Sales volumes rebound bolsters Willdale 2020 revenue performance

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HARARE – The only ZSE-listed brick maker, Willdale Limited recorded a 12% increase in sales volumes for the year ended 30 September 2020 despite the impact of COVID19 on their business.

Sales volumes for the last quarter to 30 September 2020 were 49% above the prior year while year-to-date volumes are 12% above the prior year. This was a significant recovery from the second quarter when 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.

Driven by an increase in orders especially from individual home developers, revenue for the year increased by 19% in inflation-adjusted term to ZWL596 million, compared to the prior-year ZWL499 million figure.

In a statement accompanying the financial results, the firm’s Chairman Mr. Washington Chidziwo lamented the effects of the nationwide COVID19 lockdowns on production over the year:

“Fired production for the year declined by 20% compared to the prior year. About 2 months’ production was lost due to the COVID-19 induced lockdown”

Against all these odds, Willdale reported a Profit After Tax figure of ZW$1.2 million in 2020 from a prior year ZWL303 million performance.

Exchange gains amounting to ZWL 26 million were earned by the brick-maker from the translation of foreign currency-denominated balances.

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.

EQUITY AXIS NEWS

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