By ETimes

Axia Corp on Tuesday said growth trends from first quarter by and large continued in October and to November but went to tender to find new external auditors after Deloitte & Touche which have been the company’s independent auditors for 4 years resigned effective 1 November 2021.

The company is in the process of appointing a new external auditor for ratification by members.

“The current auditors Messrs Deloitte and Touche of Harare have indicated their inability to continue as auditors for the coming year and the company has gone to tender, upon successful tender the director shall publish a notice to that effect,” Chairman Luke Ngwerume told shareholders at the company’s annual general meeting.

“The decision to appoint new external auditors shall therefore be ratified by the members subsequent to this annual general meeting either in an extraordinary general meeting of members or at the next annual general meeting as your board shall determine appropriate.”

Chief executive John Koumides told the AGM that the manufacturing business was off a low base from last year but started to really grow in exponential terms at 273% growth.

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“So that’s a good sign, it’s a long way to go and still a lot more growth to come,” he said.
The bedding manufacturing business Restapedic has grown by 26% year to date.

“We are in the process of building the new factory which should see us extend our growth in volumes once we occupy the new factory which at this stage looks like it will be about a year from now in October next year. So that’s all streaming going well.”

At TV Sales & Home volumes were 24% up to the end of October.

DGA Zimbabwe first quarter volumes were down 29% primarily because the firm had lost the wholesale trade of the pro group business. However, it recovered well in October with 29% miles being reduced to 22%.

“The business actually made more profit in that one month by far than barely the whole of the first quarter,” he said.

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In the region, Zambia continued to struggle with their volumes being 27% down.

“They may really need to start to see something happening positively there but luckily against that we see fantastic growth in Malawi primarily due to the addition of the Unilever agency. So volumes in Malawi are 62% up on last year.”

He said the business is highly profitable and doing very well from a little minor to become a big business for us now. Overall the region’s volumes were up 26%.

Transerve, Koumides said is still doing well and to grow its footprint.  “We are expanding the business and opening new shops in Vic Falls, Shabanie next month. We are continuing to grow this business by at least 67 shops in the next 2 and half quarters,” he added.

At the AGM, shareholders approved inflation adjusted directors and auditors fees of ZWL$15.61 million and ZWL$45.77 respectively. Also approved a share Buy-Back and loans to executive directors – Harare

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