amounted to 1.19 US cents.

“An operating profit of US$13.333 million and a profit before tax of US$13.773 million were recorded for the six months ended 31 December 2017.

“Both Basic and Headline earnings per share for the period amounted to 1.19 US cents. Headline earnings were 60% above the comparative period and when adjusted for income earned on the derivative option, were 29% above prior year at 0.96 US cents,” said Ngwerume.

He added that net borrowings for the period under review has increased to support working capital investment in inventory.

“The Group’s capital expenditure for the six months totaled US$2.134 million. Net borrowings have increased by US$3.528 million to support working capital investment in inventory.

“The Group reassessed its position of control of Transerv, where it has an effective 26.01% share. The Board decided to equity account the results of Transerv with effect from 1 July 2017 and only to consolidate the business when an effective holding of 50% is achieved.

“ Following this reassessment, the comparative statement of profit or loss and other comprehensive income has been restated, together with the Statements of Financial Position, Statement of Changes in Equity and Statement of Cashflows to show the effect of equity-accounting for Transerv.

The Board has also declared a dividend totaling US$109,000 to the Axia Employee Share Trust (Private) Limited.

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