Plastic products manufacturer Proplastics reported a 43 percent increase in after tax profit to $263 000 in the six months to June driven by an 11 percent growth in sales volume.
Proplastics was unbundled from its parent company Masimba Holdings in June.
It said its $1 million High Density Polyethylene (HDPE) plant, which was commissioned last year, had contributed significantly to its overall output.
Revenue was up 13 percent on prior year to $6.6million.
Overheads grew 11 percent as a result of a once off cost associated with the unbundling exercise.
Finance costs were 33 percent lower on prior year while earnings before interest, tax, depreciation and amortisation (EBIDTA) increased by 26 percent to nearly $800 000.
The company said it expects a stronger second half performance and that it will continue with its plans to modernize its plant in order to make it regionally competitive.- The Source
(153 VIEWS)
Zimbabwe is among the top 30 countries in the world with the widest gap between…
Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…
Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…
The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…
Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…
Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…