Zimbabwe: Zimpapers record 74% revenue growth

Pikirayi Deketeke, Zimpapers Chief Executive Officers [Image: @courtesy]
Zimbabwe Newspapers (1980) recorded a 74% growth in revenue to $2,003 billion in the nine months to September 30, 2021, compared to $1.1 billion for the same period last year driven growth across all divisions.

Zimpapers Group CEO, Pikirai Deketeke in a trading update for the period said the Digital and Publishing Division (DAP) continued to contribute significantly to the peoples’ revenue at 65% followed by the Commercial Printing Divisions (CPD) that was at 17%.

The Radio Broadcasting Division (RDB) and the group’s fast-growing television (ZTN) contributed 14% and 4% respectively.

“The group’s performance continued on an upward trend throughout the quarters and is expected to be sustained in the fourth quarter owing to the relatively improving operating environment.

“In that regard, the group’s fourth quarter, which is the peak period for the company’s products, is expected to be better than the third quarter,” Deketeke said.

He said despite the hyperinflationary environment, the Zimpapers improved its net profit before the monetary adjustment margin to 12.2% compared to 10.8% for the same period last year.

“In line with the improved revenue growth, the Group recorded operating profit before monetary adjustments of $2,449 million when compared to a profit of $1,242 million for the same period last year,” spoke Deketeke.

In terms of individual divisional performance, DAP recorded a 24.7% volume growth for the quarter compared to the same period last year and the growth follows the 20.7% growth recorded for the second quarter when compared to last year.

“On a year to date basis, the division was 0.3% favorable to the same period last year following a 29.6% decline in the first quarter of the year.” He said.

According to Mr. Deketeke, the Division is on a volume recovery path as both circulation and advertising recovered.

Circulation was 14% better when compared to the same period last year whilst adverting recorded a 33% growth in the month of September 2021 when compared to the month of June 2021.