JUST IN: Zimpapers revenue ahead of budget

Tawanda Musarurwa Online Correspondent
Listed diversified media group Zimpapers registered revenue growth for the first five months of the year on the back of positive performance across all its divisions.

Zimpapers chief executive Pikirayi Deketeke told the company’s annual general meeting this afternoon that the group had posted positive outcomes in respect of both the topline and the bottom-line.

The group achieved a revenue of $16, 5 million against a budget of $16, 25 million, and prior year revenue of 15, 1 million.

During the period under review, the media giant registered a profit of $1, 8 million against a budget of $1, 3 million and prior year figure of $1, 2 million with a profit margin of 11 percent.

“So for this year we have managed to continue with our growth trajectory in terms of both the topline and the bottom-line despite a significant increase in our operations.

“In terms of group profitability, January to May Zimpapers surpassed its profit budget by 43 percent and prior year profit by 53 percent. When you look at the divisions, media is one aspect of the business and the other is commercial printing. Overall all divisions performed above budget and prior year profitability levels, which means the company did relatively well during the period under review.

“From those numbers, publishing and digital contribute 72 percent of the profits, commercial printing coming in second at 18 percent, radio at 10 percent for this year,” said Mr Deketeke.

In terms of group sales revenue during the five months period, the group achieved set revenue budget and surpassed prior year revenue by 9 percent.
Advertising contributed 58 percent this revenue, while copy sales (circulation) contributed 22 percent, commercial printing 18 percent, digital media around 1, 5 percent, and new products about 0, 5 percent.

“Revenue contribution was along more or less similar lines with publishing and digital contributing the bulk of revenue at 70 percent and commercial printing at 18 percent, radio at 12 percent. When you compare with 2017 publishing and digital came down from 75 percent to 70 percent, radio managed to maintain at 12 percent, but the biggest growth came from commercial printing from 13 percent to 18 percent this year,” the CEO told shareholders.