Zimbabwe Stock Exchange-listed retail and distribution group, Axia Corporation Limited has announced a 182 percent increase in operating profit at $72, 7 million from $26 million in 2018.
Group revenue for the period amounted to $557,4 million from $276 million, a 102 percent in the positive on the comparative year.
Profit before tax stood at $85, 7 million a 252 percent surge from $24,3 million last year.
The overall business managed to generate cash amounting to $48, 6 million, $38,5 million up from $10, 1 million in the comparative period translating to a 379 percent surge.
Management attributed this to mixed volume performance across operations with affirmative performance from TV Sales & Home, Distribution group Africa and Transerv.
In terms of divisional performance, TV Sales & Home’s turnover growth was 88 percent above prior year driven by growth in both cash and credit sales.
This growth was attributed to operating efficiency in the appliances retail shop with credit business having a positive stretch until the last quarter of the financial year (April – June) when affordability became restrictive resulting in a slump in volumes uptake.
Transerv on the other hand recorded an overall revenue growth of 37 percent mainly driven by good pricing and product availability.
Distribution Croup Africa which houses major brands like Colgate, Kellogg’s, tiger brands, Unilever, Johnson, Pioneer, Probrands and Irvine’s posted a good set of results in the period under review recording a 114 percent turnover growth owing mainly to inflation driven price increase.