MEIKLES Limited’s revenue more than doubled in the first half of the year to US$114,3m compared to the same period in 2008 in what is largely a reflection of activity at its four units.

In its unaudited results for the half year ended June 30, the group said it had surpassed the US$40 067 572 revenue realised in the same period last year.

“This (growth in revenue) was driven by improved product availability in retail, increased production on the tea estates, increased occupancies in hotels and increase in fees and commissions from the financial services,” group chairman Farai Rwodzi said in a statement accompanying the financial results.

Under ML’s wings are TM Supermarkets, Meikles Africa Hotels, Tanganda,Thomas Meikle Stores and Kingdom Financial Holdings Limited. Cotton Printer, a former ML subsidiary is currently under liquidation.
Despite the high revenue, costs were on the rise and this affected the profit after tax which at US$$ 324 772 was lower than the US$580 190 realised during the same period last year.

KFHL recorded a substantial increase in profit before tax of US$1,7 million in the period under review driven by a strong growth in the Malawian operations.

KFHL has 39,16% shareholding in FDH Holdings, a Malawian financial services group.

Room occupancy levels at Meikles Hotel were up by nine percentage points to 32% while Victoria Falls Hotel increased to 39% from 18% in the same period last year. 

Occupancies at The Cape Grace Hotel declined to 61% from 62% recorded last year.

“Meikles Africa Hotels are well positioned to benefit from any upsurge in business and the second six month period is generally stronger for all three hotels,” Rwodzi said.

BY KUDZAI CHIMHANGWA

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