Listed diversified manufacturing firm, Amalgamated Regional Trading’s net profit for the half-year to March 31, 2019 jumped 135 percent to ZWL$8.7 million from ZWL$3.7 million in the comparable period last year.

The group’s export sales in the region increased by 30 percent.

ART’s products are exported to countries in the region including South Africa, Malawi and Mozambique.

Total revenue was up 34 percent above last year to ZWL$6.2 million.

Earnings per share were up to 1.84 cents from 0.78 cents.

The group had foreign currency exposures amounting to US$4 million.

Management attributed the improved financial performance to its export performance as the local sales were subdued to low demand.

“The group maintained a positive performance in spite of the depressed demand which affected volumes across the business units,” said group chairman Dr Thomas Wushe.

“Local sales volumes declined as consumer purchasing power was eroded by inflation.”

The group’s key operations are in Zimbabwe and Zambia through its subsidiaries which include battery manufacturers and retailers Exide Express and Chloride, pen maker Eversharp, Softex Tissues, Mutare Estates, Kadoma Paper Mills and National Waste Collections.

The board did not declare a dividend for the period under review.