Tinashe Makichi
staafricacorporation has hinged its future growth on exports within Southern Africa, Central and East African markets, board chairman Joe Mutizwa said.
“The major growth strategy for the Company hinges on export markets that include existing Southern Africa markets and Central and East African markets into which the company has just begun to make inroads,” Mtizwa said.
Mutizwa said the believes that a raft of measures it is pursuing and the eventual cessation of current austerity measures will see it remaining on a sound financial footing despite the short to medium term forecast of a challenging trading environment.
The company’s turnover for the half year to September 30,2019 amounted to ZWL $132.m compared to ZWL 28m recorded in prior comparative period.
The increase was on the back of changes in the product mix as well as the necessary inflation related price adjustments aimed at preserving the company’s ability to service the market.
Earnings before Interest, Tax, Depreciation and Amortisation went up to ZWL$19.4 million in comparison to ZWL$ 2.1 million achieved in the same period last year due to a combination of the increase in turnover and cost management measures which restrained growth in costs to below the growth in turnover.
