Willdale reports 34% increase in revenues for Q2

  • Revenue growth scaled up 34%
  • Sales volumes surges to 33%
  • Revenue expected to remain positive

HARARE – Zimbabwe Stock Exchange-listed brick maker, Willdale Limited’s revenue for the second quarter ended 30 June 2021 scaled up 34% driven by volume growth and effective brick pricing compared to the same period in the prior year.

The positive performance comes despite the presence of the COVID-19 pandemic and electricity load shedding which continued to impact on the company’s operations.

In a statement accompanying the trading update, company secretary Mavuto Munginga said that sales volume jumped 33% despite the strict COVID-19 induced lockdown conditions while year to date volumes increased by 30% compared to the same period last year as demand for bricks remained high due to housing developments and infrastructure projects.

“The business is solvent and has sufficient resources to continue operating as a going concern in the foreseeable future,” Munganga said adding that “Working capital is being generated from the available inventory and credit facilities.”

The company’s ongoing construction of housing units is expected to continue driving volumes towards a profitable year while declining inflation rate and stable exchange rate expected to boost the working environment.

In March this year, the company said it is expecting to open up export markets specifically in Mozambique and Zambia and higher profits to be generated in housing developments and infrastructure projects are expected to facilitate the initiative.

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