Harare Bureau
MEIKLES Limited has advised on the delay in the issue of financial results for the year up to March 31, 2019 due to the recent currency adjustments by the Government and the Reserve Bank of Zimbabwe.

The group said the results will be released before the end of July a month further than the ZSE stipulated period of up to June.

The move has been necessitated by the new policy pronouncements that saw a shift in the use of currencies locally.

“Meikles Limited would like to advise stakeholders that it will not be able to publish its financial statements for the year ended 31 March 2019 within the stipulated time frame which ended on 30 June 2019.

“The publication of Statutory Instrument (SI) 142 of 2019 by the government of Zimbabwe abolishing the multicurrency regime and the subsequent Reserve bank of Zimbabwe (RBZ) exchange control directive RU102 of 2019 issued to operationalise the SI 142 of 2019 all came at a time Meikles Limited had finalised its audit,” said the group.

“These announcements meant that the board and auditors required more time to make consultations with external parties and make critical decisions and judgments. Consequently, the board of Meikles Limited sought and were granted a 30-day extension by the Zimbabwe Stock Exchange to allow due process.”

The group has since advised shareholders that the audited financial statements for the company for the year ended 31 March 2019 will be published on or before 31 July 2019.

This comes on the back of a successful half year where Meikles Limited’s profit after tax to September 30, 2018 surged 467 percent to $15,3 million.

In the same period, the company’s revenue for the period grew 30 percent to $330 million compared to $254 achieved in the same period in the prior year, thanks to the supermarket business.