Edgars Gives Faith to the Abolishing of the US Dollar

Edgas Gives Faith to the Abolishing of the US Dollar
Image Credit: Business Daily

Edgas Stores Limited Group Managing Director Linda Masterson is positive that the change to the Zimbabwe Dollar will bring some stability in the country’s business sector.

The Government brought in the Zimbabwean Dollar to float in the currency exchange before abolishing use of multiple currencies in a battle against the black-market that has been blamed of fueling inflation.

“The business is committed to delivering growth to shareholders and good product at the best price to our customers,” Masterson said.

“We are geared to take advantage of any opportunities that arise, finance permitting.”

Overally, Edgas Profit After Tax from the start of the year to May 2019 grew to $8.7 million from $1.3 million last year.

The group’s retail business posted operating profit of $14 million up from $3.8 milliom last year.

“The factory has made a YTD (Year to Date) trading profit of $1.5million, 41% above last year. Unit growth was a 12% increase from last year,” Masterson said.

“The loan book has grown to $5.5million from $2.2million last year and has posted a YTD trading profit of $0.5million up from a loss of $29k last year.”

Edgas, however experienced unit sales dropping 16% below levels recorded last year.

“Retail Sales as at end May trading were 90% above last year against inflation of 97%,” the Managing Director said.

“Turnover was up 90% on last year but unit sales decreased by 16% with recent improvement for the Jet chain with positive unit growth for April of 6% and May, 10% while Edgars posted a 6% unit growth in May.”

“June $ turnover was trending above 200% over the prior year until the announcement SI 142 after which growth slowed down to around 100%.”

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