Staff Writer
SIMBISA Brands, the country’s largest fast-food company, has announced plans to open 36 new stores and revamp an additional 36 in 2025.
The expansion and modernization effort, which is projected to cost US$17,8 million, aims to boost customer numbers and diversify the company’s product offerings.
Independent non-executive chairman Addington Chinake highlighted that the company’s strategy is not only focused on expanding its store network but also on enhancing the customer experience through store upgrades.
“Our strategic priorities include expanding our store network and modernizing existing outlets to improve customer experience,” he said.
Chinake also noted that the company is exploring strategic raw material sourcing within the Common Market for Eastern and Southern Africa (COMESA) region. This initiative aims to optimize the supply chain and address some of the economic challenges the company faces. As part of its restructuring, six stores will be closed or rationalized.
Chinake further emphasised the company’s commitment to growth.
“We remain committed to executing our growth strategy, strengthening market leadership, and driving sustainable growth,” he said.
Simbisa has also completed a successful upgrade of its Enterprise Resource Planning (ERP) system, which has improved real-time financial reporting. Additionally, the company introduced a customer feedback platform to better track and analyse customer satisfaction across all its markets.
“I extend my deepest gratitude to our Executive and Management team and all our employees for their dedication and hard work,” Chinake said.
The company declared a final dividend of 0,392 US cents per share for the financial year ending June 30, 2024.
The dividend will be paid in U.S. dollars around November 7, 2024, to shareholders registered by October 18, 2024. The ex-dividend date is October 16, 2024, with the total dividend for the year amounting to 1,012 US cents per share, including an interim dividend of 0,62 US cents per share.
