Leading retail giant, OK Zimbabwe Limited revenue for the year ended March 2018 improved by 23.4% to close the reporting period at $582.9 million from $472.4 million recorded last year.
Group chairperson, David Lake said the operating environment was marked by inadequate foreign currency reserves necessary to settle international obligations and shortages of cash required for transactions, resulting in most transactions being made electronically.
“During this period, the operating environment continued to be characterised by inadequate foreign currency reserves necessary to settle international obligations and shortages of cash required for transactions.
“As a result of the constraints on cash availability, most transactions were conducted through electronic modes of payment.
“The cost of sourcing foreign currency had the inevitable effect of increasing prices, with ZIMSTATS reporting a year on year inflation increase from 0.21% in March 2017 to 2.68% by March 2018,” said Lake.
He added that profit before tax was 165.6 % up while profit after tax increased by 174.6% .
“Profit before tax of $23.6 million was 165.6% up on prior year’s $8.9 million, while profit after tax increased by 174.6% to $16.6 million from $6.1 million in prior year.
Lake added that capital expenditure for the year was $15.5 million, up from $10.9 million in prior year as the Group continued with its refurbishment exercise to improve existing facilities as well as expand its trading footprint.
