HARARE – OK Zimbabwe’s revenue for the first quarter to June is 20 percent up and is ahead of rising operating costs, an official said on Thursday.
Chief executive Alex Siyavora told shareholders at the annual general meeting that that gross margins have also been maintained.
“The growth we experienced is a continuation of what we achieved during FY18, which bodes well for profitability,” said Siyavora.
Promotions, with the major one being the OK Grand Challenge Jackpot Promotion, were very successful and contributed meaningfully to the quarter’s performance, he added.
However, he said the company experienced erratic supply of some goods in the period, but the situation was improving and expects to meet sales targets for the next quarter.
Siyavora said the capital expenditure projects are continuing with cash from internally generated funds.
He said the company will be opening a new OK store in Harare by mid-August.
“We believe the store is in a good location and should generate good sales,” he said. – The Source