Furnmart Holdings, the pan-African appliances and home-ware outfit, beat market consensus as its half year revenue shot through the roof in an economic environment saddled by high indebtness, the company said in its reporting.
The company, which is actively positioning itself as the giant in its own industry, saw its revenue to January 31, 2013 jumping up by 12 percent to P 573 million while profit after tax edged up slightly to P 55 million, from P 53 million, like-on-like.
At the height of the announcement of a good turnover, the group also unveiled its plans to increase its footprint in the three regions that it is focusing on. The company is well represented in Botswana, Namibia, South Africa and Zambia.
“We plan to open seven more Furmart stores by the financial year end and anticipate the growth momentum to continue in the foreseeable future subject to the availability of suitable promises,” a statement penned by John Mynhardt ÔÇô the Group chairmanÔÇöand his son Tobias, the Group managing director, stated.
The Mynhards are arguably the second wealthiest family in the country outside politics after Dereck BrinkÔÇö the largest land owner in Africa who owns a piece of land as big as the size of Lesotho.
Furmart is one of the best export stories to tell about Botswana outside mining after ABC Holdings, Choppies Enterprises and Letshego Holdings.
The group has 93 outlets to date and it is planning to increase the number to 100 by the end of July.
The architect of the whole group, John Mynhardt, is downÔÇôto-earth but often times you will be told to book an appointment with him at least six months in advance.
He is a prolific businessman with direct interest in air services, CB Stores, Cash Bazaar, Home Corp, Taku Taku, Koko, Riverwalk Mall, Mafenyatala Mall in Molepolole, Kwando Safaris along Chobe area, Nata Lodge, some lodges in South Africa and the listed New African Properties Limited (NAFPROP), valued at over P 2 billion.
In South Africa, the group is geared to benefit from the size of the population, which tops 50 million but it will face resistance from some of the already existing and Johannesburg Stock Exchange listed stores, such as Ellerines and Joshua Doore, which have close to 200 outlets in that country alone. The same applies to Zambia, which has a population of over 11 million people.
The company declared dividend of 3.20 thebe per share to shareholders registered by May 10, 2013.