Zimbabwe Stock exchange listed company Meikles limited revenue for the half year ended 30 September 2017 was up by 12% to US$254.0 million from US$225.9 million in the previous year.
According to the group executive chairman John Moxon, profit before tax from continuing operations was US$5.4 million compared to a loss of US$0.7 million recorded in the previous year.
“EBITDA for the period grew by US$5.7 million or 60% from US$9.5 million in the previous year to US$15.3 million.
“Profit before tax from continuing operations was US$5.4 million compared with a loss of US$0.7 million in the previous year.
“Profit before tax for the six month period was above the result for the full financial year ended 31 March 2017 of US$5.3 million,”he said.
For TM and PicknPay supermarkets,revenue for the period amounted to US$232.0 million, a growth of 15% from US$202.0 million in the previous year.
“Revenue for the period amounted to US$232.0 million, a growth of 15% from US$202.0 million in the previous year.
“EBITDA for the period grew by 38% to US$13.2 million. Profit before tax was at US$9.1 million, a 49% growth from US$6.1 million in the previous year.
“Refurbishment works are in progress at a number of branches with completion expected before the commencement of the festive season.
“Additional branches are soon to be opened and others are under consideration in terms of forward planning,
“Tanganda revenue grew by 26% to US$12.9 million from US$10.2 million achieved during the six months ended 30 September 2016.
International bulk tea export prices continued to firm to average US$1.65/kg in the six month’s period to 30 September 2017 compared with an average of US$1.51 for the same period last year.
“Bulk tea production of 3 077 tonnes was 37% higher than 2 251 tonnes produced in the comparative prior year period.
“The average price on avocadoes of US$1.62/kg was 80% higher than the previous season’s average price of US$0.90/kg due to significant improvement in quality as the trees mature. 629 tonnes of avocadoes were exported compared to 127 tonnes in the previous season.
“Macadamia nuts sales of 192 tonnes for the six months to September 2017 were 19% higher than 162 tonnes for the six months to September 2016.
“Average price of US$4.39/kg was 57% higher than US$2.80/kg realised in the previous period,”said Moxon.
The Board has not declared an interim dividend. However, it is expected that following a conclusion of arrangements on the amount owed by Government, it will be possible to consider the declaration of an interim dividend.
