Brick manufacturing company Willdale says it expects sales volumes to rebound towards the end of the second quarter when construction activities resume after the rainy season.
Willdale manufactures and markets a range of clay brick products for the Zimbabwe building and construction sector.
Its clay brick range includes face brick, semi-face brick, common brick and paving bricks for walkways, patios, swimming pool surrounds and garden landscaping.
In a trading update for the quarter ended December 31 2021 the company said production should reach targeted levels provided there was sufficient electricity supply.
“The supply gap in housing and infrastructure delivery remains huge,” said the company.
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| Willdale Bricks Sales Volumes To Rebound! |
In the 2021 National Budget, about $1,35 billion was allocated towards the national housing fund as the Government sought to build 220 000 houses and flats by 2025 in line with the National Development Strategy (NDS1) and Vision 2030.
According to the trading update, Willdale’s sales volumes decreased by 20 percent compared to the same period in the prior year, but are five percent above budget.
“Decreased off take from cluster home developments and lower activity from institutional buyers impacted on volumes,” the company said.
It noted that stock holding was satisfactory going into the annual shutdown period, however, production resumed on February 1 2022, as planned after the traditional annual maintenance programme.
The company said subdued volumes resulted in a 7 percent decline in revenue for the quarter under review compared to the same prior period in hyperinflation terms.
“Product mix was better and, complemented by increased volumes, should drive margins and profitability for the remainder of the year,” said the company.
The company said business continuity is encouraging as the impact on the business of the fourth wave of the Covid19 variant has been minimal.
“We continue to operate under strict guidelines issued by the health authorities to minimise transmission of the Covid19 virus.
“Almost all employees have heeded the call to get vaccinated against the virus.
“The gradual relaxation of Covid-19 restrictive measures should further open up the business environment,” said Willdale.
The company noted that the business remains solvent and working capital is available to support the business in the short term.
The company added that cash flows continue to be generated from sales.
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