Simbisa spends US$10m to open 45 new outlets

QUICK service restaurant operator, Simbisa Brands, spent an estimated US$10 million to open 45 new outlets across Zimbabwe during the financial year ending June 30, 2023.

The Victoria Falls Stock Exchange (VFEX) listed company operates across Africa including Kenya, Ghana, Zambia, Malawi, Eswatini, Namibia, and the Democratic Republic of Congo.

Simbisa Brands chief executive officer Warren Meares said this year’s number of new outlets compared favourably to the 43 that were opened in the financial year to June 2022.

“As part of our ongoing expansion drive, we opened 45 new outlets in Zimbabwe by the end of June this year spending an estimated US$10 million.

“Close to 500 jobs have been created as a result and we now employ over 5 000 people,” he said.

Simbisa owns restaurant chains that include Fish Inn, Chicken Inn, Pizza Inn, Bakers Inn and Creamy Inn, as well as franchises for Nandos and Steers of South Africa.

In Zimbabwe, Simbisa now operates over 300 stores up from 291 previously.

Commenting on the business environment for the past six months, Mr Meares said:

“The past six months have been exciting, there have been a lot of improvements in terms of the operating environment, which has been very positive.

“Liquidity in the market and availability of stock have also improved a great deal.”

Given the prevailing operating environment, Mr Meares said authorities needed to continue stabilising the currency and power supply.

Zimbabwe’s power supply has improved considerably following the recent commissioning of Hwange Power Station’s units 7 and 8 at Hwange, which are now both on stream.

More output is also being derived from Kariba Hydro Power Station and Independent Power Producers (IPPs).

The domestic economy is currently enjoying prolonged stability following the raft of policy measures implemented by the Government.

In the past few weeks, prices of goods and services in the market have been falling while the local currency has been appreciating against the United States dollar.

Policy interventions authorities implemented include tightening the monetary policy, liberalising the exchange rate regime, fine-tuning the auction system as well as transferring external sector obligations from the Reserve Bank of Zimbabwe to the Treasury.-herald.co.zw