Supermarket business spurs Miekles overall performance
By Allan Mbotshwa
MEIKLES LIMITED has posted 123% revenue increase for the third quarter ended 31 December 2021; driven by the supermarket segment which recorded improved sales volumes, according to the group’s trade update for the quarter ended 31 December 2021.
The supermarkets segment recorded a 32% (Makoni) and 29% (Zengeza) increment in sales volumes as compared to the prior year’s quarter, the stores were adequately stocked for the festive season in anticipation to higher volumes of purchases from consumers.
On the tourism segment, room occupancy registered an increase of points to end the quarter at 17.55%, as compared to the previous year 17.41%.
Average Room Rate and Revenue per Available Room for the quarter grew by 63% and 398%, respectively in United States Dollar terms, albeit coming from low bases.
The group fared well in implementing planned capital projects during the quarter under review.
The supermarket segment completed refurbishment of Makoni and Zengeza branches before the end of the year, 2021.
Meikles group’s agricultural subsidiary, Tanganda Tea Company Limited was classified as a discontinued operation and an asset held for distribution to shareholders on 31 March 2021.
Tanganda was subsequently demerged from the group on 1 February 2022 and listed separately on the Zimbabwe Stock Exchange on 3 February 2022.
The Group is focusing on cost management to mitigate the adverse impact of rising inflation to profit margins.