ZIMBABWE – Zimbabwe Stock Exchange (ZSE) listed retail outlet, OK Zimbabwe, has reported a 34.7% rise in full year revenue to ZWL 79.9 billion (US$220.7m) from ZWL 59.3 billion (US$163m) buoyed by 22.7% growth in sales volume.
Despite its overheads growing by 37.0% over prior year and capital expenditure growing from ZWL 2.1 billion (US$5.8m) to ZWL 3.1 billion (US$8.5m), the retailer reported a 38.5% rise in Profit before tax of ZWL 4.8 billion (US$13.2m) from ZWL 3.5 billion (US$9.6m) while profit after tax grew by 48.9% to ZWL 2.8 billion (US$7.7m) from ZWL 1.9 billion (US$5.2m) in prior year.
In other related news, the Board of OK Zimbabwe has appointed Mr. Charl John Goncalves and Mr. Wonder Stan Nyabereka to the Board of Directors as an Independent Non-Executive Director.
Charl is a Chartered Accountant registered with the South African Institute of Chartered Accountants.
He completed his articles with Pricewaterhouse Coopers in Cape Town, South Africa, then joined Old Mutual Limited and had a career spanning 20 years with the Group holding positions within Internal Audit and as a Senior Finance Executive.
During the last 5 years of his time at Old Mutual Limited, he was a member of the Board of a material subsidiary of the Group, Old Mutual Finance.
Charl was initially the Finance Director for two years and subsequently became the Chief Executive Officer for 3 years. He is currently the General Manager: Investment & Projects of Forbes Investment Holdings.
Meanwhile, Mr. Wonder Stan Nyabereka, who is currently the General Manager of Revival Technologies (Private) Limited has been in the financial services sector for the past thirty years, working in various positions with Barclays Bank PLC which for three years transitioned into First Capital Bank after acquiring the Zimbabwean franchise of Barclays Bank PLC.
He spent the better part of his early years in the industry working in IT in a number of countries in Africa, the UK and Caribbean before becoming the Chief Operating Officer for Barclays Bank of Zimbabwe in 2010.
More recently, he led the technology transformation of the First Capital Bank where he was the Accountable Executive for the migration and changing of all Barclays systems that were replaced by new systems put in place after the sale of the business.
Wonder has helped put structure to the national payment switch, Zimswitch Technologies, as a member and current Chairman of the Board. At Zimswitch, he has driven the collaboration agenda which culminated into a partnership between the Switch and Mastercard PLC.
He also took a leading role in the negotiations with the Reserve Bank of Zimbabwe (RBZ) for the shareholding transaction of Zimswitch Technologies concluded in July 2021.
More so, under his watch, SI80/2020 was promulgated through which Zimswitch was formally appointed the National Payments Switch.