CAFCA profit up 73 pct in FY

CAFCA profit up 73 pct in FY

HARARE, November 16 (The Source) – Cable manufacturer CAFCA reported a 73 percent increase in profit after tax to $726,213 for the year ended September 30, on the back of increased sales volumes.

Revenue grew 6,4 percent from $18 million in the same period last year to $19,3 million.

“Revenue and volumes for the year were up 6 percent and 8 percent respectively on the prior year. The company has benefited from the lack of competition from imports resulting from the difficulty in obtaining foreign currency,” chairman Piniel Mkushi said in a statement on Thursday.

Cash from operations went up to $3 million from $2,2 million in the comparable period.

Trade and other payables stood at $1,5 million from $735,654 due to lack of foreign currency to settle foreign creditors.

Total assets for the group went up to $18 million from $16,5 million previously.

The company did not declare a dividend.

Mkushi said the company has secured credit facilities to finance replacement of ageing plant in the mid term.