Simbisa profit up 108 percent

 

SIMBISA Brands (Simbisa) recorded a 108 percent increase in profit to $16,514 million during the half year ended December 31, 2018 compared to $7,990 million achieved in prior period attributed to increased customer counts.


Revenue was up 44 percent to $143,242 million compared to $99,368 million achieved in the previous comparable period. Addington Chinake, the Simbisa chairperson, yesterday said capex of $7,39 million was outlaid during the review period as the firm rolled out new counters to close the period with 201 counters.
“Through increased customer counts and average spend, revenue increased 55 percent year on year across existing stores with a further contribution from eight new counters opened during the period to bring total revenue during the six month period to $108,65 million, up 60 percent in prior year,” he said.
Simbisa said existing stores contributed 40 percent to the growth in revenue, with the remaining growth coming from 20 new stores opened during the review period.