eBusiness Weekly
Business Writer
Powerspeed Electrical Limited evolved with Mashonaland Holdings’ restructuring exercise.
The latter, a Zimbabwe Stock Exchange (ZSE)-listed property investment and development concern, was a product of the 1966 merger between Mashonaland and Provincial Trust Company and Mashonaland Real Estate.
To date, Mashonaland Holdings is famed for its major works in the name of ZB Life Towers, ZB Centres (Mutare, Bulawayo, Harare), West End Clinic, Jet stores, Charter House and Houghton Park Shopping Centre, to mention a few.
On the verge of the 1980s, the property concern diversified to incorporate into its portfolio trading in hardware, electrical and motor spares. It specialised then in import substitution in the light engineering businesses.
The electrical division was in 1999 unbundled via a rationalisation exercise that saw the integration of Industrial Electric Holdings into the newly formed Powerspeed Electrical Limited (PWS.zw). All electrical and light manufacturing operations were incorporated into the separate entity, which subsequently got listed on the Zimbabwe Stock Exchange (ZSE) in 2000.
Powerspeed Electrical then grew over the years to conduct, as its core activity, hardware retailing through Electrosales Hardware outlets scattered across the country. The division has over 15 000 lines in painting, plumbing, Electrical, Building, Hand &Power tools, Outdoor Gardening, and Automotive, to mention a few.
Besides hardware retailing, the group through its engineering division of Powerspeed Engineering deal in steel fabrication, fan manufacturing and installation, electric motor rewinding, electrical systems manufacturing as well as ducting for commercial and industrial applications. The engineering subsidiary is an amalgam of three leading engineering companies; Airflow, Relmo Electric Motors and Electrical Lighting Systems (ELS).
Industrial Electric is a division much into the wholesale, distribution, importation and exportation of all electrical products.
An upward surge in revenues as illustrated by the five-year trend from September 30, 2014 to September 30, 2018 is testimony to the group’s suitability as an investment destination for shareholders. Revenues in million dollars maintained a northward trend from $33,8 in 2014, $40,1 in 2015, $41,6 in 2016, $53,9 in 2017 and $82,5 in 2018 trading years.
Statistics indicate the counter traded on the Zimbabwe Stock Exchange with a market capitalisation of $133 791 109 and a share price of 35,75 cents as at August 9, 2019.
