While its major competitor British American Tobacco Zimbabwe is reeling under a $35 million doubtful debt, Rothmans of Pall Mall Zimbabwe has posted good results with the group’s consolidated earnings increasing 24.4 percent to $66.7 million in the six months ending March.
Once troubled paper giant, Art Corporation, has posted a profit of $65.3 million in the six months ending March, but profit attributable to shareholders was reduced to $56.7 million after the company paid a deferred tax of $7.9 million in addition to the taxation for the period of $675 000.
Bulawayo-based Haddon and Sly, which runs a department store and supermarkets, had a disappointing year which saw profits after tax decline from $772 000 to $215 000, although the latest results are only for 10 months because the company has changed its financial year to end in December instead of February.
Despite losing $3.2 million through redundancy costs and a further $3.5 million through exchange losses, Apex Corporation still managed to post an $8.6 million profit in the six months ending April.
Retail credit group, Tedco, which owns among others, Nyore Nyore Zimbabwe Furnishers, Radio Limited, CW Stores and the House of Kumali, had a 59 percent increase in pre-tax profits in the six months ending March, increasing from $41.7 million to $66.3 million.
Pharmaceutical company, CAPS, which barely two years ago was beset with problems of escalating costs, poor morale, lack of adequate product availability, a declining market share and a questionable future, has once again posted remarkable results with profit attributable to shareholders increasing 618 percent for the year ending March from $4.5 million to $32 million.