20 November 2018

Zimbabwe: Meikles Half Year Revenue 30 Percent Up

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Meikles limited revenue for the half year ended 30 September 2018 grew by 30% to US$330.8 million from US$254.0 million recorded during the same the period last year.

According to the group chairman John Moxon, profit after tax from continuing operations also grew by 467%.

"Earnings before interest, tax, depreciation and amortization "EBITDA" for the period rose by 107% to US$31.5 million from the previous year's result of US$15.2 million.

"Profit after tax from continuing operations grew by 467% to US$15.3 million from US$2.7 million achieved the previous year.

"Profit after tax for the six month's period ended 30 September 2018 had surpassed the result for the full financial year ended 31 March 2018 of US$7.7 million by 99%," he said.

Moxon added that TM and Pick n Pay Supermarkets revenue for the period under review grew by 32% as compared to the same period last year.

"Revenue for the period amounted to US$305.6 million, a growth of 32% from US$232.0 million in the previous year. The rise in revenue was underpinned by a considerable growth in the number of units sold.

"EBITDA for the period grew by 65% to US$21.8 million. Profit after tax grew by 107% to US$13.9 million from US$6.7 million in the previous year," he said.

Meanwhile their Hospitality revenue grew by 18% to US$10.3 million from US$8.7 million while Meikles Hotel revenue per available room "RevPAR" rose by 35% underpinned by growth of both room occupancy and average room rate.

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