Unifreight Africa Limited (UNIF.zw) HY2019 Interim Report

We have extracted the Chairman’s Statement from the 2019 half year report for Unifreight Africa Limited (UNIF.zw), listed on the Zimbabwe Stock Exchange:

Overview

We are pleased with the results for the Half Year Ending 30 June 2019 which are good, especially considering the subdued business environment prevailing in the country at the moment.

Functional currency changes were introduced by Statutory Instrument (S.I.) 33 of 2019 which was issued in February 2019 consequently recognising the RTGS Dollar as a currency in Zimbabwe. S.I. 33 of 2019 also prescribed the manner in which certain balances were to be treated.

Revenue is up $16.1M (123%) on prior year, and $10.1M (53%) ahead of budget. EBITDA is up $6.2M (299%) on prior year, $3.5M (103%) ahead of budget. We are pleased to report a profit before tax of $4.5M for the first half, which is $1.8M ahead of budget and $3.9M ahead of the previous year.

The numbers in RTGS$ terms are fairly misleading, but we are very pleased with our volumes. Our focus on Low