Zimbabwe Stock Exchange (ZSE) listed mining and agriculture implements company Zimplow Holdings Limited’s, has started business this year on a very positive note ahead of last year.
Zimplow Holdings manufactures and markets a diverse range of products for the construction, infrastructure and agricultural sectors in Zimbabwe. It also manufactures and distributes metal fasteners for the mining, construction and agricultural sector, and has interests in property management and leasing.
In a statement, Group Company Secretary Charles Chaibva said quarter one was characterised by stability which was driven mainly by currency reforms and infrastructure projects and the prospects of a bumper harvest due to a good rainfall season as an added advantage for the group.
“The Group has had a very positive start to the year with the first quarter ending 31 March operating performance ahead of prior year. The Group experienced whole goods volumes growth across all business units except at Powermec.
“However, general equipment utilisation capacity in the first two months of the quarter was effected by lockdowns following a second wave of Covid-19 infections after the festive period.
“The Group took advantage of the encouraging trading conditions to reduce the impact of Covid-19 on the supply chains by securing liquidity and therefore ramp up inventories in preparation of the year ahead,” he said.
Mr Chaibva added that tractor volumes at Farmec doubled and implements were 76 percent ahead of prior year. Aftersales performance was 38 percent ahead of prior year whereas CT Bolts volumes across the range grew by 24 percent compared to same period last year as the unit continued to develop new relationships and markets.
“The positive rainfall season provided a platform for volumes growth at Mealiebrand with implements growing by 39 percent. Spares uptake improved during the quarter with 86 percent growth against prior year in the local and export markets respectively, “he said.
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