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Unifreight Confident Of Turnaround After Tough Half-Year

Despite failing to meet its Half Year anticipated earnings, transport and logistics giant, Unifreight Africa Ltd is confident of surpassing full year targets riding on improvements  in the company’s Key Performance Indicators (KPIs), 263Chat Business reports.

The company weathered the negative impact of the Covid-19 pandemic by managing to post a profit before tax of ZWL$ 19 million-18 percent above prior year but still fell below initial projections.

However, a raft of cost containment measures implemented during the period and the improved economic activity post-lockdown are expected to spur the company into profitability in the second half of the year.

“All of our KPIs are moving in the right direction, with improving yields, improving fuel consumption levels which can be attributed to new fleet, decreasing labour cost per tonne, and overall improvement in cost controls which gives us a great deal of faith that we are on the right track and will end the year on a high note ahead of budget,’ said company chairman, Peter Annesley.

He however admitted that the economic outlook in the country is discouraging as the environment continues to be volatile.

“We are focusing on what we can control, working hard to maintain a positive attitude, and keep searching for pockets of opportunity that have been created,” said Annesley.

The company suffered a 22 percent decline in tonnage during the first half of the year due to lockdown restrictions that affected normal trading.

The company said the third quarter which is 3 months after the reported period has shown a dramatic come-back with cumulative revenue on budget and 5 percent ahead of prior year, and net profit is 36 percent ahead of budget in real terms.

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