Pick n Pay’s Zim Investment Pays Off
A strong performance and the elimination of all foreign denominated debt has seen Pick n Pay reassessing its Zimbabwean investment to nearly 70 million rands, up from 50.4 million rands.
In it’s annual results for the year ending 28 February 2021 the South Africa based retailed giant disclosed that its Zimbabwean unit posted a solid performance despite a tough operating environment.
Zimbabwe spent most of last year under a Covid-19 induced lockdown, which saw business hours being cut, but Pick n Pay managed to sustain market growth during the period under review – opening three new stores during the year under review.
Fair value of investment reassessed at 69.7 million rands recognising a strong local performance and the elimination of all foreign denominated trade debt.