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.

In the challenging economic landscape marked by rising inflation and regulatory pressures, Powerspeed Electrical showcased resilience for the half-year ending March 31, reporting revenue growth from $3.65 billion to $7.13 billion and a significant increase in profit after tax from $73 million to $416 million. Electrosales Hardware, the group's core division, has expanded operations and improved market share. Despite ongoing uncertainties in Zimbabwe, the company remains optimistic about future growth and is focused on branch development, though it opted not to declare an interim dividend.

Powerspeed Electrical's FY 2021 financial statements highlight resilience amid ongoing Covid-19 challenges, with significant growth in volume traded and shareholder equity rising by 25.67%. Despite disruptions in supply lines and increased costs, investments in inventory and branch expansion supported positive market response. The Engineering Division was sold to enhance focus, while the company continues to function as a public entity after delisting from the Zimbabwe Stock Exchange. The Board refrained from declaring dividends to prioritize future operations and growth initiatives.

In the first half of 2021, Powerspeed navigated the challenges of a national lockdown due to COVID-19, managing to operate as an essential service. Revenue surged from ZWL518 million to ZWL3.65 billion, with significant profit growth reported. The Engineering Division showed impressive performance by increasing in-house product manufacturing. Despite a complex economic landscape, Powerspeed is expanding its branch network to capture market share. While no interim dividend was declared, a future dividend is anticipated.