Business / Companies
Innscor plans African expansion
11 Mar 2011 at 04:54hrs | Views
Innscor Africa reported a sharp rise in first-half profit on Thursday, helped by a normalising economy, and said it plans expansion in other African countries.
Innscor, which operates grocery chains and fast-food outlets, said basic earnings per share for the six months to end-December rose to 2.61 cents, compared with 1.61 cents a year earlier.
The company said revenue rose to $255.55 million from $208.79 million the previous year, while operating profit before depreciation and amortisation rose to $25.99 million from $19.79 million.
"Profitability ... was enhanced by both revenue growth and better conversion efficiencies," Innscor said.
The company declared an interim dividend of 0.6 cents.
Innscor said it plans to roll out more outlets in Kenya, Malawi and Zambia in the six months to June this year.
Innscor last year unbundled its crocodile farming unit, Padenga Holdings which listed separately on the Zimbabwe Stock Exchange.
Innscor, which operates grocery chains and fast-food outlets, said basic earnings per share for the six months to end-December rose to 2.61 cents, compared with 1.61 cents a year earlier.
The company said revenue rose to $255.55 million from $208.79 million the previous year, while operating profit before depreciation and amortisation rose to $25.99 million from $19.79 million.
"Profitability ... was enhanced by both revenue growth and better conversion efficiencies," Innscor said.
The company declared an interim dividend of 0.6 cents.
Innscor said it plans to roll out more outlets in Kenya, Malawi and Zambia in the six months to June this year.
Innscor last year unbundled its crocodile farming unit, Padenga Holdings which listed separately on the Zimbabwe Stock Exchange.
Source - Byo24News
