Turnall Holdings targets 20 percent growth, eyes diaspora market

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By Alois Vinga

TURNALL Holdings Limited is planning to implement a growth strategy which will see the company increasing capacity utilization by additional 20 percent from the current 48 percent.

Speaking to Business on the sidelines of the company’s annual general meeting, Turnall Holdings Limited managing director, Rose Chisveto said that plans are underway to tap into the regional and global markets in a bid to expand capacity utilisation.

“We are exploring new markets for our products within the region as move towards increasing capacity utilization,” she said.

“The plan will be hinged on our own strength and potential, hence we have been addressing our cost structures in order to become competitive. We also have a number of products suitable for Zimbabweans in the diaspora which will make it easier for them to build their homes,” she said.

Chisveto pointed out that the company has also been working with Reserve Bank of Zimbabwe subsidiary, Homelink, on various programmes to avail cost effective products.

The group’s abridged unaudited financial results for the year ended June 30, 2018 show that turnover for the half year increased by 77 percent to $13.5 million compared to $7.7 million in the prior comparable year. Gross profit for the period stood at $2.1 million compared to a loss of $0.31 million in the previous comparable period.

The net current liability position at the end of the period declined to $5.8 million from 11.8 million as at December 31, 2017.

Sales volumes of 29 630 tons, 79 percent above the previous comparable period owing to high demand for Ravenna concrete tiles and the Ecosheet roofing sheets.

“The group funded its volumes growth using internally generated cash flows which stood at $3.1 million before reinvestment compared to $0.97 million in the previous year.