The Directors of OK Zimbabwe Limited are pleased to announce the release of the Group’s 2015 annual report for the year ended 31 March 2015. Below is an extract of the Chairman’s Statement and a few financial highlights.

Chairman’s Statement

Overview
The economic slowdown reported on last financial year deepened as evidenced by increased company closures and higher unemployment. These negative trends led to depressed consumer demand and a difficult trading year was experienced by most business sectors. Liquidity constraints persisted while local manufacturing continued to decline…

Group performance
Revenue generated for the year decreased by 4.3% to $462.7 million from the $483.7 million posted in prior year. Profit before tax was 20.9% down at $10.6 million from $13.4 million in the previous year, while profit after tax decreased by 22.2% to $7.5 million from $9.7 million in 2014…

Dividend
The directors have recommended a final dividend of 0.14 cents per share to be paid to shareholders on or about 15 June 2015. This brings the total dividend for the year to 0.33 cents per share.

Outlook
To continue enhancing brand strength and improve sales growth, the Group will embark on full scope refurbishment of OK First Street and OK Marondera. Partial refurbishment will also be carried out at OK Gwanda and OK Mbare. A new OKmart will be opened in Mutare soon while a new OK store is under construction and will be opened in Zvishavane by September 2015. Another OKmart is planned for Victoria Falls later in the year. A new and larger store will be put up at Houghton Park…

Financial Highlights

  • Revenue – US$462.7 million
  • EBITDA – US$17.7 million
  • Profit before tax – US$10.6 million
  • Profit for the year – US$7.5 million
  • Headline earnings – US$7.5 million
  • Total assets – US$128.4 million

To download or view the full 2015 annual report, please click on the link below: