Apex Corporation had an excellent year ending October with profit before tax increasing more than tenfold from $737.2 million to $7.8 billion.
More than half of the profit came from Phoenix Consolidated Industries, which is also a listed company.
Sales shot up from $4.3 billion to $24.5 billion with trading profit at $8.2 billion, up from $886.7 million the previous year.
Phoenix contributed $13.5 billion to the turnover and $4.83 billion to the profit before tax.
Sales from the Communications Division which includes Philpott and Collins, two printing companies Bardwell and RCP/Belmont Printers as well as Supersonic totaled $4.1 billion.
This was a drastic increase from $969 million realised in 2002. Profit shot up from $78 million to $701 million.
The Foundries Division saw sales increase from $905 million to $6.2 billion and profit shoot up from $164 million to $2.2 billion.
Zimcast sales exceeded $4.5 billion.
Precision Grinders is poised to do well in the local and export market for its agricultural and mining equipment.
The company had borrowings of $1 billion at the end of the year to fund working capital and new equipment.
It had $79 million cash at the end of the previous year.
(41 VIEWS)
Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…
The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…
Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…
Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…
Nearly 80% of Zimbabweans are against the extension of the president’s term in office, according…
The government is the biggest loser when there is a discrepancy between the official exchange…