Zimplats net profit declines

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The the property group said the capital loss reflects the current portfolio’s CBD concentration.
ZIMPLATS has posted a 32 percent year-on-year drop in net profit to $170,68 million for the six months ended December 31, 2021, compared to $250,61 million for the six months ended December 31, 2020. 

The results were impacted by net foreign currency exchange losses of $21,8 million arising mainly on Zimbabwean dollar-denominated monetary assets owing to the depreciation of the Zimbabwean dollar.
Further, revenue of $585 million was 13 percent lower year-on-year largely owing to negative revenue from movements in commodity prices arising from pipeline sales following a drop in average metal prices compared to the second half of the previous financial year.
Cost of sales, at $294.9 million, was marginally lower than the previous year’s $297.4 million. A dividend of $120 million has been declared for the interim period.

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