7 June 2019

Zimbabwe: Ok Zim Earnings Jump 200 Percent

OK Zimbabwe Ltd reported a 196% net earnings jump to RTGS$49,2 million in the year to March 2019 (FY18) but the numbers did not thrill the market in real terms.

OK Zimbabwe Ltd recorded a 37,6% increase in revenue to RTGS$801,9 million.

The group recorded a 196% increase in profit to RTGS$49,2 million. Earnings per share went up to 4,12 cents per share with a proposed final dividend of 1,71 cents a share. Net asset value per share went to up to 14,05 cents.

Presenting the company's results on Wednesday in the capital, OK Zimbabwe chief executive Alex Siyavora said the company sees foreign currency shortages and product supply bottlenecks persisting.

He said the low agricultural output would have an adverse effect. Siyavora said the group would continue to focus on expansion plans.. This, he said, includes maximising production of its bakeries.

Siyavora said in the financial year under review, the group added two new stores OK Glenview and OK Mart in Masvingo in August and December 2018, respectively.

Refurbishments of its stores, which include OK Marondera and Bon Marche stores in Chisipte and Borrowdale has been completed.

Siyavora said the clean-up operation to remove vendors from the streets has helped increase their bottom line.

"Since the clean-up, we have seen the odd vendor here and there but the intensity has reduced significantly and we saw activity pick up on our shelves," Siyavora said.

He said they had gotten some foreign currency from the interbank foreign currency market set up by the Reserve Bank of Zimbabwe in February this year to help ease foreign currency shortages. He however pointed out that the amount was not adequate to address their needs.

The group currently has 49 Ok stores, eight Bon Marche Stores and seven Ok Mart branches around the country.

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