/Mining boosts Cafca sales

Mining boosts Cafca sales

By Nyamayaro Chitsinde

 Zimbabwe top cable manufacturer, CAFCA continues to trade on the positive due to a surge in the demand of their cables in the mining sector among other projects.

In a half year trading update for the period ending December 2020, Cafca said their sale volume had risen by 47%.

“Local volumes increased by 47% year on year with utilities, mining and retail being very buoyant.”

The demand in their product has forced the top cables producer to up their stock in order to meet the demand.

“Efforts continue to maintain finished goods stock levels which are currently at 738 tonnes as a strategy against logistical and currency instability and to ensure we meet local market requirements.”

The company said export volumes increased by 25% compared to the same quarter in the previous year.

Cafca projected a growth in revenue in the next six months period.

“We have no reason to believe that the next three months will be any different to this quarter’s volumes. Accordingly, we are forecasting a six-monthly volume that will be well above the previous year’s six-monthly volume.”

The company is likely to benefit from growing renewable power investments by mining companies.

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