Ok Zimbabwe net income doubles
As Cash crisis tigthens in Zimbabwe making a lot of Zimbabweans to resort on using electronic platforms and plastic money. This has cash crisis has come as a blessing in disguise to some companies, cooperates where there are making huge profits and massive growth in revenue.
Reports say ” Retail group OK Zimbabwe’s net income more than doubled to $5,1 million in the six months to September, from $2,3 million in the comparable period last year on increased revenue and inflationary pricing.
“The growth in revenue is attributed to an increase in the price level and increased volume of transactions driven by use of electronic platforms due to the cash shortages experienced in the country,” finance director Brian Muradzikwa told analysts.
OK Zimbabwe’s internal inflation rate for September was at 7,69 percent against the official 0,78 percent. Gross margins improved to 16,9 percent from 16,5 percent in the same period last year on improved production mix tilted towards high margin products, Muradzikwa said.