Product volumes improved in our markets outside Africa growth in Reunion, Mozambique, Botswana, Zambia and Zimbabwe.

HARARE, Zimbabwe — The turbulent global economic landscape and continued high crude prices put severe pressure on profits. Our Consumers in Zimbabwe also felt the pinch with the continuous fuel price increases throughout the year.

This had a negative impact on local sales volumes, with disposable consumer income also being affected by increases in the interest rate in our largest market in Africa.

We were however able to increase our turnover compared to the previous year despite these challenges.

This is because we remained focused on delivering on the strategy, proving our resilience through these tough economic conditions.

Product volumes improved in our markets outside Africa growth in Reunion, Mozambique, Botswana, Zambia and Zimbabwe.

However, overall company expenses increased in the 2020 financial year, which resulted from higher staff costs and higher depreciation due to a capital expansion programme in our International Business Division and to a lesser extent in Matrix Sales and Marketing (MSM).

This also includes outstanding achievements performance in 2019. A safe, reliable and stable operation which resulted in the best performance in the last 2 years.

This is attributed to, amongst others, a successfully executed. The culture of chronic unease drove excellent results not only in our operations but also in personnel and process safety, as well as in environmental and regulatory compliance.

The persistent focus delivered the best reliability performance over the last 2 years achieving 98.1% reliability versus a plan of 94.6%.

In tandem with this outstanding performance, Overall Equipment Effectiveness (OEE) reached 97.4%, far surpassing the plan of 90.3%.

This is without doubt due to the great effort, collaboration and commitment from the entire team. The successful year, illustrates the effect of allocating financial resources for capital expenditure as well as for the intensified training of employees.

In addition, capital expenditure has been invested in renewable energy environmental improvements, maintenance and reliability, infrastructure, future fuels and other profit generating interventions.

Matrix has also made significant capital investments across the value chain. One of these is the recent partner in building of the Beira Terminal in Mozambique.

Amidst a continued focus to always deliver the best service to our customers, signature convenience offerings continued to be rolled out across Africa.

Notable achievements include an innovative partnership with logistics companies, which is seeing Matrix roll out the delivery from terminals.

Malvin Chiwanga is the Founder and CEO, Matrix LTD

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