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Michael Tome
HARARE – Zimbabwe Stock Exchange-listed sugar producer Star Africa Corporation posted an RTGS$8, 8 million profit after tax, a 132 percent in the positive from $3, 8 million recorded in the same period last year.
Revenue grew by 51 percent to $72, 7 million increase in turnover compared with $48, 1 million recorded in the prior year.
Earnings before interest tax, depreciation (EBITDA) went up threefold to $12, 4 million compared to $ 3, 1 million that was achieved last year.
The profitable performance was registered on the back of sustained improvements in both quality and quantity of products, cost management strategies and the continued positive impact of the relief that came from its secondary scheme of arrangement.
The group however did not declare a dividend for its shareholders.
“In light of the group’s existing scheme related obligations and other operational requirements, the board has deemed it fit not to declare a dividend for the year ended 31 March 2019,” said the company in a statement accompanying its financials.
In respect of the group’s divisional operations, Goldstar Sugars Harare (GSSH) managed to realise 71 783 tonnes in volumes uptake against 62 889 tonnes sold in the comparative period which translate to a 14 percent surge.
Country Choice Foods (CCF)) managed EBITDA of $3, 5 million for the year under review against $0, 5 million in the prior year resultant of increase in sales volumes.
Tongaat Hullets Botswana achieved $3,9 million in profit after tax while the property business unit had an improved performance as it registered an EBITDA of 1,1 million, which was a $1 million gain from the 0.1 million recorded in the prior comparable period due to better rental yields and marginal increases in occupancies in the year.
Online Reporter