Categories: Business

OK Zimbabwe Limited’s vote of thanks to customers, supports SI 142

One of Zimbabwe’s leading retail giant by market capitalisation OK Zimbabwe Limited has given a vote of thanks to its customers for the unwavering support during the current trying times.

In statement to its customers ‘Customer Update’ released yesterday, the retail giant said it is grateful for the loyalty presented by its customers, that has rendered chain a force to reckon with in the highly competitive retail landscape, and promised to make sure customers get the best value for their money across all its stores nationwide.

“Your support and patronage particularly in these difficult times is specially appreciated. We are proud to be the leading Zimbabwean supermarket and retail chain and we will strive to ensure that you, our customers will continue to get value from our stores,” read part of the letter of appreciation to the chain’s customers.

OK Zimbabwe said the month June 2019, came with its own challenges, in terms of price increases, as a host of its key suppliers chased the movement of the exchange rates. Adding that the new Statutory Instrument 142 of 2019, was a welcome development, which the company believes would bring price stability, and allow the retail group to offer good prices and value, the customers’ expectations and enjoyment.

“We have always received good support from our supplier partners. Accordingly we have engaged them, and some have already started to moderate prices in response to SI 142. We will continue this engagement to ensure that we, together with them deliver the value you have always enjoyed,” added the retail giant.

OK Zimbabwe also thanked their customers’ feedback and urged them to continue doing so using its various and available communication avenue. And promised to endeavour to ensure that all its stores are acceptably stocked.

Meanwhile, OK Zimbabwe Limited runs a number of retail brands  such as OK Mart, OK Supermarkets, and Bon Marche, and the retail group is a listed counter on the local bourse, the Zimbabwe Stock Exchange.

OK Zimbabwe recently registered an $801.9 million revenue for the year ended 29 March 2019, the group’s latest financial statements revealed.

The group’s recent abridged audited financial reports indicated that the company registered high margins in revenue, with earnings per share also rising to 4.12 cents, while net asset value per share also went up 14.05 cents, and the final dividend was been proposed at 1.71 cents per share.

In a statement accompanying the financial reports, group chairperson Hebert Nkala said the growth was achieved despite a challenging environment in the second half of the financial year.

He indicated that shortage of foreign currency had affected the replenishment of merchandise, with the official year to year inflation rate raising from 2.68% in March 2018, 5.39% in September to 66.8% by March 2019 respectively.

In the outlook he maintained the importance of having good customer/ supplier relationship; “Product supplies remain a challenge, and strategic linkages with suppliers will be key to ensure that the stores are reasonably stocked.

Despite the economic challenges in the country, the group will focus on growing market share profitably through continuously enhancing the customer value proposition.” Nkala said the overall group performance improved in both sales growth and profitability compared to the year prior.



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