Zimplow PAT up 511pc

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BH24 Reporter

HARARE – Zimbabwe Stock Exchange-listed Zimplow posted an overall profit after tax of $1, 61 million for the half-year results to June 30, 2018.08.16

This was a 511, 12 percent jump from $0, 26 million in the prior comparable period.

The group’s total revenue for the period rose 38 percent to $20, 3 million from $14, 7 million in the prior comparable period.

Major contributors total revenue were the farming, mining and infrastructural segments of the company’s operations which accounted for 99 percent of total revenue.

“Our business segments are well-contoured to the growth sectors of the Zimbabwean economy and as a result we expect to meet budgets and perform ahead of last year,” said Zimplow in statement accompanying its half year results.

The flagship mealie brand unit saw its revenue for declining 22 percent to $3,4 million from $4,3 million as a result of the absence of the Angolan exporter order which is expected in the last half of the year.

The CT bolts unit’s revenue rose 54 percent to $863 000 from $560 000 and profit improved from $18 000 to $309 000.

Barzem subsidiary turned in $7,1 million in revenue from $4,8 million on the back of parts and services.

The group’s gross profit was up 61, 8 percent to $7, 16 million from $4, 43 million, giving a gross profit margin of 35, 27 percent compared to 30, 11 percent in the prior comparable period.

The rise in gross profit was notwithstanding an increase in cost of sales of 27, 89 percent.

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