The Directors of OK Zimbabwe Limited are pleased to announce the release of the Group’s 2016 annual report for the year ended 31 March 2016. Below is an extract of the Chairman’s Statement and a few financial highlights.

Chairman’s Statement

Overview
Persistent economic headwinds hampered business operations throughout the financial year. Combined effects of drought, very low Foreign Direct Investment inflows, reduced diaspora remittances, liquidity constraints, business failures and retrenchments as well as delayed or non-payment of salaries weakened consumer demand even further than previously…

Group performance
Revenue generated for the year decreased to $437.5 million from the $462.7 million posted in prior year. Profit before tax was down at $1.2 million from $10.6 million in the previous year, while profit after tax decreased to $0.7 million from $7.5 million in 2015…

Dividend
At a meeting held on 2 June 2016 the Board decided that it would not declare a dividend and that it would channel resources to re-investment in the business.

Outlook
Despite the difficult economic environment, the Group will take the necessary steps to improve margins without losing market share. Focus will be on further cost reductions to improve profitability…

Directorate
The Directors note with a deep sense of sadness and loss, the death of Mr. Michael Tapera, an invaluable member of our our Board since 2008, who passed away in January 2016.

Financial Highlights

  • Revenue – US$437.5 million
  • EBITDA – US$9.039 million
  • Profit before tax – US$1.234 million
  • Profit for the year – US$0.672 million
  • Headline earnings – US$0.678 million
  • Total assets – US$125.2 million

To download or view the full 2016 annual report, please click on the link below: