Masimba Holdings’ turnover spikes 25% Q1
LISTED construction firm, Masimba Holdings Limited, recorded 25 percent growth in gross income or turnover during the 2024 first quarter ended 31 March 2024.
In a statement accompanying the company’s trade update for the period, company secretary Mr Pearl Mutiti said the turnover was ahead of the comparable period regardless of the economic challenges the company faced during the course of the quarter.
“Notwithstanding the disruptions attributable to the continued unstable economic environment, the group’s turnover was ahead of the comparable period by 25 percent to US$14,3 million as compared to US$11,4 million recorded same period last year, driven by a strong and firm order book in roads and earthworks, mining and energy sectors ” he said.
“The business remained profitable under the review period with a profit after tax of 18 percent, which is US$ 2,6 million from the comparative period of nine percent.
“The improvement is attributable to cost containment and productivity strategies being implemented across the group.”
Mr Mutiti said both the quarry mining business unit, Stemrich Investments (Private) Limited, and properties segment, contributed positively towards the group profitability.
He said the properties segment is scheduled to commence the selling of its developed land bank before close of the first half.-chronicle
