Retail operations dominated the revenue mix contribution recording 91,4 percent whilst farming operations accounted for 3,7 percent of inflows from 3,1 percent in the prior year.
CFI subsidiary,
Resultantly, the agro-focused group's historical revenue for the year increased by 308 percent to
"The economic environment continued to be restrained by the impact of the Covid-19 pandemic as the country traded under varying degrees of lockdowns throughout the year. Fortunately, for the greater part of the year, the group's businesses operated under normal trading conditions. The economic improvements registered at the beginning of the year, characterised by relatively stable exchange rates and declining inflation," said
She however, bemoaned the late distribution of auction funds, which she said led to reduced confidence by the businesses, as this also drove widening of the gap between the official and open market exchange rates.
"The increasing backlog in the disbursement of foreign currency allocated on the auction market resulted in market confidence declining, and the widening of the gap between the auction market exchange rate and the alternative market rates," she said.
CFI said it could not ascertain the exact impact of Covid-19, but noted the pandemic had not shaken the business, which remained in solid condition for the foreseeable future.
"It is difficult to assess, with absolute certainty, the full impact the pandemic will have on the group's financial performance for the forthcoming financial period on the Business Continuity and Statement of Solvency.
In terms of the financial status, the group said it remained healthy, adding Covid-19 pandemic had not created any issues from a solvency or liquidity perspective,
According to CFI, the expenditure covered renovations of several Farm and City Centre shops as well as piggery, poultry, and irrigation infrastructure at
Going forward the group said it would prioritise the development of low-cost housing delivery in Harare South in support of the Government's Vision 2030 on housing.
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