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Zimbabwe’s largest diversified media group, Zimpapers, revenue for the six months to June 30, 2019 rose 63 percent to $32,9 million, from $20,2 million in the prior comparable period.
Despite the strong performance, the 63 percent revenue growth was below the official annual inflation rate of 175,66 percent, as the macro-operating environment remained challenging, curtailing the media group’s capacity to grow advertising revenue.
“The company could not increase either sales volumes or selling prices to match inflation owing to the liquidity challenges that were obtaining in the economy,” said chairman Tommy Sithole in a statement accompanying the company’s interims.
All share
The All Share ended the week on a lower note, retreating by 0.81points -0,35 percent to end at 232.04 points.
Old Mutual Limited lost another $4.9057 to close at $25,0500, Padenga Holdings LIMITED shed $0.1998 to close at $2,2502 and Seedco International Limited traded $0.1181 lower to end at $2,6840. Seed-co Limited Zimbabwe also lost $0,0879 to $2,1342 and Econet Wireless traded $0,0692 weaker at $1,8958.
Trading in the positive: British American Tobacco advanced by $7,7500 to close at $50,0000, Innscor Africa traded $0,5077 firmer at $3,0612 and Simbisa Brands added $0,1893 to end at $1,4675.
Meikles Limited advanced by $0,1289 to end at $1,4814while Pro plastics limited added $0,1140 to close at $0,6900.
Online Reporter