The Directors of OK Zimbabwe Limited are pleased to announce the release of the Group’s half year financial results for the period ended 30 September 2017. Below is an extract of the Chairman’s Statement and a few financial highlights.
- Revenue up 22.6% to $268 million
- EBITDA increased by 63.1% to $11.3 million
- Profit for the period up 121.8% to $5.1 million
- Earnings per share up 120.0% to 0.44 cents
- Net asset value per share up 8.8% to 7.03 cents
The Government forecasts economic growth of 3.7% on the back of a good 2016/2017 agricultural season and improved performance from the mining sector. However, liquidity constraints persisted, evidenced by cash shortages and inadequate foreign currency reserves required to settle international obligations. The shortage of cash saw the bulk of transactions shift to electronic modes of payment…
Revenue for the period improved by 22.6% to $268.0 million from $218.6 million in prior period. Profit before tax of $7.0 million was 124.2% up on prior period’s $3.1 million, while profit after tax increased by 121.8% to $5.1 million from $2.3 million in 2016…
The Directors have declared an interim dividend of 0.20 cents per share to be paid to shareholders on or about the 1st of December 2017.
The Group will continue, despite the challenges of the operating environment, to explore opportunities to grow market share through enhanced sales generation and will increase its efforts to contain costs and improve profitability. Refurbishment work is continuing and will soon be completed on at least four stores before the end of the financial year and at least one new store will be opened soon in Harare.
D B LAKE