HomeBusinessTurnall peaks as restrictions ease

Turnall peaks as restrictions ease

-

BY BUSINESS REPORTER

ZIMBABWE Stock Exchange-listed roofing products and pipe maker, Turnall Holdings Limited says sales volumes for the quarter ended September 30, 2020 grew by 11% compared to last year, as demand rose after government lifted most lockdown restrictions.

The company said the operating environment improved during the period after foreign exchange volatilities eased.

This was after the Reserve Bank of Zimbabwe introduced the foreign currency auction system in June, which calmed the markets and made planning easy.

“Following the easing of COVID-19 lockdown restrictions in the third quarter, the group experienced increased demand for its products,” chairman Bothwell Nyajeka said in a trading update.

“The group’s sales volumes for the quarter were 11% above the comparable period last year and 81% above the previous COVID-19 impacted quarter,” he said.

Production volumes for the period were 31% above the comparable period last year.

On the outlook, Nyajeka said demand was expected to continue increasing during the fourth quarter as people roof their properties before the onset of the rains.

“The relaxation of restrictions and opening of borders in December 2020 is expected to provide an improvement in the movement of both people and cargo. The group will continue to abide by the COVID-19 guidelines and regulations and ensure the safety of stakeholders that interact with the business,” he said.

“However, there is significant uncertainty on the duration and expected impact of the COVID-19 pandemic on the business and the economy.”

Recent Posts

Stories you will enjoy

Recommended reading