BUSINESS REPORTER
Powermec, a unit of industrial concern Zimplow Holdings Limited unit, is expecting to record unprecedented revenue increases in the remainder of this financial year as local companies scramble for alternative solar power and generators amid persistent load-shedding imposed by the embattled ZESA.
Zimbabwe is experiencing crippling load-shedding , with some companies experiencing power cuts lasting more than 12 hours a day.
This has, however, created an opportunity for Powermec, as industry turns to alternative power sources such as generators.
Consequently, Powermec’s parts sales and services soared 24% and 70% respectively in the nine months to September 30, 2022.
Company secretary for the group, Sharon Manangazira said the volumes are set to increase further going forward driven by power outages which have seen the demand for alternative power sources surge.
“Client appetite for alternative power sources such as solar power and generators increased significantly in the period under review due to the continued depressed power provision at a national level,” Manangazira said.
She added: “The company continues to actively pursue increased business volume for its solar power products given the persistent power outages currently taking place country wide. The group expects to record notable revenue in this regard for the remainder of this financial year,’’ Manangazira said.
Powermec has immensely benefited from the power cuts. ZESA is producing about 1 000 megawatts (MW) a day against a national demand of 1850MW.
To cover for the shortfall, ZESA is importing about 300MW and is also implementing a crippling load-shedding schedule.
In its trading update for the nine months to September 30, 2022, Zimplow reported a 11% increase in revenue compared to the prior comparative period.
It came as one of the biggest units Barzem was put under care and maintenance since it ceased to be the distributor of CAT.
However, it is understood that Zimplow was in advanced talks to secure new manufactures to replace CAT.
Mealie Brand reported a 26% growth in the provision of export implements to its clientele against the prior comparable period as the company continued on its focus to expand the export market.
The group’s logistic division, Scanlink , reported a 7% sales volume while Trentrye volumes in retreads for commercial and consumer tyres soared 60 %.
The latter’s volume was driven by the installment of a second chamber for retread purposes of retread which saw productions of retreads increase in the reported period.
However, Farmec saw the tractors and implements volumes dip by 4% and 9% respectively during the period under review.
