Unifreight’s half-year volumes jump 19%
Unifreight Africa Limited, listed on the Zimbabwe Stock Exchange (ZSE), said the company started the year well with half-year volumes ahead of 19% over last year and 5% over budget, as the business remains on a solid footing.
Chairman Peter Annesley reported that the Board is pleased with the progress made during the six months ended June 30, 2022, in particular the acquisition of new revenue-generating equipment and balance sheet growth in real terms.
This, Mr Annsley said, should further boost the group’s growth trajectory for the full year and into the future, coupled with the positive policy interventions implemented by the government to support formal businesses.
“We are also optimistic about positive changes in monetary policy, believing that if implemented correctly, it is in favor of the flourishing of formal businesses, while the level playing field is leveled to include the informal market in economy. We are rigorously pursuing new sources of revenue, while strictly maintaining and monitoring costs and are confident that we will end 2022 with a favorable set of results,” he said in an update for the six months to June 30, 2022. , revenue increased 32% to $4.5 billion from $3.4 billion in the same period last year. and amortization of $396 million was achieved, 76% more than the previous $225 million Total assets decreased to $7.2 billion from $8.3 billion compared to the comparable period of the previous year.
The group monitored costs as margins continued to erode, leading to this healthy increase over the prior year.
“The second quarter’s cumulative sales in real terms were comparable to last year, but 10% behind budget, indicating that we are losing ground in terms of performance, but we were able to contain costs within budget and maintain a healthy bottom line.
Our cumulative net profit as a percentage of revenue is 10.9%, which is above the industry average, but unfortunately below expectations,” Annesley said.
Unifreight (formerly Pioneer Corporation Africa Limited) was incorporated in Zimbabwe in 1970. It is the holding company for a group of companies primarily involved in the road transport industry whose principal activities include intercity freight consolidations, distribution general cargo and a courier.
The company is incorporated in Zimbabwe while other group entities are incorporated in Botswana.