Choppies says Zimbabwe unit bounces back to profitability


0

Regional retail group Choppies says its Zimbabwean operations have returned to profitability despite the difficult economic conditions that have slowed down consumer spending.

The Botswana-headquartered grocer will release its half year financial results ended 31 December on March 14.

Chief executive officer Ramachandran Ottapathu said in a statement ahead of the results that Zimbabwe was among the operations that have returned to profitability.

“Group results were negatively affected by trading losses in new regions namely Zambia, Kenya and Tanzania. Despite difficult trading conditions in South Africa, focused attention resulted in an improvement with losses narrowing compared to 2016. The Zimbabwean segment, despite very difficult economic conditions, returned to profit. Botswana results were affected by Rand strengthening against Botswana Pula,” he said.

Ottapathu said the group’s EPS is expected to show a reduction of 40 percent – 50 percent from the EPS reported for the half year ended 31 December 2015.

Choppies entered the local market by buying Bulawayo-based businessman Raj Modi’s investment company, Modi Enterprises, for $21.2 million and taking over 11 of the outlets that were operating under the Aaro Mart and Spar franchises in Bulawayo in 2013.

It has since grown the number to over 20 countrywide.-The Source

(22 VIEWS)

Don't be shellfish... Please SHARETweet about this on Twitter
Twitter
Share on Facebook
Facebook
Share on LinkedIn
Linkedin
Email this to someone
email
Print this page
Print

Like it? Share with your friends!

0
Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

0 Comments

Your email address will not be published. Required fields are marked *