Zimbabwe’s OK grocery chain posts 800 percent rise in full-year profit

PUBLISHED: Wed, 24 May 2017 10:06:35 GMT
Share

MacDonald Dzirutwe | HARARE

Zimbabwe’s largest grocery chain OK Zimbabwe posted an 800 percent jump in full-year after tax profits to $6.1 million from $700,000 in 2016 after reducing costs and improving margins, the company said on Wednesday.

Revenue rose 8 percent to $472 million during the year to March despite a weak economy and acute cash shortages while earnings per share jumped to 0.52 cents from 0.06 cents the previous year, OK Zimbabwe said in a statement.

OK Zimbabwe’s 63 stores makes it the biggest in the country ahead of rival TM Supermarkets, which has 56 stores. South Africa’s Pick n Pay owns 49 percent in TM Supermarkets.

(Reporting by MacDonald Dzirutwe; Editing by Ed Stoddard)

Sign Up for Our Newsletter Daily Update
Get the best of CNBC Africa sent straight to your inbox with breaking business news, insights and updates from experts across the continent.
Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy.