The popular brand for the year ending 30 June 2019 recorded a 104% bump in revenue to close the year at $1.286 Billion the Herald reports. Innscor made a staggering $238 Million profit a 390% increase in profit as compared to the previous period.
While presenting the group’s financials, The Group’s Chair Mr Addington Chinake said:
Given the prevailing trading conditions, this was a satisfactory result.The overall performance of the group over the past year has been extremely positive, and has been achieved in a challenging and ever-changing economic environment.
The economy, however, is currently adapting to the introduction of the local currency, and is experiencing significant reactions in this regard with inflation, foreign currency and liquidity shortages, severe erosion of disposable incomes, and energy shortages being some of the issues faced by our businesses on a daily basis
Here are some of the highlight of the financials presented:
- Operating profit of $258 million which represented a 234 percent growth over prior year.
- Profit before tax came in 371 percent ahead of prior year to $296 million
- Overall headline earnings per share rose 412 percent to 31,19 cents for the year.
- Depreciation charge of $32,5 million was almost double that of the comparative year
- Interest costs grew over the comparative year as a result of the utilisation of increased borrowings although this was largely inflationary.
- Net gearing came in at 5,69 percent compared to 8,35 percent in the prior year.
- Cash generated from operating activities was low at $39,477 million for the year under review
- Industrial giant recorded $70,2 million in capital expenditure
- Total assets grew 220 percent to $1,6 billion
- National Foods, recorded a solid performance for the period on the back of a 12,5 percent increase in total volumes to 611 000
- Profeeds, recorded a 35 percent increase in feed volumes and a 23 percent increase in day-old chick volumes over the comparative year
- Colcom division, comprising, Triple C Pigs, Colcom Foods and the newly-created “Simon’s Pies”, increased overall volumes by 12 percent over the comparative year. Fresh pork and processed meats volumes increased by 14 percent
- Irvines’ table egg volumes increased by 81 percent, with volume growth also being recorded in the day- old chick (14 percent) and frozen chicken (7 percent) categories.
More: The Herald