Electrification boosts BICCCAFCA sales

The rural electrification programme in Zimbabwe and other electrification projects in the region helped boost sales for BICCCAFCA which increased by 180 percent from $2.4 billion to $6.7 billion last year.

Domestic sales more than doubled from $2 billion to $5.2 billion while export sales increased by 338 percent from $337.6 million to $1.5 billion.

Operating profit shot up from $424.8 million to $1.7 billion with net profit up 286 percent from $275.4 million to $1.1 billion.

The company says its stock increased by 5 percent, while its debtors increased by 571 percent from $381.5 million to $2.6 billion.

But it says this was because of higher export sales during the last quarter and the delayed settlement by local customers.

It says foreign creditors also increased significantly towards the year-end but they were paid in January.

Though it says the "future is poised on a knife-edge" because of the skewed economic-socio-political conditions prevailing in the country, its order book at December represented two months' sales.

There is also likely to be reasonable business in rural electrification and exports and there should be an improvement in the results for the first half.

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