Harare – AXIA Corporation Limited says it is looking into expansion projects that will enable sustainable growth as a way to create value for all stakeholders, even as the macro-economic environment is full of risks.
The main operating business units under Axia are TV Sales and Home (TVSH) which is Zimbabwe’s leading furniture and electronic appliance retailer, Distribution Group Africa (DGA) and Transerv.
DGA’s core areas of expertise lie in inbound clearing and bonded warehousing, ambient and chilled warehousing, logistics, marketing, sales, and merchandising services. Transerv retails automotive spares by utilising multiple channels to service the needs of its customers.
In a statement accompanying the Group’s half year financial results to 31 December, 2018, Axia’s Chairman Luke Ngwerume said the Group will focus on expanding its operations as it also seek to consolidate its position in the market.
“The Group is looking into expansion projects that will enable sustainable growth thus creating value for all stakeholders, even as the macro-economic environment is full of risks,” said Ngwerume.
“The Group would like to consolidate its position in the market despite competition by expanding product range and footprints, continuing to build its brands to be the biggest in speciality retail and distribution, growing volumes, generating free cash and continuing to operate profitably.”
During the period, volumes rose by 33 percent at TVSH, while Distrubution Group Africa volumes improved by 91 percent.
Volumes for the regional operations reported a mixed set of results attributed to a challenging trading environment. Malawi recorded a decline in revenue of 6 percent while in Zambia revenue grew by 14 percent “as a result of the introduction of new agencies such as Rhodes and growth in existing business.”
Transerv’s volumes marginally rose by 4 percent.
Overall, he said the Group’s business units were resilient despite the challenges faced and this helped the Group to register a good performance.
Over US$234.1 million in revenue was achieved during the half year period, representing a 74 percent increase from US$134.3 million revenue collected in the prior 2017 half year period.
-Equity Axis News
