Axia operating profit doubles in Q1

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HARARE,-Specialty retail and distribution group Axia Corporation says operating profit during the first quarter to September 30 nearly doubled on prior period, setting the group up for positive earnings in the half-year.

In an update on operations at the company’s annual general meeting, executive chairman John Koumides told shareholders that overall, group volumes were also up across the board.

“We have had a very good Q1. Turnover during the quarter increased 32 percent compared to prior year,” he said.

He said the company also improved on procurement efficiencies which also drove operating profit.

Axia is an offshoot of Innscor and has three operating units which are TV Sales and Home, Transerv and Distribution Group Africa. – Source