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Meikles Limited, a well-diversified Harare-based conglomerate led by Zimbabwean tycoon John Moxon, has stated that its revenue climbed by 131 percent at the end of the first nine months of its 2022 fiscal year, driven by excellent growth across major operational divisions.
Meikles is a Zimbabwean conglomerate with interests in hotel, retail, supermarkets, agricultural and financial services.
It owns leading brands such as the Victoria Falls Hotel, TM Supermarkets, Meikles Stores, Meikles Centar Mining and Tanganda Tea Company, an agro-allied company that recently floated its shares as a separate entity on the Zimbabwe Stock Exchange.
According to the information contained in its trading update, its revenue increased by 123 percent in the nine-month period under review, while revenue growth in inflation-adjusted terms, which takes into account price increases over time, revealed a 39-percent increase during the period.
The company stated that the rise in revenue was driven by price increases and the gradual reopening of companies and commercial centers, which resulted in a more favorable operating climate for the group’s numerous subsidiaries.
Supermarket sales volume grew by 32 and 29 percent for the quarter and the nine-month period, respectively, as stores were fully supplied ahead of the holiday season.
Despite cancellations of regional and international bookings caused by the Omicron strain of the COVID-19 virus, its hospitality division was able to maintain growth in both hotel occupancy and revenue during the period under review.
Tanganda Tea Company, the group’s agricultural component, was designated as a discontinued operation and an asset retained for distribution to shareholders at the conclusion of the nine-month period.
The agro-allied firm was then de-merged from the group on Feb. 1 and listed separately on the local exchange on Feb. 3. Its shares are now trading at a price of ZWL76.2 ($0.24), giving it a valuation of ZWL20 billion ($62 million).
Meikles shares were trading at ZWL141 ($0.44) as of press time on Feb. 18, 36 basis points higher than its opening price on the local bourse yesterday, Feb. 17.
At the present price, Moxon’s 11-percent stake in the conglomerate is worth ZWL3.9 billion ($12 million).
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