Zimbabwe Economic News: Freda Rebecca Raises Gold Output, Bakers Inn meets target, Gold Boosts Mining output to $2.3 bln

Muganyi however did not disclose how much they need, but said that while about $5 mln will suffice for such an increase, Freda would require much less. This, he said, is because an established mine may require less in terms of capital. Further, the gold mining company intends to increase bullion production to 165 000oz in four to five years through a multi-pronged growth strategy. Muganyi said the growth strategy was feasible - Herald, Tuesday April 1

Bakers Inn Meets Bread Target

Bakers Inn Shepperton Road branch in Southern Harare has met its bread production target of 400 000 loaves of bread per day after the installation of a new plant. The state of the art bread making plant worth about $22 mln, started operating in February this year.

Bakers Inn Bread general manager David Muchinguri said total production has since increased by 60% from 250 000 loaves per day recorded in the period prior to the commissioning of the plant to 400 000 loaves per day while the company now has 40 percent market
share. He, however, bemoaned the decline in demand for bread in the country - Herald, Tuesday April 1

Gold Boosts Mining Output To $2.3 Bln

Zimbabwe's mining production figures rose to $2.3 bln in 2013 from $1.9 bln in 2012 due to increased gold output fetching the highest amount of $572 mln from a total output of 13.556kg to December 2013. Platinum Group Metals fetched the second highest amount of $494.4 mln rom an output of 553 422 metric tonnes.

Figures availed by the ministry of Mines and Mining Development yesterday showed that diamonds were third having recorded $452.9 mln in sales from a total output of 8 912 carats. The diamond figures were lower than 2012 where the output stood at 15 704 carats earning a total $758 mln - NewsDay, Tuesday April 1

Astra Records 14% Increase in Profit After Tax

Astra Industries Limited has recorded 11% increase in profit after-tax to $1,7m for the16 months ended December 2013 due to growth in revenue. In the period under review, revenue grew by 34% to $39,7m from $29,6m recorded for the year ended August 31 2012.

Operating profit increased to $2,3m, finance
income grew to $144 thousand from $411 thousand on prior period while finance costs declined to $141 thousand from $195 thousand in 2012. Sales volumes on average grew 3% over last year. Exports contributed $4,8m with 96% being chemicals against $3,2m in 2012. NewsDay.

FMHL Declares First Dividend

First Mutual Holdings Limited has declared its first dividend of $0,01 per share since dollarisation in 2009. This comes as most companies have struggled to pay dividends following adoption of the multi-currency system, dominated by the US dollar, as they found the going tough. Plans are underway to sustain dividend pay outs into the future. They will be paying out nearly $400 thousand in dividends.

In the year to December 2013, the listed insurance group's gross written premium rose by 14% to $101,1m compared to $88,6m recorded in the prior period. During the period under review, rental income grew by 6.8% from $7,3m in 2012 to $7,8m driven by an increase in the contribution of turnover-based rental income. - Daily News.