Logistics firm Unifreight Africa Ltd saw its total revenue rise 18% to $27,1 million in the year to December 31, 2018, an increase management attributed to growth in volumes.
The revenue upturn was however below target “owing to lost sales during our normal peak period between October and December. This was as a result of most of our major customers facing serious disruptions due to pricing and re-stocking uncertainties,” said the group.
Higher than budgeted operating expenses of $23 million were incurred due to a combined impact of foreign currency shortages and price increase challenges.
Group profit from continuing operations was below prior year at $1,5 million against prior year of $2,148 million, (which included a non-recurring write back of $952 098 of prescribed pre-dollarization liabilities).
Net cash generated from operating activities increased 57% to $3,6 million from $2,3 million and this was spent very productively in $3,2 million purchase of new revenue earning equipment, and $0,857 million repayment of borrowings that had been employed in the purchase of revenue earning equipment in prior years.
Going forward, the group is looking to continue “regularly reviewing revenue growth strategies by ensuring that customers access quality services at affordable prices, and that we are constantly improving the ease of doing business with us.”
The board has recommended the declaration of a total dividend of $400 000.