Growth in volumes drives Unifreight to profitability

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    Harare – Transport and logistics company, Unifreight Africa Limited’s revenue for the year ended December 31, 2018 grew by 18 percent to $27.129 million compared to $22.960 million in 2017, attributable to growth in volumes.

    In a statement accompanying the company’s financial results, Chairman Patrick Chingoka, however, said this was below budget owing to lost sales during its normal peak period between October and December.

    “This was a result of most our major customers facing serious disruptions due to pricing and restocking uncertainties. Higher than budgeted operating expenses of $23.018 million were incurred due to a combined impact of foreign shortages and price increase challenges.”

    Chingoka also pointed out that while Group profit from continuing operations was below prior year at $1.577 million against prior year of $2.148 million, (which included a non-recurring write back of $952 098 of prescribed predollarison liabilities), it is important to focus on the very positive cash flow activity of the business.

    “Net cash generated from operating activities increased by 57 percent to $3.670 million from $2.3 million in 2017 and this was spent very productively in $3.232 million purchase of new revenue earning equipment, and $0.857 million repayment of borrowings that had been employed in the purchase of revenue earning equipment in prior year.”

    During the period under review, the Board recommended the declaration of a total dividend of $400 000, which the Company said a separate announcement will be made giving details of the payment.

    Going forward the Company said its mission is to solve problems and management relentless focus will be on providing innovative solutions to customer challenges in this environment.

    Unifreight Africa Limited is a listed corporation on the Zimbabwe Stock Exchange, with companies within the Group boast over 100 years combined experience in the local and regional transport industry, covering most areas of the transport sector, ranging from Courier services to Abnormal Loads.

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