TINASHE MAKICHI
The Zimbabwe Stock Exchange listed diversified group, Meikles Limited, says the construction of the US$15m solar plant at its subsidiary Tanganda remains on schedule to be completed by December this year.
Zimbabwe has been battling power shortages over the last few years prompting Meikles to construct a solar plant, to produce 7.55 megawatts for Tanganda Tea Estates in Chipinge district, Manicaland Province.
Tanganda operates six estates, specialising in producing and packaging tea and coffee both for the domestic and foreign markets.
In addition the company also exports macadamia and avocado. Meikles Limited executive chairman John Moxon told Business Times that the group has secured enough funding for the project, which is almost complete.
“We secured all the required funds and the project is almost complete as we are looking at fully finalising the project by December this year,” Moxon said.
It is understood that part of the funds injected into the solar project was from the sale of Meikles Hotel to Dubai-based billionaire Ali Albwardy, early this year.
The group is also considering renovating some of its properties in Harare’s central business district for letting out to various operators.
The diversified group has since discontinued operations of its department stores which included Greatermans, Barbours and Meikles.
Part of the buildings which used to house these operations are the ones targeted for face-lifts and eventual letting out. Barbours building however belongs to Local Authorities Pension Fund and no plan has been laid out as yet since the building does not belong to Meikles Limited.
Despite the turbulent operating environment characterised by high inflation, foreign currency shortages among other challenges, Meikles produced solid results during the 12 months to March 30, 2020.
Revenue for the group during the period under review grew 6% to ZWL$8.8bn from ZWL$8.3bn in the same period in 2019.
Profit for the year grew to ZWL$1.4bn from ZWL$321m recorded in the comparative prior period.
Growth in profit was boosted by ZWL$119m profit realised on disposal of Meikles Hotel.
