OK earnings decline

OK earnings decline
Mr A. E. Siyavora - Finance Director, expressing a point at the HY2014 results analyst briefing
Published: 19 November 2013
OK Zimbabwe grew its revenue by 5.4% to $243.6 million from $231.2 million for the half year ended 30 September 2013. Earnings per share declined to 0.43 cents from 0.47 cents in prior year.

Prot before tax was $ 6.5 million compared to $6.5 million in the prior year, while profitt after tax was stable at $4.8 million.

Management says controls over shrinkage have continued to improve which assisted the Group in maintaining the gross margin at the same level as in the prior year.

Total operating expenses increased by 5.9% to $34.7 million from $32.8 million in the prior year. The increase in overheads was partly as a result of escalating employment and occupancy costs as well as security charges. Depreciation expenses continue to increase as new equipment is installed in refurbished branches and as new shops are opened. Security measures to combat shrinkage are continually enhanced.

The OK Zimbabwe directors declared an interim dividend of 0.20 cents per share payable on or about the 14th January 2014.

The Group said it will embark on full-scope refurbishment work at OK Waterfalls, OK Houghton Park and OK Bindura and will carry out limited work at OK Gweru and OK Mutare. Two new OK stores will be opened during 2013 at Hwange and Mabvuku.
- businessdaily
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