Leading manufacturer of consumer staple and durable goods for the mass market, Innscor Africa Limited, made strides in the midst of a harsh operating environment by recording a ZWL24 billion in revenue, the Business Mail reports.
In a financial statement released by A.B.C. Chinake, an Independent, Non-Executive Chairman the company also records an operating growth of 54% over the comparative year.
“The Group posted revenue of ZWL23.938bn during the year under review, representing a 24% increase in the comparative year. Revenue growth was achieved on the back of mixed volume performance, the gradual removal of subsidies on most products, as well as inflation-induced price adjustments.
“The Group’s improved product mix, coupled with a well-priced strategic raw material investment and enhanced production and overhead efficiencies, combined to deliver an operating profit of ZWL3.859bn for the year under review, representing a growth of 54% over the comparative year,” said Chinake.
Chinake added that the Group’s associates delivered a pleasing increase in earnings with all business units contributing positively to the overall result.
“A monetary gain of ZWL0.263bn was recorded during the year under review, indicating the efficient deployment of resources to non-monetary assets.
“Profit before tax for the year at ZWL4.544bn was 69% ahead of the comparative year, whilst overall current annual headline earnings per share of 450.56 ZWL cents showed an 84% increase versus the same period.
“The increase in other comprehensive income to ZWL1.486bn is largely attributable to exchange differences arising on the translation of foreign operations”, he adds.
The Group’s statement of financial position remained robust, with a strong asset base supported by fixed assets and inventory positions; net debt was negative at year-end.
Innscor Africa Limited, a company listed on Zimbabwe Stock Exchange (ZSE), commands leading market shares across a range of its categories and over the years has grown organically, through acquisition and by venturing into new categories.