Zimbabwe Stock Exchange-listed company, Zimplow turn over for the year ended December 2017 rose by 60% to US$38.8 million resulting in a profit after tax of US$3.4 million-a huge swing from the previous year’s loss of US $2.5 million.
According to the group financial results, mealie meal brand turnover increased by 114%.
“Mealie meal brand turnover was 114% from US$5.6 million that was recorded the prior year to $11.9 million.
“The business achieved an operating profit of US$2.96 million which was also a massive swing from a loss of US$771.000 recorded in 2016.
“The strong return to profitability was mainly on the back of 100% increase in exports as well as a 57% increase in local volumes,” noted Zimplow.
“CT Bolt’s revenue was 40 % up from US$1.1 million in 2016 to US$1.6 million recorded in 2017.
“Operating expenses were 9% down resulting in an operating profit of US$355.000 which swung from a loss of US$57.000 in the prior year, notably in the sales mix was the increase in nails sold by 49% to 18t.
“CT Bolts remains the business with the highest operating leverage in the Zimplow Group and it also had the most positive response to focused stock procurement,” further noted Zimplow.
Meanwhile, the group has proposed to pay a dividend of US$300.000.
