Innscor Reports Significant Profit Surge and Plans Expansion

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HARARE,  – Zimbabwean food retailer Innscor Africa announced a substantial increase in first-half profit on Thursday, attributing the growth to a stabilizing economy and outlining plans for expansion across Africa.

Innscor, known for its grocery chains and fast-food outlets, reported a rise in basic earnings per share to 2.61 cents for the six months ending December 31, compared to 1.61 cents in the same period the previous year.

The company’s revenue increased to $255.55 million, up from $208.79 million the prior year. Operating profit before depreciation and amortisation saw a boost, climbing to $25.99 million from $19.79 million.

“Profitability … was enhanced by both revenue growth and better conversion efficiencies,” Innscor stated in its report.

Additionally, the company declared an interim dividend of 0.6 cents per share.

Looking ahead, Innscor revealed plans to expand its presence in other African countries, aiming to open more outlets in Kenya, Malawi, and Zambia by June this year.

Last year, Innscor unbundled its crocodile farming unit, Padenga Holdings, which subsequently listed independently on the Zimbabwe Stock Exchange.