The Meikles Limited 2013 annual report has been released. Below are some extracts from the Chairman's statement.
Group reviewI am pleased to report that the Group has progressed significantly over the past financial year. A clear strategy is in place, which will enhance success in future years. This review will provide shareholders with an appreciation of the implications of our present inability to access our deposit at the Reserve Bank of Zimbabwe...
Strategic initiativesWe outline below the status of various strategic initiatives that have been developed to grow the organisation..
Group resultsThe Group made a profit before taxation of US$7.8 million, compared to a loss of US$8.5 million in the previous year, an improvement of US$16.3 million. The profit after taxation was US$6.5 million compared to a loss of US$3.4 million in the previous year. Key benchmarks of turnover and margin resulted in improved gross profits, compared to the previous year. Increases in operating costs were contained at levels below growth in turnover...
TM SupermarketsThe company recorded an EBITDA of US$11.5 million, compared with US$5.2 million in the previous year...
Thomas Meikle StoresThe company recorded an EBITDA loss of US$1.3 million, compared to a loss of US$2.2 million in the previous year...
Meikles HospitalityThe hotels achieved an EBITDA of US$612,000 compared to a loss of US$900,000 in the previous year...
TangandaThe company achieved an EBITDA of US$1.2 million compared to a loss of US$3.9 million in the previous year...
Mentor AfricaThe Group acquired a direct shareholding in Mentor Africa, following the merger of the Cape Grace Hotel into Mentor Africa...
Meikles Guard ServicesThe company was formed late in the financial year and its management brings to Zimbabwe 18 years of security services experience in the international arena...
JRT Moxon
Executive Chairman
3 June 2013
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MEIK.zw | 2013 annual report
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