Zimpapers Q1 revenue up 50%

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Harare, (New Ziana) – Integrated media house, Zimbabwe Newspapers 1980 Limited (Zimpapers) said on Monday it recorded a 50 percent inflation adjusted increase in revenue to $427 million in the first quarter of the year compared to same period in 2020, weathering the Covid-19 lockdown storm.

In the first three months of last year, the group’s revenue amounted to $283.9 million.

Group chief executive officer Pikirayi Deketeke said only the commercial printing division recorded a decline in revenue during the period “as it was affected by suppressed selling prices on its products.”

“Of the 50 percent growth, 80 percent was recorded from the digital and publishing division whilst 17 percent and five percent were recorded from the radio broadcasting division and ZTN (Zimpapers
Television Network) respectively,” he said.

“Although ZTN recorded a five percent increase to group revenue growth, this was 181 percent increase when compared to same period last year.”

The improved revenue generation saw the group post an operating profit, before monetary adjustments of $51.3 million, recovering from a loss of $2.9 million during the same period last year.

“The group’s performance for the second quarter is expected to be better than the first quarter as the operating environment is expected to continue improving,” Deketete said.

He warned that a possible third wave of the Covid-19 pandemic “could have detrimental effect on the overall performance of the group.”
New Ziana

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