Proplastics  revenue ahead of budget


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Proplastics says revenue levels for the first half of the year surpassed last year’s as the plastic products manufacturer’s production continues to rise since installation of a new plant.

Proplastics commissioned a new $1.5 million PVC plant in November last year which raised production by 60 percent from 600 tonnes per month.

“We are ahead of prior year and also ahead of budget in terms of production tonnage and our sales revenue. The new plant is producing beyond expectation,” chief executive Kuda Chigiya said.

Last year, the company’s revenue in the six months to June was $5.879 million while profit after tax stood at $91 243.

Chigiya would not give figures because the company is in a closed period ahead of the release of its interim financial results.

Last month, Proplastics received board approval to construct a new $5 million factory at its current premises.

The project was initially supposed to start at the beginning of the year.

Construction of the factory is expected to commence before the end of the year upon getting regulatory approvals.- 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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