aiciAdmin, Author at Powerspeed Electrical Limited

Powerspeed Electrical appoints new Deputy CEO

Powerspeed Electrical Limited has appointed Terence Yeatman as the new Deputy Chief Executive Officer, tasked with driving strategic growth and enhancing customer service. With over 20 years of experience in retail and finance, including senior roles at SPAR Zimbabwe and Innscor Africa, Terence aims to accelerate innovation and operational efficiency. CEO Hilton Macklin praised his visionary leadership, while Yeatman expressed his eagerness to elevate the company. Powerspeed specializes in electrical, hardware, and DIY products through its Electrosales Hardware outlets.

By aiciAdmin|2023-09-28T19:23:58+02:00September 28, 2023|Uncategorized|0 Comments

Powerspeed Electrical moves Electrosales Hardware Msasa Branch to brand new bigger premises

Electrosales Hardware proudly announces the relocation of its Msasa Branch to a new, larger facility at 181 Mutare Road, Harare, on July 3, 2023. The modern 10,000 sqm property includes 2,376 sqm of retail space and a 1,500 sqm parking area, significantly enhancing the shopping experience. Offering an extensive selection of 11,000 products, including tools, plumbing, and solar equipment, this upgrade reflects Electrosales' commitment to exceptional service. For more details, visit [Electrosales Hardware](http://www.electrosales.co.zw).

By aiciAdmin|2023-09-28T19:18:58+02:00September 28, 2023|News|0 Comments

Powerspeed Electrical Reviewed Abridged Interim Consolidated Financial Statements for the six months ended 31 March 2023

In the six months ending March 31, 2023, Powerspeed Electrical faced significant challenges amid economic difficulties, yet achieved notable financial growth. Revenue surged from $7.13 billion to $42.1 billion, with profit after tax rising to $1.15 billion. Despite a robust increase in shareholder equity to $12.3 billion, rising costs and competitive pressures remain concerns. The company is enhancing its branch network and expects ongoing growth driven by residential construction demand. However, it opted not to declare an interim dividend due to economic uncertainties.

By aiciAdmin|2023-06-21T11:06:01+02:00June 21, 2023|Uncategorized|0 Comments

Powerspeed Electrical – Notice to Shareholders

Powerspeed Electrical Limited announces the resignation of Dr. Simba H. Makoni as Chairman of the Board, effective February 23, 2023, after serving since 2010. His leadership significantly contributed to the company’s growth. The board extends its gratitude for his service and wishes him success in future endeavors. Concurrently, Mr. Victor Gapare has been appointed as the new Chairman. With extensive experience in the mining sector, Gapare brings a wealth of knowledge to the role, having held various leadership positions, including CEO of Bilboes Holdings.

By aiciAdmin|2023-03-06T18:52:05+02:00March 6, 2023|Uncategorized|0 Comments

Powerspeed Group Quarterly Results for First Quarter ending 31 December 2022

In the latest trading update, the group experienced a recovery with an 8.7% growth in Shareholders' Funds compared to the previous quarter. However, inflationary pressures are reducing disposable income, shrinking the market, and increasing competition. Pricing controls between ZWL and USD have shifted trade towards the informal sector, negatively impacting formal retailers. Despite challenges such as product shortages and economic pressures, trading volumes improved year-on-year, and a new branch in Harare is performing well. The outlook remains positive due to anticipated investments in key sectors.

By aiciAdmin|2023-03-02T23:10:37+02:00March 2, 2023|Uncategorized|0 Comments

Powerspeed Electrical 2022 Annual Report
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Powerspeed Electrical 2022 Annual Report

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Powerspeed Electrical 2022 Annual Report

In the Chairman's Statement, Dr. S.H. Makoni reviews a challenging year for the Group amid economic pressures like inflation and tight liquidity. Despite these obstacles, overall volume traded increased, with revenue rising from ZWL 8.7 billion to ZWL 26.9 billion and profit after tax growing substantially. The opening of a new store contributed to profitability, although sourcing products remained difficult due to global supply chain issues. The Board declared a dividend of ZWL 1.64 per share, showcasing the Group's commitment to growth amidst economic headwinds.

By aiciAdmin|2025-03-05T14:59:09+02:00February 2, 2023|Corporate Announcement|0 Comments

Powerspeed Electrical | Notice of the 45th Annual General Meeting

Join us for the 45th Annual General Meeting of Powerspeed Electrical Limited on February 23, 2023, at 11 am in the Powerspeed Boardroom, Harare. Key agenda items include reviewing the audited financial statements, approving non-executive directors' emoluments, re-electing directors, and confirming the appointment of auditors. Shareholders will also discuss the extension of the share buyback scheme and related resolutions. Proxy forms are available for members unable to attend. More details and the annual report can be accessed on our website.

By aiciAdmin|2023-01-31T19:33:05+02:00January 31, 2023|Uncategorized|0 Comments

Powerspeed Electrical – Notice to Shareholders: Cash Dividend Offer

Notice is given that a final dividend of ZWL 1.64 per share has been declared for the year ending 30 September 2022, payable to shareholders registered by 9 January 2023. Election forms detailing payment options in Zimbabwe Dollars or US Dollars will be mailed on 16 January 2023. Shareholders must return their election forms by 6 February 2023. A withholding tax may apply, and foreign shareholders' dividends are subject to foreign exchange control approval. Key dates include dividend announcement on 4 January 2023 and payment on 6 March 2023.

By aiciAdmin|2023-01-04T11:42:24+02:00January 4, 2023|Uncategorized|0 Comments

Powerspeed Electrical | Audited Abridged Consolidated Financial Statements FYE 30 September 2022

In the Chairman’s statement, Dr. S.H. Makoni reflects on a challenging year marked by inflation and supply chain disruptions but reports a substantial increase in financial performance, with revenue rising from ZWL 8.7 billion to ZWL 26.9 billion. The Group expanded its operations, opened a successful new branch, and maintained a focus on product availability. A dividend of ZWL 1.64 per share was declared, and the company remains committed to growth despite economic headwinds. Gratitude is expressed to management, employees, and partners for their support.

By aiciAdmin|2022-12-16T10:45:30+02:00December 16, 2022|Uncategorized|0 Comments

Powerspeed Electrical Limited | Group Quarterly Results for Third Quarter ending 30 June 2022

In the latest trading update, the group reported a steady quarter with a 6.95% increase in Shareholders' Funds. Despite inflationary pressures reducing disposable income and increasing competition, trading volumes and profitability remained strong. Local product shortages, including cement and cable, posed challenges. To adapt, the company is exploring new market segments, expanding its branch network, and sourcing products globally. The business remains focused on maintaining its competitive edge amid ongoing market challenges.

By aiciAdmin|2022-09-07T10:47:47+02:00September 7, 2022|Uncategorized|0 Comments

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