- Sales volume up 49%
- In Q2’2020, the company took a heavy blow from Covid-19 induced restrictions
- Revenue grew by 24%
HARARE – The only ZSE-listed brick maker, Willdale Limited recorded a significant recovery in sales volumes for the quarter ended 30 September 2020 driven by individual housing projects.
Sales volumes for the quarter under review were 49% above prior year while year to date volumes are 12% above prior year. In Q2’2020, the company took a heavy blow from Covid-19 induced restrictions where it registered a 62% decline in sales volume compared to the prior year.
In a statement accompanying the trading update, the Company said, “Production was ramped up to replenish stocks in view of the above normal rainfall forecast for the impending quarter. Closing stocks are at acceptable levels for this time of the year.”
The company’s revenue for the quarter grew by 24% in hyperinflation terms compared to the same period last year. Year to date revenue increased by 22% compared to the prior year.
The increase in revenue and profitability was attributed to growth in both volume and price adjustments.
Commenting on the impact of Covid-19 on operations, the Company said the impact was minimal during the quarter under review due to strict operating conditions adopted to minimize transmission of the virus.
“The relatively low levels of transmission nationally are encouraging for the business, however, operations continue under strict measures to minimize risk of transmission,” the Company said.
On the outlook, the Company said it is ready to supply quality bricks to infrastructure projects while anticipating profitability for the business into the foreseeable future.
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