Categories: Stories

Dairibord Zimbabwe narrows loss

Dairibord Holdings narrowed its loss in the half year period to June to $845 000 from $1.9 million in the same period last year on improved revenue and a reduction in costs.

The dairy processor reported a five percent revenue increase to $44.6 million driven by growth in volumes and firm price.

“Volumes sold across all categories was above the previous period benefiting from investments made in 2016, line extension, firm demand and SI 64. Volumes grew by 4 percent to 37.3 million litres with liquid milks, foods and beverages increasing by 2 percent, 10 percent and 3 percent respectively,” board chair Leonard Tsumba said.

Pfuko volumes increased by 31 percent driven by new flavours and UHT milks were 24 percent up due to improved packaging.

Earnings before depreciation, amortisation, interest and tax rose to $2.9 million from $346 700 last year.

Finance costs were 9 percent down to $460 000 from $507 500 last year as the company’s borrowings dropped six percent from $10.4 million to $9.8 million.

During the period under review, the company incurred restructuring costs amounting to $865 500.

The group invested $931 000 in a UHT plant, refrigeration equipment and a water reservoir at its Chitungwiza factory.

Total assets dropped by seven percent to $69 million from $74.5 million in 2016.

Loss per share narrowed from 0.52 cents to 0.22 cents.  –The Source

(55 VIEWS)

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.

Recent Posts

ZiG loses steam, falls against US dollar for five consecutive days

The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…

November 22, 2024

Indian think tank says Starlink is a wolf in sheep’s clothing

An Indian think tank has described Starlink, a satellite internet service provider which recently entered…

November 18, 2024

ZiG firms against US dollar for 10 days running but people still do not have confidence in the currency

Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…

November 16, 2024

Zimbabwe among the top countries with the widest gap between the rich and poor

Zimbabwe is among the top 30 countries in the world with the widest gap between…

November 14, 2024

Can the ZiG sustain its rally against the US dollar?

Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…

November 10, 2024

Will Mnangagwa go against the trend in the region?

Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…

October 22, 2024