Zimpapers Logo

by its furniture making division.
While other group’s three divisions – TN Bank, TN Asset Management and retail division – realised profits, this was gobbled up by a US$3,5 million loss in the furniture making division. The group attributed the loss to high overheads.
The group’s flagship TN Bank and Tedco Retail profits came in at US$1,1 million and US$1 million respectively.
Turnover for the group rose to US$20,98 million, from US$1,9 million in the prior year driven by furniture sales.
The higher sales from the retail division were as a result of credits to customers.
TN Bank’s operating income rose from US$1,9 million the previous year to US$8,5 million. Operating expenditure of US$6,2 million included the costs of branch roll out.
At December 31, the subsidiary’s capital was US$14 million, against the RBZ minimum requirement of US$12,5 million.
TN Asset Management net profit stood at US$404 000, almost double that achieved during the previous comparable year, despite subdued performance of the stock market.
Going forward, the group says it will focus on areas likely to experience growth despite the uncertain operating environment.
These include increasing productivity of its furniture products and also broadening its local and export market base.
The introduction of non-furniture products in shops will enhance floor space utilisation.
TN is planning to roll out more banking halls across the country and it has already acquired some of the premises.
A strategic alliance has been established with Meikles store whereby TN Bank will establish a presence in some of the Meikles departmental stores throughout the country.
It is also intends to launch mobile money transfer businesses soon in partnership with Econet Wireless Limited.
TN reverse listed on the Zimbabwe Stock Exchange in January last year after acquiring Tedco, a manufacturing and retail operation.