industrial giant,
The group also attributed the revenue growth to increases in sales volumes in the last quarter of the year.
Retail operations remained the group's biggest revenue contributor accounting for 99 percent, an increase from 98 percent in the prior year, while farming operations contributed 1 percent.
The group's operating profit, inclusive of monetary gain, increased by 10,8 percent to
"The improvement is attributable to cost containment efforts sustained during the period, increased procurement efficiencies and the positive contribution from CPG's performance.
"The group incurred higher depreciation expenses at
Entities under judicial management posted a profit before tax of
According to the group, management is pushing for lifting of judicial management of its entities that include
"The group continues to pursue the exit of
Meanwhile,
"The return of this company to the group's control after more than four years under judicial management will mark an important milestone in the group's turnaround efforts and the group's resurgence as a significant pillar in underpinning food security in the economy," said Pasi. At Farm & City, turnover growth was subdued due to the poor rains received at the onset of 2019/20 farming season which dampened farmers' hope for a good season resulting in reduced sales volumes of fertilizers, crop seed and agro-chemicals.
The group also bemoaned the challenging operating environment that was worsened by the outbreak of the Covid 19 pandemic.
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