Retailer OK Zimbabwe registers 49% growth in revenue driven by rise in volume sales

ZIMBABWE – Zimbabwe’s largest retail group, OK Zimbabwe has reported a 49% surge in revenue in the first quarter of its current financial year to June 2021, despite COVID-19-induced disruptions.

Its sales volume grew by 48% over the same corresponding period in 2020, attributed to a recovery from more stringent prior year Covid-19 restrictive regulations and the success of the OK Grand Challenge promotion.

According to the stock exchange-listed supermarket chain, it resumed its flagship OK Grand Challenge Promotion which had been temporarily suspended in 2020 due to Covid-19 lockdown restrictions.

Meanwhile the group’s stores were adequately stocked during the quarter as supply partners moved timeously to fulfil growing demand across key product categories

This comes after the company reported a 2% decline in annual revenue to ZWL 34.3 billion (US$94m) in the period ended March 2021, as consumer spending came under pressure as a result of a debilitating economic crisis and disruption to supply chains as the COVID-19 pandemic restrictions bite.

Its full year profit before tax of ZWL 2.0 billion (US$5.5m) was 42% below prior year’s ZWL 3.4 billion (US$9.39m), while profit after tax declined by 46% to ZWL 1.1 billion (US$3.03m) from ZWL 2.0 billion (US$5.5m) in comparable period 2020.

OK Zimbabwe full year profit in the period ended March 2021 was down by 46%

OK Zimbabwe undertake board changes

In other related news, OK Group has announced the appointment of Mr. Phillimon Mushosho as the Company’s new Chief Finance Officer and the appointment of Mr. Simon Masanga as a Non-Executive Director with effect from 1 July 2021.

Phil is an accomplished Chartered Accountant with vast experience accumulated in a number of blue-chip organizations over the years.

He is joining OK Zimbabwe from an ICT organization where he was a Chief Executive Officer for the past six years.

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Prior to that, he held senior positions in finance and operations in BOC Gases, SPAR Zimbabwe, Innscor Africa and Delta Corporation.

The new appointee is a holder of a Bachelor of Accountancy honours degree from the University of Zimbabwe and a Masters in Business Leadership from UNISA.

He qualified as a Chartered Accountant in 2004 and is registered both in Zimbabwe and South Africa.

Meanwhile, Mr. Simon Masanga is the Permanent Secretary of the Ministry of Public Service, Labour and Social Welfare.

He is a career civil servant who has worked in various Government Ministries in Zimbabwe.

Simon is currently the Chairperson of the Zimbabwe Occupational Health and Safety Council.

He has served as a board member in various organisations and other councils which include Grain Marketing Board, Rainbow Tourism Group, the East and Southern Africa Management Institute and Productivity Institute of Africa among others.

He holds several professional qualifications including a Masters in Public Sector Management and has vast experience in corporate governance, strategic planning and leadership.

Further to that, Albert Rufaro Katsande, OK Zimbabwe’s Commercial Director, has retired from the company, bringing an end to a remarkable career spanning almost 32 years of dedicated service to the group.

Albert joined OK Bazaars which was, then, a subsidiary of Delta Corporation in 1989 as its pioneer Marketing Manager.

He was subsequently promoted to Marketing Director in 1993 and to Managing Director in 1995.

He led the growing company for the next years until its demerger from Delta Corporation in September 2001 when he became the listed Company’s Chief Operating Officer, a role he served in for 17 years before becoming the Commercial Director in 2017.

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