Innscor HY profit up 16pct to $18mln

Innscor HY profit up 16pct to $18mln

HARARE, March 16 (The Source) – Innscor has reported a 16 percent growth in profit after tax to $18 million for the half year to December 31, 2016, from $15,8 million in the prior year.

Revenue rose to $311 million from $300 million in 2015 while earnings per share grew 28 percent to 2.32 cents from 1.78 cents.

Earnings before interest, tax, depreciation and amortisation (EBITDA)  grew 14 percent to $31 million from $27 million.

Capital expenditure stood at $9,3 million and was limited to critical maintenance and expansion projects, said the company in statement on Thursday.

The company’s bakery operations registered a four percent increase in revenue, driven by pie products which saw its volumes surging by 169 percent.

Of its associate companies, Colcom recorded a 23 percent increase in volumes due to investments in pig facilities.

Irvines’ profit after tax plunged by 38 percent on the back of increased raw material costs though the sales were higher.

Capri volumes were 60 percent higher with exports over 300 percent.

Natpak registered 24 percent increase in volumes and the company will commission its second flexible packaging in  the final quarter of the current financial year.

The company declared a dividend of 70 cents per share.