Rising inflation has resulted in a boom in the furniture industry as people sought to convert spending power into inflation-proof assets.
Meikles Africa, which runs three world class hotels which are all among the leading hotels of the world had an excellent first half to September with sales improving by 470 percent almost a 100 percentage points above average inflation for the period which stood at 379 percent.
Edgars Stores, probably the biggest clothing retail chain in the country, saw its sales increase from $3.9 billion to $14.7 billion in the six months to 5 July.
Astra Industries, which was one of the best performers on the Zimbabwe Stock Exchange last year, had a good year ending August with sales improving by 318 percent and net profit by 466 percent.
Though there was a significant slow down in demand for Cairns Holdings’ food division products, especially during the second half, price inflation pushed sales from $5.5 billion last year to $30.8 billion during the year ended August.
A 74 percent increase in the price of sugar granted in May was only enough to minimise losses but the sugar division of ZSR still incurred a loss of $1.9 billion according to the company’s results for the six months to September.