OK Zimbabwe delays results publication

Retail giant, OK Zimbabwe, reported that its full-year results will be delayed due to new resource planning system therefore the results are now expected to be published later this month.

“The Board of Directors of OK Zimbabwe Limited hereby advises all its valued stakeholders that OK Zimbabwe Limited will delay the publication of its Audited Financial Results for the year ended 31 March 2023 which were due for publication on or before 30 June 2023,” Margaret Munyuru, group company secretary said in a notice to shareholders.

“This delay was necessitated by unanticipated challenges faced during the implementation of a new Enterprise Resource Planning system, which prolonged the finalisation of the Company’s Financial Statements and the Audit Review process. The Company and its External Auditors will use best endeavours to ensure the results are published by 21 September 2023.”

This comes after OK Zimbabwe acquired the Food Lovers Market franchise for Zimbabwe in January this year impacting its financials.

Food Lover’s Market is a South African supermarket chain that operates franchised grocery stores and convenience stores in Southern Africa and in addition to Zimbabwe has other stores Botswana and Namibia.

Food Lovers, now part of the group and what OK Zimbabwe has is Food Lovers Borrowdale, Avondale and in Bulawayo. It excludes the Greendale shop because it is under a different franchise arrangement.

At the time Maxen Karombo, the group’s chief executive said the franchise gives OK Zimbabwe a good space to grow in super premium retail and from the services and products that it will offer.

“We will have synergies across the group and have partnerships with local producers, suppliers and shoppers. We will be investing into this brand and we will look at new stores,” he said.-ebusinessweekly