Diversified industrial group, Innscor Africa Limited has posted a profit of ZWL$ 11.064 billion , historical, for the six months to December 2021 attributed to improved capacity utilization across the group’s subsidiaries.
The group last year approved a US$ 70 million investment program on expanding existing business units and opening new ones.
In its Half Year financial statement, the group non-executive chairman, Addington Chinake said revenue grew by 112 percent to ZWL$ 53.681 billion.
“Revenue growth was delivered on the back of strong volume performance, enabled by competitive pricing and supported by ongoing investments into increased capacity and improved production efficiency,” said the company.
Consolidated profit before tax for the period under review at ZW$12.396 billion was 77 percent ahead of the comparative period, whilst headline earnings per share came in at 1,172.25 ZW$ cents representing a growth of 89 percent.
In the Bakery Division, loaf volumes closed 23 percent ahead of the comparative period, underpinned by firm market demand.
At National Foods, volume performance improved as new categories were introduced into the portfolio, coupled with more efficient operating structures and increased capacity utilization.
At Profeeds, the stockfeed category recorded volume growth of 15 percent ahead of the comparative period, with an encouraging increase of 62 percent within the relatively new “Aquafeeds” fish feed category.
In the Protein category, the Colcom Division, comprising Triple C Pigs and Colcom Foods, delivered 11 percent growth in volumes against the comparative period, with performance in the processed pork category being especially strong, with volumes 27 percent up.
The Group’s associate companies continued to contribute positively to the overall Group result, with equity accounted earnings 46 percent up on the comparative period.
The Group continues to execute on its USD 70m expansion program with new investments spanning the beverage, milling, baking, protein, and packaging segments, all scheduled for completion within the next financial year.
“These investments will result in capacity increases on existing categories, improvement in manufacturing operating efficiencies through the utilisation of new technologies, and, most importantly, will enable growth into new and adjacent products and categories,” said Chinake.
The Board declared an interim dividend of 300 ZW$ cents per share for the period.
