• Mon. Jul 22nd, 2024

Khayah to publish delayed FY23 results month-end

ByETimes

Jun 17, 2024

By ETimes

HARARE – Cement producer, Khayah Cement Limited expects to release its delayed results for the year ended 31 December 2023 by the end of the month, ETimes has established.

This comes after the company published its trading update from 1 January 2023 to 31 December 2023.

“The company experienced a myriad of challenges which consequently resulted in the delay in publishing audited financial statements for the year ended 31 December 2022. The audited results are now expected to be published by 30 June 2024,” the company said in a trading update.

While acknowledging the improved power supply during the period under review, the company lamented the uncompetitive electricity costs.

“Power supply remained relatively constant throughout the year although power voltage fluctuations continued to affect the smooth operation of the manufacturing plant and equipment,” reads the trading update.

“The high power costs, compared to neighboring Zambia, continue to pose a significant financial challenge.”

Business performance was generally on an “upward trend” in the period under review, according to the company.

Volumes, a key indicator of demand, across the board increased by 38 percent.

“The company continues to face unfair competition from cheaper cement imports. This has impacted general market preference of products due to pricing which further disadvantages local players,” the company said.

“However, the government’s efforts to protect the local industry from imports are highly commendable and appreciated.”

With higher production volumes throughout the company, inflation-adjusted net sales rose 105.12% to $240 billion in 2023 from $117 billion in 2022.

By ETimes

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