- Generator sales doubled to 102
- Service hours increased by 28%
- Revenue surged to ZWL51.6 million
- Profit soared to ZWL4.1 million
Harare – Powermec, a subsidiary of listed manufacturer and distributor of farming equipment Zimplow, recorded a positive performance for the year ended 31 December 2019.
In a results publication, Powermec said gensets sales doubled from 49 to 102 attributable to the ongoing electricity shortages.
Resultantly, service hours for Powermec increased by 28% to 3 840.
During the period under review, Zimbabwe was facing blight power outages that resulted in low production as day turned into night for most companies.
Powermec is the official distributor of products made by United Kingdom based engineering firm, Perkins Engines.
Perkins specialises in diesel engines for agricultural, construction, material handling, power generation, mining and industrial sectors.
Revenue soared in 2019 for Powermec from ZWL22.9 million in the prior year to ZWL51.6 million.
Profit after tax during the period under review surged to ZWL4.1 million, from ZWL1.4 million registered in 2018.
Zimplow highlighted that the demand pipeline remains strong and ongoing efforts are being made to ensure that the company carries sufficient stocks on hand.
Zimplow makes farm equipment such as plows, harrows, planters, cultivators, hoes, shovels amongst others. The company is a specialist in animal traction technology and its main equipment brand is the mealie brand.
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