Lafarge Zimbabwe returns to full-year profit

Lafarge Zimbabwe returns to full-year profit
04 April 2017

Lafarge Zimbabwe returned to full-year profit for the 12 months ending December 2016 as volumes edged ahead and cost savings in operations, plant maintenance and "better" inventory control, as well as a revaluation of plant property and equipment all contributed to the improved performance.

The cement maker posted a net profit of ZMD3.1m (US$8565) in 2016 versus a ZMD1.9m loss in the same period of the previous year.

Revenues in 2016 rose marginally to ZMD61m from ZMD60.9m as volumes increasing by two per cent.

Group chairman, Kumbirai Katsande, noted that: “this performance comes after significant financial cleaning up in the prior year of slow moving inventories, non-performing debtors and spares provisions.

Published under Cement News