- Category: Stories
- Published on Wednesday, 12 January 2011 17:49
- Written by Charles Rukuni
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Apex Corporation had an excellent year ending October with profit before tax increasing more than tenfold from $737.2 million to $7.8 billion.
More than half of the profit came from Phoenix Consolidated Industries, which is also a listed company.
Sales shot up from $4.3 billion to $24.5 billion with trading profit at $8.2 billion, up from $886.7 million the previous year.
Phoenix contributed $13.5 billion to the turnover and $4.83 billion to the profit before tax.
Sales from the Communications Division which includes Philpott and Collins, two printing companies Bardwell and RCP/Belmont Printers as well as Supersonic totaled $4.1 billion.
This was a drastic increase from $969 million realised in 2002. Profit shot up from $78 million to $701 million.
The Foundries Division saw sales increase from $905 million to $6.2 billion and profit shoot up from $164 million to $2.2 billion.
Zimcast sales exceeded $4.5 billion.
Precision Grinders is poised to do well in the local and export market for its agricultural and mining equipment.
The company had borrowings of $1 billion at the end of the year to fund working capital and new equipment.
It had $79 million cash at the end of the previous year.