Axia Corporation says operating profit in the quarter to September 30 almost doubled compared to the same period last year.
By Tinashe Kairiza
Executive chairman John Koumides told shareholders at the company’s annual general meeting that group volumes were also increasing significantly across its three business units.
“We had a very good Q1. Our turnover for the period is up by 32% and translates to a double of profits from last year’s figures.
“The group is trading well,” he said.
Axia, which was unbundled from Innscor group, listed on the Zimbabwe Stock Exchange (ZSE) last year.
The retail and distribution group runs three business subsidiaries, namely TV Sales and Home, Transerve and Distribution Group Africa.
The unbundling of Axia, which followed the separate listing of quick service restaurants Simbisa Brands by Innscor last year, was geared to transform the group into a fully-fledged light manufacturing company.
Innscor said the separate listing of Axia would unlock value for shareholders as well as attract fresh investment capital.
One of Axia’s subsidiaries, DGA, has operations spanning from inbound clearing and bonded warehousing, ambient and chilled warehousing, logistics, marketing, sales and merchandising services.
The business unit owns two warehouses measuring 10 000 square metres and leases five warehouses measuring 27 300 square metres.
TV sales and Home specialises in selling electrical gadgets and furniture.
Transerve is a retail outlet for vehicle spares and accessories.