Turnall Holdings narrowed its loss position in 2017 to $689 401 from $1.2 million in 2016 largely as a result of improved cash flows on improved capacity utilisation as well as cost reduction due to plant efficiencies.
In a statement of the financials for the year ended December 31, 2017 group chairperson Rita Likukuma said the company thrust on technological innovation, cost control, procurement efficiencies and increased capacity saw the group netting a gross profit of $6.8 million compared to $1.9 million in 2016.
Group turnover for the year was at $19.03 million compared to $16.99 million last year which represents a 12 percent increase following three years of decline.
Sales volumes also increased 9 percent. Likukuma said production volumes increased 32 percent due to improved working capital management and improved raw material stocks availability.
She said during the period, the group re-launched exports into the region but sales were not significant as this was still a market development stage.
“Export sale were also constrained by pricing issues owing to high cost of production in Zimbabwe. To further reduce the manufacturing costs, the group will upgrade its asbestos cement plant during 2018 to increase throughput and this will improve competitiveness of our products,” she said.
Turnall was among several companies that is on the list of extenalisers of funds by government but Likukuma said it was an issue of unacquainted CD1 forms.
She said the group has been working with the Reserve Bank of Zimbabwe with respect to the unacquainted CD1 s amounting to $2.7 million.
“Continued efforts to recover the amounts from the related customers are ongoing and the group has taken a position to pursue this through the courts,” she said.
The company did not declare a dividend. –The Source
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