Border Timbers exits judicial management
FAITH MADZINGA
Border Timbers Limited has exited final judicial management following a successful turnaround of the company, the Zimbabwe Stock Exchange-listed concern has said.
The company had been under final judicial management since March 2016 after it slipped into viability challenges.
Peter Bailey was the judicial manager.
In a notice, the materials concern said Bailey has been divested of his powers as final judicial manager and the management control of the company has been returned to the board of directors.
“Notice is hereby given that the order of the High Court of Zimbabwe under Case No. HC 35/15 which placed Border Timbers Limited under Final Judicial Management on 2 March 2016 was cancelled by the High Court of Zimbabwe on 9 March 2022 after the successful turn-around of the Company by the Judicial Manager, Peter Lewis Bailey,” the company said.
In its trading update for the first quarter ended September 30, 2021, Border Timbers recorded a jump in production and sales volumes growth in transmission poles compared to the same quarter in 2020.
Production volume for transmission poles nearly doubled to 4125mᶟ in the quarter under review from 2130 mᶟ in the comparable quarter in 2020.
Sales volumes for transmission poles was up to 5198mᶟ in the quarter from 2775 in the comparable quarter.
Revenue rose to ZWL$462,011,000 from ZWL$313,144,000 in the comparable quarter.
Net profit before tax jumped to ZWL$ 101,206,000 from ZWL$ 70,495,000 in the comparable quarter.
The company said the trading environment remained relatively stable, with the central bank introducing tighter measures on money supply as well as further controls on the foreign currency auction.
It said pricing volatility has also improved as the interbank exchange rate continue to increase although the gap was still wide compared to the parallel exchange rate.
The company said it would, in the outlook, continue to focus on strengthening its balance sheet and profitability by improving its biological asset and the related value chains.
“Key focus is also on recapitalisation of the company’s sawmills so that they are equipped with modern machinery which results in high efficiency and profitability,” it said
