Chronicle EditorEnacy Mapakame Business Reporter
Specialty retail and distribution group, Axia Corporation Limited’s revenue for the first quarter to September 30, 2017, went up 32 percent compared to same period last year buoyed by increased volumes across the board. Group chief executive officer Mr John Koumides, told shareholders at the group’s annual general meeting yesterday in Harare that profits for the period more than doubled on improved procurement efficiencies.
“Turnover during the quarter increased 32 percent compared to prior year,” he said. In the year to June 2017, Axia’s total revenue amounted to $248 million with an operating profit of $22,9 million. Axia was unbundled from industrial conglomerate Innscor and has three operating units, TV Sales and Home (TVSH), Distribution Group Africa and Transerve.
In the year to June 2017, Transerve had a 3 percent growth while DGA had a 37 percent revenue growth while TVSH also grew 37 percent. Management at Axia are upbeat of maintaining the growth trajectory into the financial year 2018. Axia operates within the speciality retail and distribution sector with dominant businesses across retail of household goods and appliances, retail of automotive goods and distribution of fast moving consumer goods.
By close of trade yesterday on the Zimbabwe Stock Exchange (ZSE), Axia shares had retreated by 0,4 cents, representing 19, 37 percent. Year to date, the stock has gained by 294 percent.
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