December 19, 2014 11:46 PM ET

Food and Staples Retailing

Company Overview of Meikles Limited

Company Overview

Meikles Limited, an investments holding company, is engaged in the retail trading, hotels, and agriculture businesses in Zimbabwe and internationally. It operates supermarkets and department stores, including 8 department stores under the Barbours, Greatermans, and Meikles brands that offer a selection of electronic and household appliances, ladies’ and men’s fashions, clothes for boys’ and girls, furniture, kitchenware, and luggage and travel accessories, as well as a range of shoes and footwear, baby and toddler gears, toys, and other family goodies, as well as hardware products; and a network of 50 supermarkets and hypermarkets. The company also operates the Meikles Hotel and the Victoria...

99 Jason Moyo Avenue

6th Floor

PO Box 3598

Harare,  

Zimbabwe

Phone:

263 4 252068

Fax:

263 4 252067

Key Executives for Meikles Limited

Meikles Limited does not have any Key Executives recorded.

Meikles Limited Key Developments

Meikles Limited Reports Unaudited Consolidated Earnings Results for the Six Months Ended September 30, 2014; Announces Revenue Results for the Second Quarter Ended September 30, 2014

Meikles Limited reported unaudited consolidated earnings results for the six months ended September 30, 2014. For the period, revenue was $196.254 million against $190.291 million a year ago. LBITDA was $1.534 million against EBITDA of $1.459 million a year ago. Loss before tax was $5.552 million against loss before tax of $37.205 million a year ago. Loss for the period attributable to owners of the parent was $1.976 million or 0.72 cents per diluted share against profit for the period attributable to owners of the parent of $36.458 million or 13.53 cents per diluted share a year ago. Diluted headline loss per share was 1.58 cents against 1.85 cents a year ago. Negative net cash generated from operating activities $0.798 million against net cash generated from operating activities $2.191 million a year ago. Payment for property, plant and equipment was $13.763 million against $9.329 million a year ago. Net expenditure on biological assets was $0.921 million against $0.896 million a year ago. Revenue for the quarter to September had exceeded that of the previous quarter by 6% driven by growth in its subsidiaries.

Meikles Eyeing Four Gold Mining Companies For Deal

Meikles Limited (ZMSE:MEIK) intends to make acquisitions. Meikles Centar Mining Limited has been looking at four gold mining companies in order to get into partnership with or taking over their assets. Meikles’ Chairman, John Moxon confirmed that investors are in the country to look at the gold mining project.

Meikles Seeks To Raise $25 Million

Meikles Limited (ZMSE:MEIK) seeks to raise about $25 million from third parties in order to finance its gold mining venture in Matabeleland. Meikles’ Chairman, John Moxon said: "We are planning to raise about $20 million to go towards our gold mining portfolio and the money is to be raised through third parties. We are expecting to conclude discussions over a $25 million investment before year end. I can confirm that we have received visitors and they are currently in Bulawayo, which is near to our gold operations." Meikles expects to conclude the deal with investors on the gold mining portfolio by end of November 2014.

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