Zimbabwe Stock Exchange (ZSE) listed brick maker, Willdale Limited, says it is working to increase brand visibility through improved quality and a diversified product mix.
Willdale manufactures and markets a range of clay brick products for the Zimbabwe building and construction sector.
The firm’s clay brick range includes face brick, semi-face brick, common brick and paving bricks for walkways, patios, swimming pool surrounds and garden landscaping.
Chairman, Mr Cleopas Makoni, in a statement of financial results for the year ended September 30, 2022 said the company was also looking to consolidate its market share.
“A new crushing plant which will improve product quality, will be installed in the new year. Further investments in capital expenditure are planned for the coming year to improve productivity and efficiency of both fixed and mobile plants,” he said.
Mr Makoni said demand for bricks for housing and other infrastructure projects remained high, driven by individual housing and government infrastructure projects.
“While the environment remains uncertain due to various reasons such as power, Willdale pins hopes on a sustainable financing model for housing to increase activity in the sector and increase profitability,” he said.
He noted the stability in the exchange rate and inflation brought about by the monetary measures introduced towards the end of the financial year, if sustained, gave the company confidence of a better operating environment for the ensuing year.
“Provision of stable electricity supply will be critical to efficient production,” said Mr Makoni.
In terms of production, Mr Makoni said full year production went down 9 percent compared to the same period last year on disruptions caused by rains and power outages.
He said late rains experienced in April had a knock on effect on production, although a favourable product mix allowed the company to enjoy better average prices and good margins.
In terms of financial performance, total revenue was 9 percent above prior year to close at $5,1 billion. According to the group, revenue performance was also affected by exchange rate distortions.