Innscor Africa Limited has appointed Basil Dionisio as chief executive officer of the soon to be unbundled Quick Service Restaurant (QSR) business.
BY BUSINESS REPORTER
The QSR business consists of the group’s fast foods operations in nine African countries including Zimbabwe.
In June, Innscor said it wanted to unbundle the unit by way of a dividend in specie of shares in an entity to be separately listed on the Zimbabwe Stock Exchange.
In a statement accompanying financial results for the year ended June 30, Innscor board chairman Addington Chinake said Dionisio was leaving the board to head the unbundled QSR unit.
“Mr Basil Dionisio is leaving the board in quarter two of FY 2016 to take up appointment as CEO of the unbundled QSR business,” he said.
Chinake said the Zimbabwean QSR saw its profit before tax up 7,3% despite flat revenue. He attributed the growth to improved efficiencies and cost reductions.
The cost reductions include the closure and relocation to new sites of seven non-performing stores comprising four Chicken Inns, one Creamy Inn and two Baker’s Inns.
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In the full year ended June 30, the regional QSR business posted a 7,18% growth in revenue and a 29,73% improvement in profit before tax.
“The improvement in profitability was achieved through rapid growth in Kenya, and the Democratic Republic of Congo and the streamlining of the network in Zambia and Ghana,” Chinake said.
He said 55 outlets were added to the regional QSR in the financial year, including entry into a new market, Namibia.
“The business is set to continue this growth trend of one new counter per week across the African continent,” he said.
“The QSR brands are now represented in Zimbabwe, Zambia, Kenya, Ghana, Democratic Republic of Congo, Swaziland, Lesotho, Malawi and Namibia with entry into Mauritius and Botswana planned for quarter one of FY 2016.”
In the period under review, total regional store network, including franchised counters, grew to 186 compared to 178 stores operated in Zimbabwe.
