Zimbabwean tycoon Zed Koudounaris’ Innscor posts $48.2-million profit in 2024

Feyisayo Ajayi -
Key Points
  • Innscor Africa's net profit surged 27.26% to $48.2 million for the fiscal year ending June 30, 2024, despite economic challenges.
  • Total revenue increased by 13.19% to $910.1 million, driven by the Mill-Bake division's 16.91% growth, generating $508.62 million in sales.
  • The company declared a total dividend of $0.0265 per share, highlighting its commitment to shareholders and employees amid a turbulent economic environment.

Innscor Africa, leading consumer goods conglomerate co-founded by Zimbabwean businessman Zed Koudounaris, has reported robust financial results for the fiscal year ending June 30, 2024, marking a strong performance amid a turbulent economic environment.

At the end of its 2024 fiscal year, the group’s net profit surged by 27.26 percent to $48.2 million, compared to $37.84 million recorded in the prior year. This was fueled by its core divisions, enabling Innscor to outperform in Zimbabwe’s challenging economic conditions.

Revenue growth fueled by strong core divisions

The group’s total revenue climbed 13.19 percent to $910.1 million, up from $804.04 million in 2023. Innscor's Mill-Bake division, which produces staples such as bread, flour, and biscuits, was a key driver, generating $508.62 million in sales—a 16.91 percent year-on-year increase. This division alone contributed 55.89 percent of total revenue, underscoring its critical role in the company’s operations.

The Protein division, comprising poultry and beef processing, also played a substantial part in the overall financial success, contributing 28.04 percent of the total revenue. Steady demand for animal proteins helped mitigate broader economic headwinds.

Innscor’s total assets grew by 11 percent year-over-year to $728.6 million, reflecting continued expansion in its diversified operations. The company’s equity also rose by eight percent to $451.1 million, while total liabilities increased by 17 percent to $277.5 million. This comes despite the inflationary pressures and foreign exchange volatility that have weighed on many Zimbabwean businesses.

Nearly three decades of market dominance

Founded in 1997 by Zed Koudounaris and Michael Fowler, Innscor has grown into a diversified industrial conglomerate with a focus on food manufacturing, distribution, and retail.

Koudounaris, who maintains a 2.5-percent stake in the company, remains a low-profile but influential figure in Zimbabwe’s business landscape. Under his leadership, Innscor’s core fast-food and consumer brands have become household names across the region.

In line with its strong performance, Innscor declared a final dividend of $0.0125 per share, bringing the total dividend for the fiscal year to $0.0265. Shareholders registered by Oct. 11 will receive the final payout on Nov. 6.

The company also announced a $365,000 final dividend for its employee share trust, underscoring its commitment to rewarding both shareholders and employees during a challenging economic period.

Innscor Africa’s financial results reflect its ability to navigate Zimbabwe’s difficult economic landscape while maintaining growth in its key divisions. With nearly three decades of market leadership, the group continues to be a major force in the region's consumer goods sector.