Zimplow’s Powermec brand doubled sells for the genset to 102 from 49 driven by electricity shortages in Zimbabwe according to the audited group results for the year ended 31 December 2019. Genset is a piece of equipment whose function is to convert the so-called heat capacity into mechanical energy and then into electrical energy.
The country has been facing power challenges with low water at Kariba and breakdowns on archaic machinery.
“Driven by the ongoing electricity shortages gensets sold doubled from 49 to 102. Service hours sold increased by 28% to 3,840,” Zimplow chairman Thomas Chataika says.
“In terms of profitability, the unit improved from $1.4m in 2018 to a profit after tax of $4.1m.”
Zimplow’s turnover went up to $504.1m in 2019 from $272.9m in 2018.
The group’s profit after tax came in at $100.6m up from $35.4m in the prior year.
“Volume performance was mixed across the group with Powermec and Mealie Brand increasing their volumes while Farmec, Barzem and CT bolts suffered some volume reduction,” Chataika says.
“Through a good mix of exports and local products sold, the company was able to surpass prior year profitability in real terms.”
Farmec contributed 44% of Zimplow’s profitability after-tax at $44.6m.
Barzem’s 2019 profit after tax came in at $36.3m up from $4.1m got in 2018.
CT Bolts profits after tax went down to $493 thousand from $1.9m and Mealie bands up to $55.9m from $17.1m.
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