Unifreight Posts ZWG$743m Revenue in 2024

Rutendo Mazhindu- Zim Now Reporter

Zimbabwe Stock Exchange-listed Unifreight Africa Limited says revenue for the year ended December 31, 2024, rose to ZWG$743 million, supported by a strong tobacco season and increased business from its cross-border and fourth-party logistics (4PL) units.

Profit before tax came in at ZWG$71.3 million, representing a 10% net margin, while earnings before interest, taxes, depreciation and amortisation stood at ZWG$261.5 million, reflecting a 35% margin improvement.

“These strong results were achieved despite inflationary pressures and currency volatility, thanks to disciplined cost control and efficiency gains,” group chief executive officer Richard Clarke said.

The group moved 55 million kilogrammes of tobacco in 2024, up from 38 million kilogrammes in 2023, and projects 85 million kilogrammes in 2025. Its new 4PL unit, launched late last year, is expected to handle more than 300,000 tonnes of freight over the next 12 months.

Chairman Peter Annesley said the company expanded its fleet with 30 new FAW FT360 trucks during the reporting period, with plans to acquire 50 more in 2025 to meet growing demand along the Beira corridor.

Total assets closed the year at ZWG$1.9 billion, largely driven by the fleet investment.

Cash generated from operations was ZWG284 million, while borrowings stood at ZWG$149 million at year end. Shareholders will receive a dividend of US$200,000, or US$0.001878 per share.

“This declaration reflects our confidence in Unifreight’s underlying financial resilience and operational prospects,” Annesley said.

Although Zimbabwe’s gross domestic product slowed to about 2% in 2024 from 5.3% a year earlier, mainly due to a severe El Niño-induced drought, the group said it expects to grow regional market share through further cross-border expansion and digital upgrades to its Less than Truckload services.