Ok Zim new boss aims higher

OK Zimbabwe Ltd new boss Alex Siyavora says things are looking for the retail giant.
Since taking over from his predecessor, Willard Zireva, he has proven to be up to the task if earnings numbers are anything to go by.
“Things are looking up for us,” he says. “We actually posted good growth over the prior comparative period (third quarter to December 2017). Actually, we exceeded our forecasts both on the top and bottom line.”
After Zireva, the then OK Zim CE, a darling of the analysts and investment community, called it quits last March, Siyavora seemed to have a mammoth task ahead of him and would struggle to measure up to his predecessor.
In the interim to September 31, Siyavora produced sterling numbers showing some good growth with attributable earnings jumping 125.8% to $5.2 mn in the half year (H1) to September from $2.3 mn in the same period prior year thanks to rising sales.
Earnings before Income Tax, Depreciation and Amortisation (EBITDA) went up 63.1% to $11.3mn with headline earnings per share (EPS) increasing 120% to 0.44 cents.
H117 revenue went up 22.6% to $268.0mn from $218.6 mn recorded in the comparative period above official inflation of 0.78% and internal inflation of 8% helped by the company’s bakeries.
And it seems this is just the beginning. “My target is to reach peak organisational performance,” he says. Its more than a target for him.
Siyavora spoke about succession plan in his organisation.
He says the current economic environment charecterised by cash shortages and forex shortages means there is no way of improving margins. Judging by the performance of the share price and market valuation, Siyavora seems to have been accepted by the market. With a market cap of $194 mn and book value of $81 mn and a P/E of 33, the counter is a firm favourate for investors.
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