LISTED tiles and roofing materials manufacturer, Turnall Holdings Limited has recorded a 109% turnover increase on the back of predicting a tough year.
Presenting the group's annual performance for the year 2023, Turnall board chairman Grenville Hampshire said the just-ended year was lucrative.
"The Group's turnover for the year was $84,2 billion in inflation-adjusted terms compared to $40,3 billion achieved in the prior year, representing an increase of 109%. In historical terms, revenue was $54,5 billion representing an 834% growth over last year," he said.
The improved performance was attributed to improved performance on the back of an increase in concrete product sales and also furnished medications' which enabled the group to maximize the available raw materials for the cement products.
However, the group projected a tough year ahead but vowed to counter it through the application of robust management strategies.
"The economic situation in the upcoming year is expected to be unstable on the back of a poor agricultural season as a result of the drought and declining commodity prices on the global market.
"Nevertheless, the group remains committed to the implementation of an ambitious recovery plan which involves the introduction of a new modern production line in Harare for roofing sheets and at products, extensive modifications," he said.
The company is committed to maintaining high standards of product quality remains a key priority and this will be underpinned when spares and equipment with a value of over US$ 2 million start to arrive in Bulawayo in Quarter 2 2024.
Turnall had volumes of 37,104 tons representing a 10% growth compared to the prior year, despite the product shortages experienced during the year. The growth was anchored by growth in Concrete products (21%), and AC building products 3%.
