Chronicle Editor
Oliver Kazunga, Senior Business Reporter
RETAIL chain, OK Zimbabwe, has recorded a 46 percent dip in profit after tax to $1,1 billion in the financial year ended March 31, 2021 due to the challenges imposed by the Covid-19 pandemic.
Covid-19 is a global health crisis that was first reported in China in December 2019 before spreading across the world with countries globally imposing national lockdowns as part of initiatives to contain the spread of the viral disease.
Through the national lockdowns induced by the pandemic, national economies have been adversely affected.
Zimbabwe recorded its first Covid-19 case in March last year.
In its annual report for the 2021 financial year, the Zimbabwe Stock Exchange-listed group said revenue for the period also declined by 2 percent to $34,3 billion from $35billion in the prior year. “Profit before tax of $2 billion was 42 percent below prior year’s $3,4 billion, while profit after tax declined by 46 percent to $1,1 billion from $2 billion in prior year,” it said.
@okazunga
Online Reporter