HARARE National Foods Holdings Limited has disposed of five properties in a bid to recapitalize the companys core business.
The chairman, Todd Moyo, in the companys unaudited financial results said management would continue to dispose of non-core properties and direct the proceeds towards recapitalization of the core business.
Five properties were disposed of during the period, leaving the net lettable area of 160 000m2. As at December 2010, 64 500m2 was leased to National Foods, 43 200m2 to third parties and approximately 52 300m2 remains unoccupied, said Moyo.
He added that management had also started integrating sales and operations planning and execution. The group will be driven by an enhanced understanding of market requirements. The integrated operating platform relies on a stable IT system which will be commissioned in July 2011, he said.
Management is confident that this strategy will steadily improve profitability and long term returns to shareholders. Innscor Africa Limited also presented its unaudited financial results for the six months ended 31 December 2010. The first six months of the financial year have been exciting for the group with good revenue and volume growth being recorded in the majority of businesses. Profitability also improved and was enhanced by both revenue growth and better conversion efficiencies, read the results.
Innscor recorded revenue of US$255.55 million, an operating profit of US$25.99 million and a profit before tax of USD 24.22 million. Basic earnings per share amounted to 2.61 US cents. The group consists of FMCG businesses Milling and Manufacturing Silo, Distribution and Wholesale Silo, Retail Silo as well as regional fast foods.
Post published in: Economy