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Business Reporter
Zimbabwe Stock Exchange (ZSE) listed construction company, Masimba Holdings, is strengthening its security measures to curb rising cases of theft by employees, with some workers having recently been convicted.
The company has recorded a number of cases of thefts, mostly involving the draining of fuel from equipment at different construction sites. But after tightening security measures, the cases have significantly dropped, according to the company.
Being a construction company using diesel-powered heavy equipment, fuel constitutes a large portion of Masimba’s operating costs. In October this year, the Magistrate Court convicted six Masimba employees for theft and meted out varying sentences including jail terms and community service.
“Our security systems are working very well and we will continue to tighten them so that any losses linked to thefts are eliminated. We have employees who were convicted and are already serving their sentences.
“This should deter those who might want to commit such illegal acts and should be warned there won’t be spared by the law,” a senior Masimba Holdings executive who requested anonymity told The Herald Finance & Business.
Masimba is among the largest construction companies in the country and those contracted by the Government to rehabilitate the multi-billion Harare-Masvingo-Beitbridge road. In September, it reported its order book rose 74 percent in 2022 to US$143 million
The book, at US$143 million from US$83 million, with tenures of between three months to 18 months “is well balanced and diversified between public and private sectors” the company said in a statement accompanying its half-year financial results.
Revenue in inflation-adjusted and historical terms at $9,6 billion and $7,1 billion, was ahead of the comparative period by 52 percent and 242 percent respectively, largely due to a firm order book in mining, infrastructure, and roads segments, Masimba said.
Revenue earned in US dollars improved to 55 percent from 35 percent and was converted to Zimbabwe dollars using official auction rates. Operating profit in inflation-adjusted grew to $5 billion, from $1,4 billion during the same period last year.
Profit for the period was $4,5 billion from $851,4 million during the first half of last year. Total assets position was $28 billion from $25 billion) in inflation-adjusted.
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