Willdale inflation-adjusted revenue for the first five months to February 2023 increased by 30% compared to the same period in the prior year, despite the challenging operating environment.
This comes as the brick maker has not been spared from the ongoing power cuts, which continue to affect production.
Sales volumes were however 9% below the prior year.
“The first half of the year will result in induced profitability due to lower-than-expected volumes,” chief executive officer Nyasha Matonda told shareholders at the company’s annual general meeting.
“We expect profitability to improve in the second half of the financial year.”
He said they are encouraged by the huge demand for housing in the country.
“Institutions and individuals are making significant investments in cluster home developments, while the government is also expected to roll out housing development projects in all provinces, amongst other projects.
“These projects will keep our order book healthy throughout the year,” Matonda said.
Willdale is the 25th most traded stock on the Zimbabwe Stock Exchange over the past three months (Dec 29, 2022 – Mar 29, 2023).
The counter has traded a total volume of 1.29 million shares valued at $3.99 million over the period, with an average of 20,500 traded shares per session – Harare