CAFCA boss steps down
CLOUDINE MATOLA
Listed cable manufacturer CAFCA Limited’s managing director, Rob Webster, will step down from his position at the end of February 2024, after serving the company for 17 years, Business Times can report.
The development was revealed by the company’s secretary, Caroline Kangara, who said Webster is leaving behind a strong balance sheet despite the economic turmoil in the country which is negatively impacting many companies.
“The chairman and board of directors would like to announce the farewell of (Rob) Webster who has been managing director since 2006,” Kangara said.
She added: “Despite the economic environment he leaves CAFCA with a strong balance sheet and commendable annual financial performance.
“CAFCA is grateful for the contribution made by (Rob) Webster as the company has grown from strength to strength to a position it is now paying regular dividends.”
In its financial results for the 12 months to September 30, 2023, CAFCA reported a 557.69% profit increase to ZWL$51.3bn from ZWL$7.8bn reported in the prior comparative period.
Revenue for the group grew to ZW$164.0bn in the period under review from ZW$75.0bn reported in 2022.
Total assets stood at ZWL$99.6bn in the period under review compared to ZWL$45.5bn reported in the previous year.
Revenue growth is a reflection of fluctuations in exchange rates, shifts in the sales mix, and movements in copper prices, according to Kangara.
“Inflation adjusted turnover growth reflects the volatility in the exchange rates, sales mix and copper price movements,” Kangara said.
