- Revenue reached USD 45.8 million for the nine months
- Effective cost containment strategies maintained positive profits
- Total borrowings increased to USD 1,18 million
Harare- Masimba Holdings, a leading provider of engineering and infrastructure solutions, has recorded a 10% growth in revenue compared to the prior year, with revenue for the nine-month period closing at USD 45.8 million.
This was achieved despite liquidity challenges during the quarter as the government tightened spending in local currency through elevated interest rates which curtailed borrowing.
The company was awarded a US$200,000 contract to construct a site for the Mbare traders market led by government and the council.
This growth was attributable to a robust order book in the mining and housing infrastructure segments despite being subdued by liquidity constraints
Profitability during the period under review remained positive, primarily due to improved profit margins resulting from cost containment strategies that were implemented leading to operational efficiencies.
"The Group’s liquidity position strengthened due to enhanced working capital management, despite the liquidity constraints that prevailed in the market," the group stated.
Borrowings at the end of the third quarter totaled USD 1.18 million comprising USD 1.17 million denominated in US dollars and a balance of USD 9.4 thousand denominated in the local currency.
Despite the challenging environment, the group remains optimistic, "We believe that securing sustainable financing for infrastructure development projects underway nationwide will anchor sustained growth and contribute to tangible socio-economic transformation."
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