Innscor Africa reports 45% growth in half year revenue boosted by improved performance across most categories

ZIMBABWE – Innscor Africa Limited, an expansive manufacturing and retail conglomerate in Zimbabwe, has reported 45% growth in half year revenue for the six months to December 2020. The rise from ZWL 19.1 billion (US$52.7m) of the corresponding period in 2019 to ZWL 27.7 billion (US$76.5m) was driven by strong volume performance across most units, the removal of subsidized pricing on certain core product categories, and pricing policies that were implemented to secure inventory replacement. According to the company’s financial statement, the operating environment was characterized by fragile macro-economic environment…

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Innscor Africa’s full year profit nearly grows to triple digits 97% reaching US$10m

ZIMBABWE – Diversified group, Innscor Africa Limited has reported a revenue of ZWL23.938bn (US$66.14m) for the year ended June 2020, representing a 24% increase on the comparative year. The revenue growth, according to the group was achieved on the back of mixed volume performance, the gradual removal of subsidies on most products, as well as inflation-induced price adjustments. ­“The group’s associates delivered a pleasing increase in earnings with all business units contributing positively to the overall result.” Innscor Africa Chairman – Mr Addington Chinake ­The group’s improved product mix, coupled…

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Zimbabwe’s Competition Commission blocks Innscor’s acquisition of Profeeds, Produtrade

ZIMBABWE – The Competition and Tariffs Commission (CTC) of Zimbabwe has reversed the acquisition of premier stock food manufacturer, Profeeds’ 49 percent shareholding by Innscor and directed the manufacturer to divest out of the company. In addition, the competition commission has fined the conglomerate ZWL 40.6 million (US$1.6 million) representing a portion of Innscor’s turnover for 2018, for failing to notify the commission of the transaction in terms of the Competition Act. The commission has also reversed the acquisition of Produtrade another agro-processing firm by Innscor. Innscor owns 49 percent of…

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Zimbabwe’s Competition Commission rejects Innscor’s disposal of 25% stake in Capri

ZIMBABWE – The Competition and Tariff Commission (CTC) of Zimbabwe has put a halt on Innscor’s plan of disposing its 25% shareholding in Capri, the largest refrigerator manufacturer in the country. Innscor, manufacturer of consumer goods products in Zimbabwe sought to dilute its shareholding in Capri from 50.1% to 25.5% then down to 25%, so that the group can focus on production of consumer goods. Founded in 1987, Innscor operations include that of the light manufacture of fast moving and durable consumer goods. Its light manufacturing business includes the operations of…

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Innscor’s first quarter revenue plunges amid tough economic conditions

ZIMBABWE – Innscor, manufacturer of consumer goods products in Zimbabwe has reported a decline in volumes in the first quarter ended September 30th owed to reduced consumer spending power and continual deterioration of macro-economic fundamentals. The diversified food processor’s subsidiaries that recorded a slump in volumes include Profeeds, Colcom, National Foods, Probottlers, Bakery operations and Probrands. In a trading update, the firm said production levels in the bakery operations were constrained by reduced availability of wheat supplies into the country, and this affected the ability of the business to adequately…

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Innscor Africa’s quarterly revenue down as bird flu hits income

ZIMBABWE – Diversified industrial conglomerate Innscor Africa Limited’s revenue for the first quarter of financial year 2018 was marginally lower compared to same period in the prior year on the back of a mixed performance across subsidiaries. Group chief officer Julian Schonken told shareholders at the annual general meeting yesterday that the group’s cost control measures were good and helped achieve savings. Resultantly headline earnings showed a positive growth against prior year comparable period. “Overall revenue growth for the group in quarter one was marginally lower than the comparative quarter,…

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