Astra has sterling performance

Astra Industries, the star performer on the Zimbabwe Stock Exchange whose share price had soared by more than 2 700 percent by the third week of November, had a sterling performance during the year ending August with net profit increasing by 604 percent and turnover by 212 percent.

Turnover increased from $2.4 billion last year to $7.6 billion with operating profit rising from $309.3 million to $2.4 billion.

Despite the low interest rates prevailing in the market, the company earned $12.5 million in interest, up from $9.8 million, and had a net profit of $1.6 billion, up from only $220.8 million the previous year.

The company says it increased its shareholding in Astra Chemicals from 51 percent to 100 percent during the year. Demand for chemical products and alcohol was high throughout the year resulting in Astra Chemicals’s turnover increasing by 220 percent.

That for Astra Paints was even higher at 221 percent. Volumes were down however, but inflation and product mix accounted for the increase in turnover.

The same applied to Henry Dunn. Despite the continued downturn in the construction industry and lack of local supplies, it still managed to increase its sales by 204 percent.

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