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UniFreight posts 94% revenue increase

UniFreight posts 94% revenue increase

By Edward Mukaro

TRANSPORT logistics group, Unifreight Africa Limited says careful management of labour cost per tone and an overall improvement in cost controls have set the company on a sustainable trajectory, in the aftermath of recording a 94 percent revenue increase.

The growth in revenue was realised in a period where most of the firm’s clients operated at less than 50%, while in some cases, others completely shut down shop, due to the COVID- 19 pandemic outbreak and the various regulations put in place by authorities to curb the spread.

According to UniFreight’s 2020 Annual Report, performance is improving remarkably.

“…The Board is pleased to report a significant improvement in performance, which has seen Revenue increase by 94% and Volumes grow by 35% in the prior year.

“The Group Key performance Indicators are moving in the appropriate direction through improving yields and improved fuel consumption levels attributed to investment in new fleet,” Unifreight chairman, Peter John Amnesley said.

Commenting on the group’s outlook, Amnesley highlighted that the group is focusing on what can be controlled, working hard to maintain a positive attitude and keep searching for pockets of opportunity that have been created whilst being extremely cognisant of protecting shareholder value.

Unifreight group chief executive officer Robert Edward Kuipers expressed pleasure at how the company managed to operate profitably under the harsh operating environment characterised by the COVID-induced limitations.

“The shutdowns did have a downward effect, but despite expecting a dramatic decline in volumes and a bleak economic outlook for the country as a whole, we were very pleased to report that our sales remained on budget in real terms, but what is really pleasing is that we clawed back a cumulative historical profit before tax of ZW$ 246 million.

“EBITDA was on budget and 17% up on Prior Year in US$ terms and was still at a solid 26% of revenue indicating that we had costs under control. In US$ terms, net profit percentage was a very healthy at 19% vs (versus) industry norms below 10%,” said Kuipers.

On 30 July 2021, the company’s board recommended the declaration of a dividend of 42.26 ZW cents per share.

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