ZIMBABWE Stock Exchange listed transport and logistics company Unifreight Africa posted before tax profit of $2,1 million from continuing operations in the year to December 31, 2017. This profit represents a 2 627 percent jump from a profit before tax of $77 000 achieved in the same period the prior year.
The positive performance was evidence the firm’s management is making headway in turning around operations.
“We kept to our turnaround strategy of ‘one company – one focus’ on what was in our control, and were confident of doing well even before the positive change in policy that took place.
“The change has brought renewed confidence and sentiment,” said chairman Patrick Chingoka in a statement accompanying the results.
Group revenue from continuing operations of $22,9 million was however $874 000 down compared to the prior year.
Unifreight’s current operations comprising Swift and Bulwark registered a combined 8 percent increase in revenue during the period under review.
Earnings before interest tax depreciation and amortisation (EBITDA) amounted to $5,2 million, an increase of $1,2 million from prior year.
Going forward, the company said it had set a “solid foundation” to move onto the next phase in 2018, and is targeting to further reduce operating costs while improving service.
“We will continue to invest in new equipment and cutting edge technology to bring down costs and improve our service to our clients, while also offering new products to better serve their needs,” said the chairman.
The board has proposed declaring a final dividend of $300 000.