Powerspeed Electrical Limited has increased revenue by 300% to $8.6 billion from $2.1 billion recorded last year largely attributable to contributions by external customers in the retail segment In the Group’s financial statements for the year ended 30 September 2021, Chairman Simba Makoni said during the period under review, the company continued to focus on growing throughput and building real balance sheet value, both of which were achieved The retail segment contributed $8.6 billion of the total revenue with external customers bringing $8.5 billion while the engineering division contributed $111.6 million Although revenue increased, the group incurred high costs of sales of $6.8 billion from $1.7 billion
This is a 285% increase compared to last year During the period under review, the group’s operating expenses increased by 391% to $1.5 billion Resultantly, profit for the year was $154.4 million Makoni said the Engineering Division had a reasonable year, as it increased the volume of products manufactured for and sold by Electrosales, thus making a modest contribution to group profitability
With effect from the end of September 2021, the division was sold to Capital Laser Engineering, a focused engineering entity, which plans to invest in, and grow the business The group said they will continue working with the new owners to ensure the success of the business, which will continue as an important supplier to Electrosales Makoni said shareholder equity grew from $1.7 billion to $2.1 billion, representing a 25.6% growth in real terms Return on assets was 14.5%
However, he said supply lines suffered major disruptions during the year with most local suppliers being unable to meet demand Furthermore, local product prices also constantly escalated, during the period under review, in response to domestic inflation and exchange rate distortions Source: The Anchor
All Zim News
All Zim News is a central hub for all things Zimbabwean, curating news from across the country so no story is missed Alongside aggregation, our team of nationwide reporters provides real-time, on-the-ground coverage
Stay informed and connected — reach us at admin@allzimnews.com.
Source: Theanchor
