Zimpapers remains resilient | The Chronicle


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The Chronicle

Business journalist
The largest integrated media firm, Zimpapers (1980) Limited is still able to endure after achieving positive financial results during the six-month period that ended June 30th 2021.

The media company is now expected to profit from disruptive innovations in its efforts to expand its market share in newspapers, broadcasting as well as commercial printing.

The company posted an increase of 538 percent in revenue (in historical measures) over the growth rate of inflation during the time in question of 106.6 percent.

In terms of inflation-adjusted figures the company was able to double its turnover following having a 101% increase to $1,066 billion compared to $ 530 million in the prior year.

Of this that was generated, that of the Newspapers division contributed $ 709 million, after posting an inflation-adjusted increase of 132%, an increase from 306 million to the prior year.

As part of its improved sales The Newspapers division recovered from a deficit position reported in 2020 to gain of $16.5 million. 126.5 million.

The broadcasting division was followed by an income contribution of 190.5 million following growth of 129 percent. The division’s operating profits increased 441% to 10.3 millions “due to a better performance in revenue and cost reduction.”

The printing business for commercial customers was the most disappointing, yet nevertheless, it saw inflation-adjusted growth by 18 percent to 166.4 million. However, the division’s profit margin was marginally lower in the range of $ 2.2 million, down from $ 28 million in the previous year since costs increased at a higher rate than revenue.

Reviewing the performance overall of the group, the Group’s Chairman, Ms. Tommy Sithole attributed the probable growth in revenue to the price recoveries and volume in the review period.

The growth in revenue translated into higher profits, and its net profit margin rising to 69 percent, up from 59% inflation-adjusted terms.

He. Sithole said the gross profits margins were the result of improved efficiency in revenue and cost reduction on sourcing methods for raw materials.

Costs as percent of revenues were cut to 56%, down from 60% the year before, and despite having to pay the sum of 21.1 millions in financial expenses up from 1.7 million in the previous year.

The company holds long-term loans totalling $70 million, with an rates of 45 percent per year which is due for three years.

The amount of short-term loans is the sum of 35.6 million.

The cost-cutting actions resulted in a rise in EBITDA margins, as a result of hyperinflation, which increased to 20%, as compared to 17% in comparison to the prior year. The company was able to turn the pre-tax profit of 67.5 million to the pre-tax profit of 131.8 million.

The result was reflected in the final results, with the company reporting an 117% increase in the after-tax profit adjusted to inflation to $ 98 million up from 45.1 million as compared to the year prior. ‘last year.

Earnings per share as a percentage of the basic earnings adjusted for inflation values increased to 17.02 cents, up from 7.83 cents the previous year.

The company did not announce the dividend, but instead concentrated on investing in the business prior to the debut of ZTN and further boosting the printing division for commercial use which aims to invest in another. printing press.

In the future, Sithole said the group will concentrate on strategic initiatives to ensure the longevity of the company.

This will be accomplished through innovative and disruptive initiatives to enhance the range of products following the pandemic of Covid-19.

“The digitization strategy is still central to the operation and expansion of the business due to the rising demand for digital products across the country as well as around the globe,” said Mr. Sithole.

Zimpapers will also be going live on its television channel prior to the close of the year, according to the guidelines by BAZ. Broadcasting Authority of Zimbabwe (BAZ).


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