By ETimes
Meikles has declared a second interim dividend of US$0.60 cents for the year ending March 31, 2023, as the company continues to return value to its shareholders.
In an update for the third quarter trading period, Meikles company secretary, Tabani Mpofu commended the positive outcome of the policy measures.
“The trading environment for the quarter ended December 31 2022 was characterised by tighter financial conditions due to the policy measures implemented by the government to stabilise prices and the exchange rate from July 2022.
“The policy measures had a positive impact on both inflation and the exchange rate,” he said.
Mpofu said during the same period, Meikles group revenue grew by 40% and 58% in inflation adjusted terms for the quarter and the nine months respectively.
“The Group’s financial stability remains strong with cash and bank balances amounting to more than US$19 million at the end of December 2022 and has no bank borrowings.
“Both expansion and replacement capital expenditure plans continue to be implemented as the Group has adequate financial resources at its disposal,” added Mpofu.
Meikles chairman and businessman John Moxon has seen the market value of his stake in Meikles Limited, a Harare-based conglomerate, increase by more than US$6.4 million since the start of the year, as shares in the Harare-based group surged by nearly 70% in 55 days.
Moxon, a leading businessman and executive who has played a key role in the growth of Meikles into one of Zimbabwe’s leading conglomerates, ranks as one of the country’s richest businessmen thanks to his 10.8% stake in the group, which amounts to 27 933 226 shares – Harare
