Axia Corporation Limited reported a 182 percent jump in operating profit to close the year to June 2019 at $72,7 million from $26 million in the prior comparable period in 2018.
Revenue of $557,4 million was realised in the period under review from $276 million, translating to a 102 percent in the positive on the comparative year.
Axia’s profit before tax stood at $85,7 million a 252 percent surge from $24,3 million last year.
The overall business managed to generate cash amounting to $48,6 million up from $10,1million in the comparative period translating to a 379 percent surge. This was driven by mixed volume performance across operations with affirmative performance from TV Sales and Home, Distribution Group Africa and Transerv.
TV Sales and Home turnover growth was 88 percent above prior year driven by growth in both cash and credit sales. This growth was attributed to operating efficiency in the appliances retail shop with credit business having a positive stretch until the last quarter of the financial year (April- June) when affordability became restrictive resulting in a slump in volumes uptake.