HomeBusiness DigestTurnaround plans still to bear fruit - Afdis

Turnaround plans still to bear fruit – Afdis

Roadwin Chirara

MEASURES put in place to curb the continued decline in the country’s economy are still to bear fruit, African Distillers Ltd (Afdis) has said.

ial, Helvetica, sans-serif”>In its year-end results, the alcoholic beverages manufacturer said the effects of the economic turnaround plan are still to be felt.

“Despite the fact that some measures have been put in place to resuscitate the economy, positive results are yet to emerge,” Afdis said.

The company also projected that the country’s economy was likely to decline in the short-term as the recovery measures put in place will take time to influence a positive shift.

“Further economic decline seems inevitable in the short-term although there are signs that serious changes are being taken,” said the company.

“The results of these changes will no doubt take some time to reach fruition and will be accompanied by considerable hardships, but are, nevertheless a move in the right direction,” Afdis said.

The company said measures will be put in place to take advantage of any change in the fortunes of the country’s economy.

“The strong product portfolio, reasonably secure raw materials supply and strong balance sheet will place the company in a good position to take advantage of any up-turn in the economy,” said Afdis.

The company’s sales volumes recorded an increase of 8%.

“Volumes grew by 8% assisted by the launch of new brands and reasonable levels of raw material stocks,” the company said.

In the period under review, Afdis operations generated $97,2 billion of which $50,1 billion was invested as part of its working capital.

Afdis has also invested $14,3 billion in infrastructural development while its net funds at hand stood at $20 billion at year-end.

Afdis turnover recorded an increase of 222% while its trading margins were maintained.

Headline earnings were up 27% to $835 per share while attributable income closed at 72,8 billion – an increase of 279% compared to last year.

Afdis has declared a final dividend of $100 and an interim dividend of $50 totalling $150 for the year.

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