CAFCA announces rise in export volumes as market r...

CAFCA announces rise in export volumes as market remains steady

Nyashadzashe Ndoro

Listed cable manufacturer Cafca Limited has announced the rise in export volumes, citing that the markets have remained steady while foreign currency situation in Malawi has improved.

In a notice to shareholders, the secretary of the Zimbabwe Stock Exchange listed company, Caroline Kangara, said the volumes were 32 tons up in the current quarter compared to the same quarter last year.

She added: “The foreign currency situation in Malawi has improved, resulting in more direct sales to that country. All the other markets have remained steady.”

Kangara, however, noted that “the local volumes for the quarter were 3% down on the same quarter last year, with the drop being mainly in the industry sector and factory cash sales. The decline in Factory cash sales was offset by an increase in the Retail sector”.

She added that the historical year to date, turnover and profit against the same period last year increased by 718% and 503%, respectively.

The company anticipates an increase in volumes in the next 3 months against the current quarter's volume.

CAFCA, which has primary listing on the Zimbabwe Stock Exchange and the Johannesburg Stock Exchange is currently looking for a new chief executive officer following the resignation of Rob Webster, who had been Cafca managing director since 2006.

Webster resigned in December last year, leaving the firm with a strong balance sheet and commendable annual financial performance.

The company offers cables, tolling services, and allied products to local and export customers.