POWERSPEED Electrical Limited said the bottom line for the four months ending January this year had improved compared to the same period last year due to their expansion projects, a company official has said.
Victoria Mtomba
Addressing shareholders at the company’s annual general meeting held yesterday, managing director Hilton Macklin said the environment was illiquid, but there was demand for products although people have no capacity to buy them.
“In the four months to January 2014 there has been some improvements in the throughput of the company 9% improvement in turnover, 19% improvement in gross profit and the bottom line will be improved compared to last year same period,” he said.
Macklin said during the period under review a 4% increase in expenses has been recorded due to the expansion projects that the company undertook which include the opening of four more branches in the country.
“The Harare street branch is steadily growing and gaining momentum and other branches are contributing. This helps the bottom line,” he said.
Macklin said for the half year the group anticipated growth. The company has branches in Msasa, Harare, Mutare, Kwekwe and Masvingo, and will be opening a new branch in Victoria Falls.
For the full year ended September 2013, the group recorded a profit of $466 000 compared to $535 000 in 2012 while turnover was marginally down to $28,6 million from $29,2 million.
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For the full year, the company’s gross profit was up 6% to $8,7 million.
Meanwhile, shareholders approved the share buy back at the annual general meeting.
The company’s operations include Relmo, WST, Electrical lightning supplies, Electrosales, Industrial electric, Electrocables and H&E Distribution and Airflo.
