Meikles Limited revenue during the nine months to December grew 123 percent and 131 percent for the quarter in historical terms on stronger consumer demand for both the retail and hospitality businesses during the festive season period.
The hospitality segment performance was aided by the relaxation of Covid-19 restrictions which pushed occupancy levels higher.
The group recently unbundled its agriculture segment-Tanganda Tea Company to give more focus on retail segment.
Sales volume at the TM Pick n Pay supermarkets segment increased by 32 percent and 29 percent for the quarter and nine months respectively relative to same period of the previous financial year.
“Stores were adequately stocked ahead of the festive season,” said the group in its latest trading update.
The changes to lockdown measures had minimal disruptions to the supermarket segment but led to cancellations of regional and international festive season bookings for the hospitality segment.
“Despite the Omicron variant induced cancellations of regional and international bookings, there was a sustained growth in both room occupancy and revenue at the hospitality segment during the quarter under review,” the group said.
Room occupancy for the quarter was 17.55 percentage points above the same period of the previous financial year.
The occupancy for the nine month’s period closed at 17.41 percent, up 4.66 percentage points from room occupancy at 30 September 2021.
The average room rate and revenue per available room for the quarter grew by 63 percent and 398 percent respectively in United States Dollar terms, albeit coming from low bases.
Group profit after tax exceeded same period of last year in both inflation adjusted and historical cost terms.
The Group undertook capital projects such as the refurbishment of Makoni and Zengeza branches before the end of the quarter under review.
