BRICK manufacturing company
The firm is confident it will continue operating as a going concern for the foreseeable future.
In a statement accompanying abridged results for the year ended
"The operating environment was characterised by inflation and was worsened by the Covid-19 pandemic which culminated in government induced lockdowns introduced in
"The continued opening up of economic activity coupled with the RBZ introduced foreign currency auction system resulted in a stable currency and inflation rate. This will present opportunities from dormant and new projects including government infrastructure and housing development programmes."
During the period, revenue for the year increased 19% to ZWL$596 million (
Operating profit decreased by 50% to ZWL$166 million (
Exchange gains amounting to ZWL$26 million (
Net cash flows generated from operations amounted to ZWL$125 million (
Chidziwo said land and buildings were revalued to reflect fair values.
"Fired production for the year declined by 20% compared to the prior year. About two months' production was lost due to the Covid-19 induced lockdown.
Annual maintenance of the plant will be carried out during the seasonal shutdown to ensure efficient production that delivers sufficient bricks for projects during the ensuing year in line with approved budgets for the new financial year," he said
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