29 September 2017

Zimbabwe: Unifreight Back in Black Despite $1mln Revenue Drop in H1

Transport and logistics group, Unifreight reported a profit from continuing operations of $565,000 during the half year period to June 30 compared to a loss of $71,000 same period in 2016.

Chairman Patrick Chingoka said despite group revenue declining to $11 million compared to $12 million same period in 2016, there was a turnaround in profitability of continuing operations.

"This was mainly due to a reduction in overheads of $1.3 million from the previous year attributable to the continuing restructuring and cost reduction exercise which commenced in 2015," he said.

Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) for the period was $2.03 million, representing an increase of $128,000 from the 2016 figure.

Chingoka said the first half of 2017 laid a foundation for better financial performance during the second half.

"The group is continuing to invest in new vehicles to improve the service to its valued customers. It is also rigorously pursuing new revenue streams, whilst maintain and monitoring costs," he said.

The company anticipates favourable set of results at full-year.

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