adminZIMBABWE’S largest news media house Zimbabwe Newspapers (1980) Limited’s re-capitalisation efforts are nearing full circle and the company expects an improved profitability in the 2014 financial year. Group chief executive Mr Justin Mutasa told the company’s 86th AGM on Friday that the “company is now almost fully capitalised”.
Zimpapers commenced its re-capitalisation programme in the 2013 financial year and expects to start yielding benefits from the process in the current financial year.
In an interview on the sidelines of the AGM, group finance director Mr Adolf Majome said the new systems should be fully operational in the second half of the year.
“The three-pronged re-capitalisation programme which began last year has resulted in upgrades in the system side through the implementation of the 4C Plus, the newspaper printing press and the printing press for the commercial division. What remains now are downstream adjustments to complement what we have already put in place,” he said.
Mr Majome said the revitalisation of the commercial division would allow the company to recover a market that was being lost to players in the region, mainly South Africa.
In addition to the re-capitalisation, the group has been introducing a number of new products that will markedly change its capital structure.
Zimpapers has been moving to become a key player in broadcasting with the introduction of StarFM and the impending establishment of a new television station.
It has also diversified into digital with products such as BH24 and mobile news that have broadened the company’s revenue streams.
“With the new revenue streams we are expecting improved profitability and our targeted profit in the current financial year is $2 million,” said Mr Majome.
Meanwhile, the AGM saw the company’s shareholders adopting financial statements and reports of the directors and auditors for the year ended December 31, 2013, and confirmation of the resignation of Dr Paul Chimedza, Dr Munyaradzi Kereke, Retired Brigadier Epmarcus Kanhanga, Chakanyuka Karase, Alexander Kanengoni and Joseph Mandizha.
These have been duly replaced by George Manyere, Terence Hussein, Felix Moyo, Rejoice Nharaunda, Karren Dube, Doreen Sibanda and Bishop Manhanga. Dr Charles Utete has been confirmed as the chairman of the company’s board of directors. — Bh24
Online Reporter