TSL in $4,8m

HARARE - Zimbabwe Stock Exchange-listed diversified conglomerate TSL has recorded a 75 percent increase in profit after tax to $4,8 million in the full year to December 2017.

The group’s chairperson Anthony Mandiwanza, said TSL revenues went up 7,0 percent to $50,6 million and operating profit increased by 24 percent to $7 million.

“The agriculture cluster performed commendably well with turnover up by 37 percent and profitability up significantly on prior year.

“All the units in the cluster have contributed positively, with Agricura posting very strong results,” he said.

Mandiwanza noted that the group’s logistics cluster performed below prior year, both at the top line and profit level.

“The subdued performance is largely as a result of the low volumes of goods moved across borders and within the country,” he said, adding that the real estate subsidiary was impacted by an increase in the stock of unoccupied industrial buildings which were again a consequence of the difficult economic environment.

“Overall group performance was solid, reflecting the strength in the diversity of the group’s operations. In the light of the operating environment, the group deliberately reduced its cash holding, investing in the early procurement of inventories for the coming summer season and using internal resources to fund the first phase of the Vorstermans development project,” Mandiwanza.

TSL declared a final dividend of $0,45 per share for the period under review.

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