This increase is premised on the improved performance by the company’s subsidiaries which have capitalised on the use of multiple currencies as well as a stable operating environment. Celsys has a communications division, a printing division and an information technology division under its portfolio.
Celsys’ information technology division has also enjoyed recent improvements to its trading conditions and has signed a new leasing agreement for automated teller machines (ATMs) and point of sale (PoS) devices with Kingdom Bank.
It is expected that the first 10 new Diebold ATMs are expected to be deployed alongside the first 200 PoS devices, in January 2010. Celsys said the continuing improvements to the economy are being reflected in increasing confidence by international investors.
One of the international investors, LonZim, which is also the majority shareholder in the company, has provided lines of credit and working capital support to Celsys.
These lines of credit have facilitated Celsys to be in a strong position to rapidly gain market share as the Zimbabwe economy recovers.
“The communication division has enjoyed major revenue growth through the recently introduced scratch card, airtime promotion, initiated by Celsys marketing and launched in partnership with Coca Cola Central Africa and Spar Zimbabwe,” said Celsys.
In its outlook, Celsys said the process of “re-inventing” the company was ongoing and there were numerous initiatives in place that would be an important part of returning the business to profitability and delivering strong growth.