Simbisa Brand Records 30pc Increase in Revenue

Zimbabwe Stock Exchange-listed company, Simbisa brands Limited revenue for the year ended 31 December 2017 increased by 30% to US$99.9 million compared to US$6.6 million recorded during the same period in 2016.

According to the group chairman, Addington Chinake, profit attributable to the owners of Simbisa increased by 71%.

“Profit attributable to the owners of Simbisa increased by 71% to US$8.1 million as compared to US$4.8 million recorded in 2016.

“Basic earnings per share were up by 78% at 1.46 cents as compared to 0.82 cents that were recorded during the same period in 2016,” said Chinake.

He added that cash generated from operations after changes in working capital for the period under review also increased.

“Cash generated from operations after changes in working capital increased to US$16.3 million in line with the group’s capital allocation, a strategy which focuses on investments with a high return.

“US$3.2 million of the cash generated from operations was invested in expansion activities mainly in Kenya and Zimbabwe.

“Net cash flow financing activities were the US$ 1.4 million for the period under review.

“The group’s total borrowings reduced by a marginal amount of $0.3 million during the period and closed 31 December 2017 at a balance of US$17.9 million.

“An amount of US$1.4 million was distributed to shareholders as cash dividends,” said Chinake.

 

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