NEW: Masimba anticipates El Nino-induced business slowdown

19 Apr, 2024 - 15:04 0 Views
NEW: Masimba anticipates El Nino-induced business slowdown

The Sunday Mail

Online Reporter

CONTRACTING and industrial group, Masimba Holdings, says the El Nino weather phenomenon could hurt their business this year.

Part of the group’s order book – which is valued to the tune of US$248 million – includes Government contracts.

The tenures of Masimba’s order book run between three months to three years.

In a statement accompanying the group’s full year results to December 2023, Masimba chairperson Mr Greg Sebborn said:

“The execution of this order book may be negatively impacted by the effects of the El Nino weather phenomenon and the declining mineral prices.

“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.”

Given the anticipated downturn, management said its key focus area will be “cost containment and unlocking value from its land bank”.

For the year under review, Masimba’s revenues went up 8 percent to US$53,8 million, from US$49,3 million in 2022.

 

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