Masimba's revenue up 50pc in 5 months to May 2024.

Masimba, a construction company in Zimbabwe, experienced a significant increase in revenue during the five months leading up to May 2024. The CEO, Fungai Matahwa, reported that revenue rose by nearly 50 percent to US$24.7 million compared to the same period last year. This growth was attributed to a strong order book, with government projects accounting for 74 percent of the US$253 million order book. The company's key revenue drivers were roads and earthworks projects, followed by mining and housing infrastructure. Masimba maintained a healthy gross profit margin of 20 percent and approved investments of US$3 million to improve efficiency. Shareholders' equity also improved, reflecting the company's positive performance. However, Mr. Matahwa anticipates potential challenges in the future due to inflation, foreign currency pricing distortions, and potential delays in government project payments. The company's strategy moving forward will focus on streamlining operations, controlling costs, and maximizing shareholder value. Additionally, Masimba plans to sell developed land holdings in Bulawayo and Shurugwi to generate additional value for shareholders. [Extracted from the article]