Logistics company Unifreight Africa Limited says it has embarked on a drive to establish fresh markets to ride out the effects of the pandemic, as Covid-19 created problems which reduced volumes by 14% during the year ended December 31, 2020. Unifreight presented its full year 2020 financial statements yesterday, with a brief analysis of developments for 2021 showing that its new strategy could be bearing fruit, as revenues rose 94% during the first half.
Volumes moved up 35% during the same period, even as Zimbabwe was under a hard lockdown to contain the Covid-19 third wave. “The board, executive and management are focusing on what can be controlled, working hard to maintain a positive attitude and searching for pockets of opportunity that have been created while extremely cognisant of protecting shareholder value,” firm officials said.
In terms of financial performance, the group recorded an inflation adjusted loss of $76,2 million compared to $16,9 million in profit after tax in 2019.