Construction firm
According to chief executive officer (CEO) Engineer Fungai Matahwa, the group has already started working on some of the projects across the country. In Bulawayo for instance, the group is working on 2 000 residential stands.
Of these, 300 have already been completed while another batch of residential stands in Shurugwi is almost complete for the market.
Depending on the obtaining market dynamics, the group will put on the market fully serviced stands while there is also another option to develop them into completed houses, before putting them on the market.
"This is an ongoing process, it's a phased programme," said Engineer Matahwa responding to questions during the group's analyst briefing.
"We will also start selling and financing the other projects as they progress," he said.
Meanwhile, the group reported revenues for the year to
By the close of the period, the group had an order book to the tune of
Engineer Matahwa revealed that of the total, roads and earthworks account for
Despite a solid order book, growth declined in the fourth quarter as a conservative approach was taken by the group to align work execution in line with clients' payment patterns.
Earnings before Interest, taxes, depreciation and fair value adjustment (EBITDFVA) declined by 11 percent to
In addition, the profitability of the Group was impacted by the sub-optimal currency payment mix on most of the projects that were not in line with the increased dollarisation of the economy.
Total assets of the group improved to
The decline of the current ratio to 1,01 from 1,31 in the prior year was attributable to a strategic decision to purchase property, plant and equipment with short-term facilities to capacitate the execution of long-term projects.
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