OK Zim revenue up 22,6pc

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OK Zimbabwe’s revenue for the half year period to 30 September 2017 increased 22.6 percent to $268 million compared to $218.6 million same period boosted by additional stores and the panic buying witnessed in September.

Chief executive officer Alex Siyavora told an analyst briefing that additional stores opened during the period as well as the panic buying that griped the market in September worked in favour of the company’s topline. On a like for like basis revenue grew 18.9 percent and is above official inflation.

The company’s attributable income was up a significant 121.8 percent to $5.1 million compared to $2.3 million in the prior year, largely on fair value gains on the Zimbabwe Stock Exchange (ZSE).

Gross margin at 16.9 percent from F17’s 16.5 percent was a result of the product mix which was tilted towards higher margin products and mark-downs during promotions.

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