• Total customer count surged 36.2% to 14.38 million
  • Store count rose to 611 in Q1 ended September 2022 from 541 in the prior year comparable period
  • 180 new potential projects in the next two years

ZSE-listed Quick Service Restaurant (QSR) provider, Simbisa Brands, recorded a 36.2% increase in total customer count for the first quarter ended September 30th 2022.

Customer count increased from 10.56 million in Q1 of FY’22 to 14.38 million in Q1 of FY’23. This was largely on the backdrop of increased counter expansion around the country and the region which saw the Group increasing its store count by circa 13% to 611 from the prior year comparable period.

Of the recorded increase in store count, 26 counters were opened in Zimbabwe between September 2021 and September 2022, with 3 counters having been opened in the first quarter under review.

The easing of COVID-19 restrictions compared to the prior comparable period saw the Group’s Zimbabwe operations recording a 46.3% increase in customer count. The increase in customer footfall was a result of successful promotional activities by the company.

However, although COVID-19 restrictions have been eased, the company’s trading hours remained 52% below capacity.

On the other hand, the delivery segment witnessed a growth of 64.3% in total deliveries in Q1 FY’23 from the prior year comparable period, with revenue per delivery surging by 59%. The increase in total deliveries came after the company intensified its operations through the purchase of delivery bikes and increased call centre agents.

Although the Group’s regional performance was severely affected by massive currency devaluation in countries like Ghana, and Kenya among others, the Group realised firmer average spend buoyed by its pricing strategy.

“Despite economic headwinds with significant currency devaluations and record-high inflation levels in our operating markets, the Group has managed to grow the business to record levels. We expect sustained improvement in customer counts in the financial year ahead as we leave the worst impact of the Covid-19 pandemic behind us”, the company said.

The Group plans to roll out 180 new potential projects in the next two years.

Equity Axis News.