Innscor shareholders endorse Fourie's appointment

HARARE - Innscor Africa Limited shareholders have endorsed the appointment of South African Antonio Fourie as group chief executive.

However, Fourie is yet to get his work permit from Zimbabwe’s immigration authorities.

He takes over from John Koumides, who has been reassigned as head of corporate finance. “We should have done this the right way, but I am grateful to the shareholders for allowing me to be at the helm of Innscor,” Fourie said.

Meanwhile, in a trading update on Friday, the diversified conglomerate’s revenue for the first quarter ending September was flat compared to the preceding quarter.

However, Innscor believes that its performance would improve going forward buoyed by the ongoing restructuring exercise and an aggressive branch network expansion.

Innscor’s chicken division Irvine’s recorded slightly lower turnover compared to the prior period which, coupled with lower margins, resulted in a decline of 13 percent on trading profit.

“Work is continuing on the new stock feed mill, which is a strategic step taken to secure its raw material inputs. This will help tremendously in the future of Irvine’s. Commissioning of this work is expected later this financial year,” said Fourie.

The group’s bakery unit — Baker’s Inn, registered a 23 percent decline in trading profit while its fast food operations in Zimbabwe recorded a four percent decline in customer accounts resulting in lower revenues.

Fourie however, said stronger margins and lower overheads as a result of the restructuring had resulted in a seven percent increase in trading profit.

“Similarly to the bakeries we had a tough year, as a consequence we have revisited the structures and a number of operating issues within that business which is surely going to contribute to an improved performance in the next three quarters,” he said.

He said refurbishments of two shops were underway while two more are to be opened in time for the festive trading season.

Regionally, trading profit remained flat on the last quarter in the fast food business as preopening costs ate on a seven percent revenue increase.

Comments (6)

What about our local pool of managers, could you not find one capable of filling this post, do we not claim having the highest literacy rate even higher than south africa so I as what was the rational behind highering a south african and forgoing a zimbo.

TIMBA - 25 November 2014

There is a vast difference between being brilliantly literate and having the ethics to use it for the good of the country.

peggy - 25 November 2014

we have brilliant analysts and not solution finders.look at our country with leaders who have seven degrees and mark their spouses PHD`s yet they cant even organise a screw in a whorehouse and he has been trying for 35years,and still our analysts think he should be in charge at 91,by now he cant even find his own willie..please Zimbos are not intellectuals ,they are award gatherers who know how to argue what they read,but will never creatively craft their own ideas.let me ask you a will you ever be the best or think you will be the best by doing things that have been there for years and is readily on the internet for competitors and the like to study and go through..Ngaauye murungu aite zvitsva ,had he been local mandiwanzira maishama akunominetwa for central committe,then you will realise aikazve ndosaka ZECO iriworth $1250

chihombori - 25 November 2014

Timba ,great man, I big u, big time. Some people associate those that have failed the nation with everyone. I, for one am not like them. I feel, as an individual am highly capable just like we have highly capable men like the Masiiwas, the Mthuli Ncubes and a whole host of other intellectuals who have headed blue chip institutions in the country with very high repute. So its really unfortunate and sad that some black guy thinks we, as a black people, are incapable of taking care of anything other than being led by whites. What a shame. I have personally witnessed a white man taking over from a black man who had been heading a subsidiary of Innscor, Natfoods, Byo and performed exceptionally well, but for all his best work, got replaced because he was black and some black dude thinks this is good enough a reason to pop up champagne corks. For your own info, Chihombori, black contractors who have been with this institution for a very long time are being purged in favor of a white company and you love that? And don't give me the crap that they did their job badly for the 10 yrs they have worked for this company and were not fired because there were not enough white companies to take their places. Despite the failures of this administration, I will never wish I was under white rule like some dude wishes.

badass - 25 November 2014

I admit, yes there are some Zimbabweans who are intellectuals and able to head a huge company but fact of the matter is there a few who we know of in our country who have a proved track record. So if u put yourself in the shoes of a shareholder who has invested their money would u gamble by putting in charge of your money someone who you are not sure of or would u rather opt for someone with a proved, tried and tested track record.

TK - 26 November 2014

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