At General Beltings, volume was up 35 percent while revenue increased 23 percent compared to last year, while Cernol Chemicals, volumes remained flat while revenue went up 35 percent.
Managing director Willbroad Tsuroh told shareholders at an annual general meeting that the company has now moved from loss making to profitability, which it will look to sustain going forward.
“We did not have any capital injection since dollarization, but as long as our government continues to have a policy that supports local manufactures, we will be profitable,” he said.
He said the Group will also benefit from the technical partnership with South African rubber manufacturer Nuvo, which last year provided a facility for working capital, equipment and order book — allowing for shorter order turnaround period.
During the period under review, Tsuroh said equipment that was delivered and commissioned led to improved manufacturing efficiencies.
However, Cernol continues to develop high performance lubricants in partnership with German firm Klubber, which is benefitting its performance.
Tsuroh said as currency constraints persist, the company continues to dialogue with authorities while at the same time receiving support from the RBZ.- The Source