OK Zimbabwe posts a whopping 800% profit increase

OK Zimbabwe posts a whopping 800% profit increase

May 24 2017 – ZIMABWBE‘s largest grocery chain OK Zimbabwe posted an 800 percent jump in full-year after tax profits to $6.1 million from US$700 000 in 2016 after reducing costs and improving margins, the company said on Wednesday.

Revenue rose 8 percent to US$472 million during the year to March despite a weak economy and acute cash shortages while earnings per share jumped to 0.52 cents from 0.06 cents the previous year, OK Zimbabwe said in a statement.

OK Zimbabwe‘s 63 stores makes it the biggest in the country ahead of rival TM Supermarkets, which has 56 stores. South Africa’s Pick n Pay owns 49 percent in TM Supermarkets. – Reuters