Unifreight records double digit growth in sales

Spread the love

HARARE – Logistics giant Unifreight Africa Limited says cumulative second quarter to June 30, 2021 sales were ahead of budget by 14 percent and way ahead of prior year by 70 percent.

The growth in second quarter sales helped the Group’s revenue grow by 50 percent to $1,1 billion from $793 million recorded during the same period in the prior year.

Total Swift volume went up 63 percent on prior year, with a 56 percent growth in LTL (Less Than Truckload), and 3 percent up on budget. The group retreated to a loss position of $185 million from a profit position of $10 million in the comparable period.

“Our cumulative net profit as a percentage of revenue is sitting at 10,4 percent which is above industry average, but unfortunately below expectations,” Group chairman Peter Annesly said.

The transport and logistics business has also felt the adverse impacts of the Covid 19 pandemic and its continued existence continues to impact global supply chains.

Annesly said the investments into new vehicles will enhance customer service and experience while consolidating market share. This also comes as the group has been looking at expanding its revenue streams with management upbeat of a strong performance for the full financial year 2021, which ended in December.

“Notwithstanding the uncertainty in the economy and the difficult trading environment, the group is continuing to invest in new vehicles to improve service to our valued customers.

“We are very grateful that our robust, yet flexible model and diverse customer base has kept us going through very difficult times, without forgetting what a great team we have, who have really dug deep and gone the extra mile.

“We are rigorously pursuing new revenue streams, whilst maintaining and strictly monitoring costs and are confident that we will end 2021 with a favourable set of results,” he said. – Business Weekly