New Zimbabwe.com

Turnall sales volumes up 11 %

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By Alois Vinga


ZIMBABWE Stock Exchange (ZSE) listed roofing and building materials manufacturer, Turnall Holdings, has recorded an 11 % increase in sales volumes for the third quarter of 2020 as the firm registers recovery from the restrictive Covid-19 lockdown period.

Presenting a trading update, Turnall Holdings chairman, Bothwell Nyajeka credited the increase in sales volumes to the continuous easing of the Covid-19 lockdown.

“Following the easing of Covid-19 restrictions in the third quarter, the company experienced increased demand for its products. Sales volumes for the quarter were 11% above comparable period last year and 81% above the previous Covid-19 impacted quarter,” he said.

He said cumulative sales volumes for the nine months were 3% above the comparable period last year.

During the period under review, the group’s exports were 3% of sales volumes for the period with exports negatively affected by the Covid-19 pandemic and resultant transit restrictions.

The firm reported that production volumes for the period were 31% above the comparable period last year while cumulative production volumes were 3% below the volumes for the comparable period previous year.

The positive performance comes after the firm reportedly suffered an 82 % dip in net profit to $28.1 million for the half-year ended June 2020 owing to the outbreak of the Covid-19 pandemic.

During the first half period, revenue was down to $203 million from $291 million in the comparable period as both local sales and exports slumped.

Volumes for the first quarter were 45 percent above the same period last year, but the second quarter volumes were 37 percent below the same period last year owing to the Covid-19 lockdown restrictions.

“Going forward, the relaxation of restrictions and opening of borders in December 2020 is expected to provide an improvement in the movement of both people and cargo.

“The group will continue to abide by the Covid-19 guidelines and regulations and ensure the safety of stakeholders that interact with the business,” Nyajeka added.