Axia  in $15.3 million profit


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Axia Corporation reported a six percent increase in after tax profit to $15.3 million in the year ended June from $14.5 million last year on increased revenue.

Revenue at $248.3 million was 26 percent up on prior year’s $197.5 million , resulting in a  10.8 percent increase in earnings before tax and interest (EBIT) to $22.1 million.

TV sales and hire reported a 37 percent increase in revenue as sales increased 51 percent.

“This has been spurred by growth in cash sales over the comparative period owing to well marketed and merchandised stores and a shift towards formal channel,” chairperson Luke Ngwerume said in a statement.

Distribution Group Africa Zimbabwe recorded a volume increase of 45 percent resulting in a 37 percent growth in revenue, as the group acquired new distribution agents.

 Transerv recorded a 3 percent increase in revenue.

Total assets increased by percent to $116.8 million from $105.2 million previously.

Net borrowings increased by $9.7 million to $25.8 million mainly to support working capital investments.

Axia spent $1.72 million on capital expenditure.

The company declared a final dividend of 0.22 cents and an additional special dividend of 0.08 cents. –The Source

 

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The Insider

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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