Chronicle Editor
Senior Business Reporter
LOGISTICS group, Unifreight Africa Limited chairman, Mr Peter Annesley is upbeat that the additional 50 trucks as part of re-capitalisation drive will pay dividends as the market is availing additional volume to the firm.
Mr Annesley is of the view that the substantial re-capitalisation will go a long way towards diluting the fixed cost overhead of the business.
In a statement accompanying abridged audited financial results for year ended 31 December, Mr Annesley said while a number of macro-economic changes to the operating environment weighed down performance, there were a number of positive developments that will impact on Unfreight growth.
“Among the challenging macroeconomic conditions Unifreight managed to secure a very attractive instalment sale agreement from a foreign creditor resulting in the re-capitalisation of 50 brand new FAW 380hp prime movers with 50 AFRIT taut-liner trailers.
“This substantial re-capitalisation will go a long way towards diluting the fixed cost overhead of the business.”
On financial performance, the transport firm made a loss of $1,50 billion in the period under review which was largely driven by the group’s shareholding in Zimplow which declined by ZW$2,16 billion during 2022 driven by the inflation adjusted re-valuation of historical value.
Revenue from continuing operations grew by 31 percent to $14,4 billion.
The firm’s balance sheet grew from $13,1 billion to $18,6 billion due to the re-capitalisation of the fleet.
Meanwhile, directors have decided not to declare a dividend for the period under review as they continue to assess the economic environment.
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