Zimbabwean retailer OK reports 33% decline in half year profit impacted by COVID-19

ZIMBABWE – Listed supermarket chain, OK Zimbabwe Limited’s profit slumped 33% to ZWL$999.5m (US$2.7m) in the six months to September 30,2020 from ZWL$1.5bn (US$4.14m) reported in the prior comparative period after revenues for the group were hammered by the Covid-19 pandemic. Its revenue fell 15.5% to ZWL$11.6bn (US$32m) during the reviewed period from ZWL$13.8bn (US$38.13m) recorded in the same period last year, reports Business Times. The group said its response to fight Covid-19 pandemic impacted overheads coupled with its contingent rentals, repairs and maintenance, bank charges and cleaning expenses also.…

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Zimbabwe’s leading retailer OK reports 1,050% rise in profit after tax

ZIMBABWE – OK Zimbabwe Limited, leading retail group in Zimbabwe has reported a 464% growth in revenue to ZWL $4.525 billion (US$12.5m) in the year ended March 31 from ZWL $801.9 million (US$2.215m) recorded in prior year, despite a tough economic environment. According to the retailer, the operating environment was unstable, characterised by shortages of foreign currency, local currency depreciation, hyperinflationary conditions and a decline in real incomes. The country also experienced widespread food shortages following the 2018/2019 drought which was further exacerbated by poor yields in the current season.…

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OK reports I5% drop in third quarter volumes on the back of hyperinflation environment

ZIMBABWE – The Zimbabwe Stock Exchange listed retailer, OK Zimbabwe, recorded a 15% drop in sales volumes for the third quarter for the financial year ending March 31, 2020 on the back of hyperinflation environment that has eroded consumers’ incomes. The retailing concern bemoaned unstable and challenging business conditions characterised by among other constraints; currency depreciation, erratic power supplies, product supply challenges and significant increases in operating costs. The firm argued that the alternative sources of power brought little relief as “the use of generators to power operations increased costs…

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OK Zimbabwe reports 167% growth in sales despite economic hardships

ZIMBABWE – Zimbabwe’s largest retail group, OK Zimbabwe, reported a 167% increase in sales to $398.9 million during its three months period ending June 30, 2019 amid economic challenges experienced during the period. The retailer managed to maintain gross profit margins compared to the previous financial year ending March 31, 2019. However, the group cited declining disposable incomes among consumers, deterioration of the exchange rate and the resultant hike in prices as challenges the business experienced in the market. “The macro-economic environment was unstable as it was characterized by the…

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Zimbabwe’s retailer OK reports 196% growth in profits amid tough economy

ZIMBABWE – OK Zimbabwe, the country’s largest retailer, has reported 196% increase in net earnings to US$8.59 million in the year ended March 31, 2019 from US$2.90million posted last year. The retailer’s revenues grew by 37.6% US$139.94 million (RTGS$801,9 million) despite the firm highlighting supply challenges attributed to the harsh operating environment. Commenting on the results, Herbert Nkala, the company’s chairman said; “While the first half of the year was relatively stable, the operating environment became more challenging in the second half of the financial year. “The fiscal and monetary…

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Zimbabwe’s fast food and retail operators re-open as the economy improves

ZIMBABWE – Zimbabwe’s fast food chains and retail operators have reopened their stores after closing down on difficult trading and economic conditions that rocked the country in the recent past. Among them KFC (Kentucky Fried Chicken) and OK Zimbabwe had blamed their closure on rising operational costs, shortages of fuel and raw materials among other factors, reports IOL report. Other retailers had resolved to opening shorter times and reducing on working shifts in a bid to contain costs as well as manage panic buying consumers into their retail stores. KFC…

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Grocery retailer OK Zimbabwe opens 49th outlet as it consolidates retail space

ZIMBABWE – OK Zimbabwe Limited, ZSE listed supermarket retailer has opened a new outlet in Glen View, Harare bringing its OK stores to 49 as it continues to consolidate its market share in the retail space, according to the Herald report. The new outlet will serve residents in Glen View and other regions such as Budiriro, Glen Norah and the sprouting Churu Farm. OK’s chief executive Alex Siyavora said the new outlet was in a good location, could be a positive addition to the group with expectation to generate good…

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