Petrotrade profit jumps 64 percent, vows not to fail

Petrotrade profit jumps 64 percent, vows not to fail
Published: 05 October 2017
State owned petroleum products firm, Petrotrade has vowed that it will not "fail the same way other government entities do" after announcing a 64 percent jump in net profit to $1.2 million for the year ended December 2016.

The company declared a $370 000 dividend, an improvement from the $225 000 it announced the previous year.

Petrotrade witnessed a marginal drop in revenue to $106 million from $110 million during the year which was attributed to a fall in international oil prices.

The drop was despite a three percent increase in sales to 91, 6 million litres.

"The company distributed its products through its 20 sites, 29 dealer sites and 53 third-party sites, bringing total retail sites to 102 during 2016, from 89 in 2015," Petrotrade said.

Profitability was aided by a drop in operating costs by nearly $2 million.

Besides fuels, the firm's other revenue streams include transport services, property rentals, interest from investments, gas trading,  lubricant sales and commissions.

Petrotrade said the good performance was despite the fact that it was operating in a competitive sector dominated by other large international and local oil firms.

Management at the company said it was committed to ensuring that the firm "does not fail the same way other state companies do."

"The company's desire is to continue to grow in all areas of its endeavour and be counted amongst the best petroleum product companies in  Zimbabwe as well as the region," the firm said.

- New Ziana
Tags: Petrotrade,


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