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HomeBusinessAxia Corporation Revenue 26% Up

Axia Corporation Revenue 26% Up

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Zimbabwe Stock Exchange listed company, Axia Corporation Limited recorded a total revenue of US$248.262 million and an operating profit of US$22.908 million for the year ended 30 June 2017 representing 26 percent growth compared to the same period last year.

According to Group Chairperson, Luke Ngwerume, Axia Corporation TV Sales and Home which is part of the company recorded a 51 percent increase in units sold over the period while Transerv revenue was three percent up compared to the same period last year.

“An operating profit of US$22.908 million and profit before tax of US$20.754 were recorded for the year ended 30 June  2017 notwithstanding once off legacy charges recorded in the associate distribution business.

“Headline earnings per share at 1.37 US cents were 25% above the comparative period,” said Ngwerume.

He added that TV Sale and Home growth had been spurred by a rise in cash sales over the comparative period with the unit maintaining its superior quality through out the year.

Ngwerume added that the Group’s capital expenditure for the year totalled US$1.722 million with net borrowings increasing by US$9.702 million which went towards supporting strategic working capital investments. Effectively, this resulted in the net gearing ratio increasing from 7.11% to 17.23%.

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Meanwhile the board declared a final dividend of 0.22 cents per share in respect of all ordinary shares of the Company for the year ended 30 June 2017.

In addition, a special dividend of 0.08 cents has been declared which brings the total final dividend in respect of the year ended 30 June 2017 to 0.30 cents per share.

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