ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2022
In accordance with the requirements of the Securities and Exchange Act No. 41 of 2016, Zambia Bata Shoe Company PLC announces its audited financial results for the year ended 31st December 2022
Performance Highlights
Revenue increased by 36% to K224 million mainly attributed by Retail business turnaround and marketing reactivation and advertisement which created a new sense of awakening the “Bata” brand.
Operating Expenses increased by 2% to K32.9 million. The increase was only marginal through optimization and effective expense management with real time tracking and monitoring.
Profit before tax increased 757% to K56 million in line with increased revenue, gross margins and optimization of expenses.
The Company increased production volume pairs to 515,214 representing a growth of 24%. This is attributed to the implementation of demand-based production planning and close monitoring of inherent production Key Performance Indicators of material yield factors, capacity utilization, and other efficiency data.
Outlook
We have made great strides in our stepping forward strategies with phenomenal results in the year 2022. We will continue to increase the operational momentum as we roll out the blueprint plans as per our strategic paper of the “big bets” of Zambia Bata Shoe Company Plc as enshrined on our four strategic pillars of:
i. One Team- people
ii. Same Store Sales Growth (SSSG)
iii. Re engineering and Growth of the I&D (Institution and Distribution) channel
iv. Expansion plans in key neighboring markets.
In conclusion, we sincerely thank all our customers, employees, board members, shareholders and the Bata International group for the unwavering support leading to a very successful year.
