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

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

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)

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