Meikles Q3 revenue grows 40%

Zim Now Writer

Meikles Limited Group said room occupancy for the hospitality segment grew by 9.85 percent and 18.43 percentage points for the quarter and nine months respectively.

Revenue per available room increased by 94 percent and 210 percent in US$ terms for the quarter and nine months respectively.

In a financial statement, Meikles company secretary Thabani Mpofu said during the quarter, power supply challenges led to increased use of generators and saw a reduction in operating hours for the third quarter ended December 31, 2022.

“Group revenue grew by 40 percent and 58 percent in inflation adjusted terms for the quarter and the nine months respectively. In historical cost terms, group revenue grew 399 percent and 411 percent for their quarter and the nine months respectively.

“Sales volumes for the supermarkets’ segment declined by 16.49 percent but were resilient as the growth of 2.5 percent was recorded in the nine months period ended December 31.

“All operating subsidiaries generated positive cash flows during the period under review,” Mpofu said.

He also added that improved by 40 percent and 58 percent in inflation adjusted terms for the period in review.