Categories: Stories

OK Zimbabwe revenue ahead of target

Retail group, OK Zimbabwe says revenue growth of 19 percent during the first three months of its financial year to June is ahead of operating costs and bodes well for its prospects for a profit in the interim.

Chief executive, Alex Siyavora told shareholders at the company’s general meeting on Thursday that overall performance is ahead of budget with positive growth over prior year.

“The growth we reported on at year end is continuing. Our promotions, the major one being The Grand Challenge Jackpot Promotion were successful and contributed meaningfully to the quarter’s performance.”

During the period, gross margins were maintained.

Siyavora said the range of imported goods has narrowed because of difficulties with international payments, but the supply of goods remains adequate to sustain the required level of performance.

The capital expenditure programme is continuing with funding from cash generated from operations, he added.

“We announced that we would open an OK Store during the quarter in Harare but the construction is behind schedule, but we will open the store as soon as the landlord hands the completed store over to us,” he said.

In the full year to March this year, OK Zimbabwe’s revenue improved 8 percent to $472.4 million from $437.5 million in the prior year while profit before tax of $8.9 million was 620 percent up on the prior year’s $1.2 million.

Net income increased by 800.9 percent to $6.1 million from $700 000 in 2016.- The Source

(37 VIEWS)

This post was last modified on %s = human-readable time difference 4:04 pm

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

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

The Zimbabwe government and not saboteurs sabotaging ZiG

The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…

October 20, 2024

The Zimbabwe Gold will regain its value if the government does this…

Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…

October 16, 2024

Is Harare the least democratic province in Zimbabwe?

Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…

October 11, 2024

Zimbabweans against extension of presidential term in office

Nearly 80% of Zimbabweans are against the extension of the president’s term in office, according…

October 11, 2024

Zimbabwe government biggest loser when there is a discrepancy in the exchange rate

The government is the biggest loser when there is a discrepancy between the official exchange…

October 10, 2024