Zimbabwe Stock Exchange listed, National Tyre Services Limited sales and gross profit for the half year ended 31 March 2018 increased by 16% and 35% respectively.
According to the group chairperson, James Moyo, profit before tax was $251,688, a 208% increase from the previous year’s loss.
“Profit before tax was $251,688, an increase of 208% from the previous year’s loss.
“This was the result of a strategy to supplement direct sourcing with local supplies and pushing sales of premium products to improve margins. The mix of budget and premium brands also ensured that out of stock situations were minimized.
“Generation of cash remains a paramount requirement for our industry. Cash on delivery sales for a large part of our customer base was introduced and this led to a significant reduction in debtors,” he said.
National Tyre Services Limited is the largest retailer in Zimbabwe of new tyres and tubes, (Imported and locally manufactured). The other main activity is re-lugging of agriculture and earth moving tyres and the procurement of truck tyres for the Zimbabwe Transport Industry.