Harare – Listed electrical engineering and retail concern Powerspeed Electrical Ltd plans to expand its retail branch network in Chitungwiza, Chinhoyi and Bulawayo as the group looks to build on its market share.
Meanwhile, the group is set to open a new branch this week in Harare central business district.
“In terms of branch network, we have not opened another branch since Village Walk which was opened in March last year, but we will be opening a branch on Saturday this week in Cameroon Street which interestingly is the regional home of electrosales,” MD Hilton Macklin has said.
“So we’re going home back to Cameroon Street.”
Adding on to this, Powerspeed Chairman Simba Makoni, said the Group is confident of expanding into new markets despite the volatility in the economy.
“To add to what Hilton has said, we are looking for better premises in Chinhoyi, Chitungwiza and we are looking for bigger premises in Bulawayo,” he said.
“So we feeling sufficiently confident that we can expand business even in this environment.”
Powerspeed currently operates 18 branches nationwide located in Harare, Bulawayo, Chinhoyi, Chiredzi, Gweru, Kwekwe, Masvingo, Mutare and Victoria Falls.
The Group opened two new branches in Harare last year, one in Pomona and the other in the Village Walk Complex, Borrowdale in February and March respectively.
The Group has been reaping dividends from the expansion drive. Profit for the year ended September 30, 2018 surged 285 percent to close at $4.2 million compared to $1.1 million last year.
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