By BUUMBA CHIMBULUA decline of 18 percent in gross revenue has been reported by Izwe Loans Zambia Plc (IZWE) following the adoption of a strategy by management to preserve liquidity and reduce growth levels amidst adverse macroeconomic condition.Company gross revenue declined to K354.7 million in 2020 when compared to K432.32 million recorded in 2019.This is according to the company’s abridged financial statement for the financial year ended December 31,2020 posted on Lusaka Securities Exchange (LuSE).The results indicated that the reduction in revenue was primarily attributed to the strategy adopted by management to preserve liquidity and reduce growth levels amidst adverse macroeconomic condition.As a result, Earnings Per Share (EPS) decreased year-on-year from K0.93 to K0.47.Giving the financial highlights, IZWE chief Executive Officer, Kulusu Chisola, said the firm reported an after tax profit of K48.8 million in 2020 from K96.8 million the prior year, representing a 48.5 per cent year-on-year reduction.Mr Chisola said the operating expenses increased […]
IZWE LOANS RECORDS 18P.C. REVENUE DECLINE
