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Meikles Limited, a well-diversified Harare-based conglomerate owned founded by Zimbabwean businessman John Moxon, reported a triple-digit percent increase in earnings at the end of its 2022 fiscal year, with profits exceeding $11 million. The successful performance prompted the well-diversified Harare-based conglomerate to declare a final dividend.
According to the group’s 2022 financial report, its profit at the end of its 2022 fiscal year grew by 461 percent from ZWL598.6 million ($1.85 million) in 2021 to ZWL3.42 million ($11 million), owing to a steady increase in revenue.
The group’s revenue climbed by 36 percent over the period in review, from ZWL49.1 billion ($150 million) in 2021 to ZWL65.98 billion ($200 million) in 2022. The rise in sales was driven by a 26-percent increase in units and an 11-percent increase in client transactions, respectively.
“The lifting of most of the COVID-19 trade restrictions and our tactical marketing campaigns led to the growth in sales volume over the prior year,” Meikles stated in its recently published financial statement. “Our ability to constantly replenish stocks throughout all the branches demonstrated the versatility of our supply chain and logistics networks.”
Meikles is a Zimbabwean conglomerate with a diversified portfolio of investments in hospitality, retail, supermarkets, agriculture, and financial services. It is led by Moxon, who owns 10.8 percent of the company, or 27,933,226 shares.
The Victoria Falls Hotel, TM Supermarkets, Meikles Stores, Tanganda Tea, Meikles Centar Mining, and Meikles Guard Services are among the group’s leading brands and subsidiaries in Zimbabwe.
As a result of the strong financial performance, the Meikles board declared a final dividend of ZWL100 ($0.31) and $0.1725 per share, bringing the total payout for the fiscal year to ZWL280 ($0.87) and $0.1725 per share.
