Ariston Holdings revenue up

HARARE - Ariston Holdings Limited’s 2018 revenue increased by 29 percent, from $11 million recorded in the previous year to $14 million.

According to the group’s chairperson, Alexander Jongwe, gross margin for the year improved by 36 percent from 31 percent in 2017.

“As a predominantly foreign currency generator, the Group was able to ensure minimal disruptions to operations in the prevailing economic environment,” he said.

Jongwe, however, said the board has not declared a dividend, partly in its efforts to clear a legacy debt.

“In view of the group’s need to generate and preserve the available cash so as to clear all legacy debt, the board has seen it prudent not to declare a dividend,” he said.

Ariston Holdings Limited has interests in horticulture activities in Zimbabwe — operating Southdown Estates, Claremont Estate, Kent Estate, and FAVCO.

In his statement Jongwe said the group’s operating costs declined by four percent as the introduced cost cutting measures continue to bear fruit.

“The 2019 agricultural season has commenced on a good note. The group’s financial position continues to improve. The majority of our crops are destined for the export market, and as long as the group continues to focus on quality and maintaining its international accreditation, the strides made in 2018 will be improved upon,” he said.

Jongwe noted that Southdown Estates comprising of Southdown, Clearwater, Roscommon and Blended Tea Factory, continued to be the group’s dominant contributor to both revenue and profitability.

He said the group is investing heavily in enhancing its future growth and performance by making substantial capital expenditure, repairs and maintenance.


 

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