Published by the government of Zimbabwe
22 August 2007
Harare — AMTEC Pvt Limited has lost its exclusive rights on Hino vehicle sales after failure to achieve the market sales uptake required by Hino Motors.
According to a report released by the Industrial Development Corporation, which is a shareholder in the company, Amtec had failed to renew its distributorship after failing to achieve the market sales uptake of at least 200 trucks per year.
The company, however, managed to renew its after-sales service agreement last year.
According to the report, Amtec was exploring the possibility of dealing in second hand vehicles and alternative parts, which would require separate facilities. The company achieved a profit after tax of $976 million, which was achieved against new vehicle sales of 257 units, which was below the target of 280 units. In the parts department, sales amounted to US$10,7 million against a budget of US$15 million. The sales, though below the target, were higher than those for the previous year, which amounted to US$6,5 million. Apart from Hino trucks Amtec also sells new and used Mazda and Nissan vehicle and spare parts and accessories.
It also services the vehicle brands and manages forecourt and mart departments in Bulawayo, Mutare and Gweru, which sell fuel and groceries.
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