Mazimbe to retire from Astra Industries, to be succeeded by Nhende
HARARE – Astra Industries managing director Mackenzie Mazimbe is set to retire from the group at the end of this month, after serving in that capacity since 2004.
He will be succeeded by Herritage Nhende, who is currently the financial director, effective June 1.
Astra delisted from the Zimbabwe Stock Exchange in 2015 following a buyout of minorities by foreign company Kansai Plascon
Meanwhile in a trading update, Astra said performance in the first quarter had been affected by the rains especially the flagship paint business.
Turnover in the four months to April was flat on prior year while volumes were down 7%.
The group said GPs were down 2 percentage points from prior year while in dollar terms gross profit is 6% below prior year
Operating profit for the period is up significantly from last year as a result of benefits arising from the streamlining of operations following the decision taken to restructure operations which resulted in the closure of Chemical Enterprise and reallocation of production to our two main Paint and Chemical businesses.