Harare, (New Ziana) – Brickmaker, Willdale saw it net profit for the year ended September 2020 steeply fall to $1.23 million from $304 million last year due to, among other factors, the Covid-19 induced economic slowdown.
But company chairman, Washington Chidziwo said he was optimistic of a turnaround this year, anchored on recovery in the property sector.
“The operating environment was characterized by inflation and was worsened by the Covid-19 pandemic which culminated in government induced lockdowns introduced in April 2020,” chairman Washington Chidziwo said.
“Activities in the construction industry were therefore affected negatively resulting in subdued trade volumes.”
“Other income” which drove the firm’s profitability in the previous financial year was down to $34.6 million from $231 million.
Revenue was however up 19 percent to $596 million driven by a 12 percent increase in volumes.
The brickmaker declared a dividend of 1.35 cents per share.
Basic earnings per share, in line with the decline in profitability, were down to 0.070 from 17. 094.
During the period, production was down 20 percent compared to the prior year.
“About two months’ production was lost due to the COVID-19 induced lockdown,” Chidziwo said.
In the outlook, he said the prevailing stability on the back of a stable currency and declining inflation was expected to stimulate property and infrastructure development.
“With sufficient critical mass, our business will deliver sustainable profitability into the near future for the benefit of all stakeholders including shareholders,” he said.
New Ziana
