Harare - Zimbabwe’s biggest conglomerate Innscor, has appointed former Ellerine Holdings CE Tony Fourie as its Chief Executive Officer.
Innscor, which is listed on the Zimbabwe Stock exchange, is a diversified company involved in manufacturing, distribution, fast food outlets, poultry, and retail outlets.
Fourie on Thursday addressed analysts and investors on the group’s new strategy going forward.
Fourie is expected to turnaround the company’s fortunes following a decline in its profits in the last couple of years.
In the full year to June 30 2014 Innscor’s revenue was up only 3%. Ebitda (Earnings before interest, taxes, depreciation and amortisation) for the period was down 15%, while profit before tax was down 22% on last year to $56.76m from $77.08m previously.
“Although our business is profitable we have been experiencing falling revenues as well as margins and this will be our focus going forward,” said Fourie.
He said the target in the next 3 to 5 years will be to generate ROE of 30% in profits and generate free cash in excess of 60% of Ebitda.
“We also plan to generate 50% of our total revenue from outside Zimbabwe,” said Fourie.