Powerspeed Electrical – Notice to Shareholders: Cash Dividend Offer (with Election Form Download)

Notice is given that a final dividend of ZWL 17.28 per share has been declared for the year ending 30 September 2023, payable to shareholders registered by 8 January 2024. Shareholders can choose to receive dividends in either Zimbabwe Dollars or United States Dollars, with election forms mailed on 15 January 2024. Completed forms must be returned by 5 February 2024. Foreign shareholders will receive dividends subject to exchange control approval. For details, refer to the included timetable of events.

By |2023-12-29T13:36:42+02:00December 29, 2023|Uncategorized|0 Comments

Powerspeed Electrical launches Electrosales Hardware Benefit Card for retail customers

Powerspeed Electrical proudly introduces the Electrosales Benefits Card, a reward program that enhances the shopping experience for Electrosales retail customers. Launched on November 15, 2023, the card allows instant point accumulation on qualifying purchases, which can be redeemed for future transactions at any Electrosales branch. Each card is linked to a single mobile number for secure access, providing customers with SMS notifications for transactions. This program underscores Electrosales' commitment to exceptional customer service and loyalty.

By |2023-12-14T12:03:28+02:00December 14, 2023|News|0 Comments

Powerspeed Electrical Audited Abridged Consolidated Financial Statements for the year ended 30 September 2023

In his Chairman's Statement, V.R. Gapare reflects on a year marked by economic challenges, including inflation and liquidity issues, yet highlights a successful performance with increased trading volumes. Despite difficulties sourcing products and maintaining supply chains, Electrosales Hardware expanded its footprint with a new branch in Zvishavane. The company reported a growth in shareholder equity and declared a dividend of ZWL 17.280 per share, demonstrating resilience and commitment to growth in Zimbabwe's hardware market. Gratitude is extended to all stakeholders for their support.

By |2023-12-08T10:55:23+02:00December 8, 2023|Uncategorized|0 Comments

Powerspeed Electrical opens a new Electrosales Store in Zvishavane, Zimbabwe

Electrosales Hardware proudly announces the opening of its new branch in Zvishavane, Zimbabwe, on September 1, 2023. Spanning 1740sqm with 5000 quality lines for various domestic and commercial needs, the store offers products in painting, plumbing, electrical, and more. The eco-friendly facility includes natural lighting and is designed to be disability-friendly. This expansion highlights Powerspeed Electrical's commitment to growth, now operating 22 branches with over 1200 employees, positioning itself as a key player in the Midlands Province market.

By |2023-10-24T17:45:01+02:00October 24, 2023|News|0 Comments

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 |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 |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 |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 |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 |2023-03-02T23:10:37+02:00March 2, 2023|Uncategorized|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 |2023-01-31T19:33:05+02:00January 31, 2023|Uncategorized|0 Comments
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