Categories: Stories

Phoenix profit trebles

Phoenix Consolidated Industries in which Apex Corporation has a 51 percent stake had what the company termed impressive results but sales just more than doubled from $991.6 million to $2.5 billion while net profit trebled from $108.2 million to $466 million.

Unlike the parent company, exports declined by 18 percent.

Sales and profits for Phoenix Brushware exceeded inflation. Brushware volumes were down but this was compensated for by an increase in the sales of plastic packaging to the cosmetic market.

Premier Products had a good year because of high demand for bathroom ware. It is now looking at increasing its sales of storage tanks with focus on the export market.

Productivity levels at Scandia Wire increased by 12 percent despite the shortage of locally produced raw material. It won the company award for the highest exports.

JW Searcy had its best operating performance ever largely because of support from foreign suppliers while William Smith and Gourock was the company’s star performer.

It won the awards for top overall unit, most profitable unit, unit with the highest turnover and unit that generated most cash.

(27 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

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