- Simbisa unleashing a massive 25 new counters in Q3 2024
- Store count soared to a jaw-dropping 702
- Mouth-watering 3% surge in quarterly revenues, which hit a sizzling $66.4 million,
Harare- Simbisa Brands, the largest fast-food outlet in Zimbabwe, has opened 25 new counters in the country during the third quarter of the 2024 fiscal year, expanding its footprint and outpacing its main competitors, Chicken Slice and KFC immensely.
According to the group's latest third-quarter trading update, this increased the store count by 62 new counters in the first 9 months of the year, bringing the total store count for the group as of 31 March 2024 to 702. Out of these, 591 are company-operated, and 111 are in franchised markets.
In Zimbabwe, the company opened 48 new counters between 31 March 2023 and 31 March 2024, including the much-anticipated opening of Cork Corner in January 2024 and the first Bulawayo Spur restaurant in February 2024. This brought the total number of counters in Zimbabwe to 325 as of the quarter under review.
The group's operations in Kenya also saw 14 net new counters opened between 31 March 2023 and 31 March 2024.
In the 9-month period ended 31 March 2023, the group's customer counts increased by 1% year-on-year to 44.3 million, while real average spend grew by 5%, resulting in a 6% increase in group revenue compared to the prior year. This growth was primarily driven by new store openings and higher real average spend in the Zimbabwean operations.
The rapid expansion of Simbisa's store network has resulted in an encouraging topline performance. The group recorded a total revenue of US$66.4 million in the third quarter, a 3% increase from the US$64.3 million achieved in the previous quarter.
This performance was driven by a 4% increase in revenue from the Zimbabwean operations, which was fueled by higher average spend.
The regional operations, which include Kenya and Eswatini, also contributed to the growth, with a 1% increase in revenue driven by an increase in customer counts in Kenya, despite a 2% fall in regional real average spend due to exchange rate weaknesses.
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