HARARE- TM Pick n Pay Supermarkets which is jointly owned by ZSE listed Meikles (51%) and Pick n Pay (49%) reported a sharp surge in performance in the 6 months period to August to help drive Pick n Pay’s revenue from the Rest of Africa division.

Latest financials by Pick Pay South Africa shows that segment revenue for the Rest of Africa division increased by 12.6% year-on-year to R2.3 billion, with segmental revenue in constant currency up 14.3%, 2.0% on a like-for-like basis.

The retail chain which has operations across Africa said the segment outperformance was spurred by a strong performance from the group’s associate in Zimbabwe, TM Supermarkets which performed well in a difficult trading environment.

According to the financials, the group’s share of TM’s earnings grew 40.4% on last year to R40.0 million. TM Supermarkets has 56 stores in Zimbabwe, 16 of which trade under the Pick n Pay banner. The local unit has been a key driver of the group’s regional performance in recent years as it has shown double-digit growth rates.

The recent performance reflects the resurge in demand in Zimbabwe as well as the convenience brought by electronic transacting. Competitor OK has also had a strong run in the just ended financial year owing to volumes and margins growth.

Earlier in August TM Pick n Pay Managing Director Mycroft said the company was on an expansionary plan defying gloomy the economic outlook. “We, as a business has got a robust CapEx (capital expenditure) plan for the next 18 months, which is good for both of us (TM Pick n Pay and customers),” he said.

“I am going to give more retail space, going to have a bigger footprint in the country, going to get the business up to 60 stores in Zimbabwe, we have got a plan” he went on. In recent periods TM Pick n Pay opened the flagship Village Walk Store while calling off the construction of a $2,5 million shopping outlet along Kirkman Drive in Harare.