– WealthTalk news
The Masimba Holdings Limited 46th Annual General Meeting was held virtually on Friday the 28th of May 2021. The chairman of the board, Mr. Gregory Sebborn, reviewed the financial performance of the company in FY2020. Masimba holdings had a flourishing year which saw the group total assets strengthening to ZWL4, 6billion from the ZWL2billion in the previous year (FY2019) this was as a result of improved profitability and the adoption of a value preservation strategy implemented through the acquisition of property, plant and equipment.
Despite the group yielding good results in year 2020, the year wasn’t spared of challenges, for instance in Q1 and Q2, there were foreign currency shortages, coupled with hyperinflation and not forgetting the global COVID-19 pandemic that led to several lockdowns that impacted heavily on the groups’ operating environment.
The group recorded revenues of over ZWL5billion in FY2020, which was a sharp increase from over ZWL1billion the previous year. The company registered a growth of 248% attributable to a strong order book in the year. The chairman also mentioned the proposal of the final cash dividend FY2020 of 41.80 cents by the board of directors and there were no any changes in the directorate during the course of the year.