ART sales soar to $82.1 billion

Sales for Amalgamated Regional Trading (ART) shot up from $12.4 billion in 2002 to $82.1 billion last year.

The company says in its report for the year ending September, the increase in turnover was largely driven by inflation. But volumes of fine paper grew by 12 percent, those of board by 50 percent, paper-based stationary by 21 percent and writing instruments by 13 percent.

Volumes of newsprint declined by 4 percent, those of tissue manufacturing by 12 percent, tissue converting by 15 percent and battery sales by 5 percent.

The company says sales to customers outside Zimbabwe amounted to $35.2 billion, which was 43 percent of total sales. In 2002 sales outside Zimbabwe totalled only $3 billion, which was 24 percent of turnover.

Paper manufacturing accounted for 53 percent of turnover. Paper converting and stationery contributed 25 percent while battery manufacturing and distribution accounted for 22 percent.

Zimbabwe accounted for 57 percent of the sales revenue while South Africa contributed 16 percent, Zambia 10 percent, Malawi 9 percent, Kenya 7 percent and the rest of Africa, 1 percent.

The company had an operating profit of $32.3 billion, up from $3.2 billion while net profit shot up from $2.3 billion to $22.3 billion.

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