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Zimplats' Net Profit Declines Due To Net Foreign Currency Exchange Losses

Zimplats' Net Profit Declines Due To Net Foreign Currency Exchange Losses

Impala Platinum Group company Zimplats’ net profit declined from $250.61-million in the last half of 2020 to $170.68-million in the last half of 2021.

The decline was due to 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.

Zimplats’ revenue of $585 million was 13% lower year-on-year largely owing to negative revenue from movements in commodity prices.

The cost of sales, at $294.9 million, was marginally lower than the previous year’s $297.4-million.

Consequently, the gross profit margin was 50%, compared with 56% in the prior comparable period.

Zimplats generated net cash inflows from operating activities of $261.3-million.

A dividend of $120 million has been declared for the interim period.

Meanwhile, ore mined decreased to 3.5 million tonnes, mainly as a result of production disruptions at the Mupfuti mine during a changeover of the trackless mining equipment service provider. The changeover has now been completed.

Tonnes milled was unchanged from the prior interim period’s 3.4-million tonnes.

Zimplats’ capital investment programmes:

a). the redevelopment of the Bimha mine was completed within budget at $99.8-million.

b). The upgrade of the Mupani mine is on schedule, with earthworks for the dome and load out station complete.

c). Upgrading of Bimha is progressing well, targeting 3.1 million tonnes yearly in the first quarter of full-year 2024.

d). A feasibility study for the refurbishment of the mothballed base metal refinery at SMC is ongoing, targeting completion by the end of the financial year.

e). A feasibility study for a proposed 185 MW solar project has been completed and an independent power producer’s licence was issued by the regulator.

Zimplats anticipates a sustainably good operating environment and continued enforcement of Covid-19 protocols moving forward. 

More: NewZimbabwe.com


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3 Comments

Blabber 1 month ago

Zvineiko neZimplats izvozvo?


Chunga 1 month ago

WILLIAM SONBOY CHINEMBIRI exee 10 hours, 55 minutes ago
AS YOURS TRULY 'BUSH LAWYER',I ALWAYS SAID THE LEARNED HONOURABLE DOUGLAS TOGARASEYI MWONZORA WAS DIGGING HIS OWN POLITICAL GRAVE FOR FIGHTING THE CHARISMATIC AND GOF-CHOSEN LEADER, ADVOCATE NELSON CHAMISA.

CAMARADHAS MWONZORA WAS BENT ON FIGHTING THE OPPOSITION,HE NEVER AT ONCE SHOW THE ZEAL TO FIGHT OR DISLODGE ZANU-PF.HE EVEN PROVED TO BE AN EXTENSION OF ZANU-PF,AS HE WENT TO TWICE TO THE STATE HOUSE WHILST OTHER OPPOSITION POLITICAL MEMBERS WERE NEVER INVITED.

IT'S NOT CORRECT TO ASSUME THAT IF THEY REMOVE MWONZORA THEY WILL FARE WELL IN 2023,THAT IS BEING ECONOMIC WITH THE REALITY.CITIZENS WANT CHANGE ONCE AND FOR ALL.THEY DON'T HAVE PLEASURE FOR TOO MUCH DEMOCRATIC SPACE (MANY POLITICAL PARTIES)

I URGE ZIMPF TO DUMP MWONZORA AND HIS ALLIANCE,AND JOIN THE CITIZENS BEFORE IT'S TOO LATE.

[ PEACE TO THE GENTILES, THE GREAT BUSH LAWYER , THE WISE ONE FAR BETTER THAN ANY ,HAS RETURNED ]

YOURS SINCERELY
CDE KUFA KWANGU ZVAROVA
[ THE BUSH LAWYER ].

Bhuru 59 minutes ago
@Muzimbo,wavharwa nechirungu iwe tseq..ndepapi pane mistake 😉 anywhere,who told u kuti Bush Lawyer doesn't make mistake??? you're a fool,ukuda kuziva nhema...we are tired of you boolickers of e Bush Lawyer...fake this fake that..as if Bush Lawyer ndiyemunhu ega pano, ****... there is nothing special about e old man

Muzimbo 5 hours, 42 minutes ago
Fake bush lawyer, you made too much mistakes,

Bhuru 9 hours, 38 minutes ago
I don't like Mr Bush Lawyer...I was told that you are slightly above 70...

Banda 10 hours, 32 minutes ago
Well articulated

Tkt 10 hours, 38 minutes ago
I concur with you but remember, ZANU PF will rule forever.

DaCool 10 hours, 41 minutes ago
6/10...no repetition for the first time


Chunga 1 month ago

Idol worshipping 😄


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