Commenting on the group's financial results for the period under review,
The solid growth in revenues was attributed to a firm order book largely due to the Government's ongoing infrastructure programme.
"We applaud the Government and the private sector's continued investment in infrastructure development, being the key enabler to economic development," said
Stable performance was recorded in other segments of the business, most notably the property portfolio, which immensely contributed to the overall better for the group.
"Performance in the property portfolio was firm, and the business unit contributed positively to the group's performance," said
Manufacturing of stone aggregates by the quarry business unit,
"The quarry mining business unit,
"The segment manufactures stone aggregates, which are key in the contracting business," the chairman said.
However, earnings before tax, depreciation, and fair value adjustment (EBITDVA) retreated by 11 percent from
According to
"The decline in EBITDFVA was attributable to slow down of works in the fourth quarter due to delayed payments and liquidity constraints which negatively impacted project efficiencies," the chairman added.
However, growth in contracts in progress and contracts receivables, caused the company's assets to expand to
In their outlook, Masimba believes that El Nino and declining mineral prices could have negative effects on the execution of the order book.
According to the chairman, there could be chances of prioritisation of food relief over infrastructure development resulting in budget cuts in the private sector due to the effects of El Nino.
"These factors could lead to the government prioritising food relief over infrastructure development and may result in capital expenditure budget cuts in the private sector," added
Additionally, cost containment and value unlocking from the firm's land bank is expected to be the company's focus to avoid stagnation caused by budget cuts.
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