Masimba HY revenue up 55%, order book strong

Masimba CEO Canada Malunga: firm has increased capex to meet growing demand

MASIMBA Holdings has reported a 55% jump in revenue in the first six months of 2018, driven by a strong order book.

The contractor’s revenue rose to $17.95 million from $11.58 million in the same period of last year.

“The growth in turnover was mainly on the back of a solid order book in the housing infrastructure, building and civil engineering segments,” the company said in results published on Thursday.

After-tax profit vaulted 288% to $532,599 from $137,422 in the comparative period.

Masimba noted the economic constraints caused mainly by foreign currency shortages, but expressed hope that the new government’s drive to repair and upgrade infrastructure would provide a fillip for the construction sector.

Despite the troubled economy, Zimbabwe is experiencing a recovery in the construction sector, with companies in the sector, including Turnall and cement producers reporting strong volume growth.