Dairibord Holdings’ operating profit increased to $791 million in inflation adjusted terms for the year to December 31, 2022, a 1 009 percent increase on prior year.
The group achieved a profit after tax of $61 million during the period under review, an increase of 146 percent above prior year.
“While revenue grew by 55 percent, cost of sales increased by 50 percent mainly driven by the depreciation of the Zimbabwe dollar as well as increases in commodity prices, petroleum-based packaging materials, milk powders and freight costs,” said the company in a statement accompanying their results.
“The focus on cost management and cost containment of overheads resulted in an improved operating profit margin for the year of six percent, up from -1 percent in prior year,” said the company.