OK Zimbabwe’s profits skyrocket

Retail group OK Zimbabwe, Zimbabwe's biggest supermarket chain, recorded a 133 percent rise in full-year earnings as demand continued to grow in line with the recovering economy.

OK Zimbabwe's basic earnings per share were 1 cent in the year to March 2012, up from 0.43 cents previously, financial statements showed on Tuesday.

Revenue increased by 60 percent to $412.6 million, while after-tax profit was $10.3 million, up from $4.3 million the previous year.

The retail sector, ravaged by hyperinflation and price controls at the peak of an economic crisis in 2008, is one of the fastest growing under a coalition government formed four years ago by President Robert Mugabe and Prime Minister Morgan Tsvangirai.

OK said it expected the sector to continue growing in line with the economy, which is projected to expand around 9 percent in 2012.

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