The Board of Directors of BATA Shoe Company Zambia Plc announced the retirement of its long serving Managing Director, Prosper Bachi effective 1 April 2019.
Company secretary, Nicholas Mudaly stated that “Bachi who served as managing director for more than 15 years is greatly appreciated due to the experience and support he had contributed to the development of the Company and wish him well in his future endeavors”.
Mudaly further stated that “the Board wishes to further announce the appointment of Sin Kee Lee as new managing director. Sin Kee Lee, has served in the Bata organization with over 30 years of experience in Malaysia and recently as Retail Manager in Bata Bangladesh”.
The Bata shoe company Zambia Limited had for the first time in 2019 posted a double digit growth of 43% in dividends which should please its shareholders in Zambia and from the holding company. “ The board has recommended a dividend payment of K0.10 on each ordinary share (K 0.07 in 2017) held at close of business on 19 April 2019 being the record date. This represents an increase of 43% over last year, which for the first time, has now reached double digits”.
The company turnover for the year was K154 million (about US$12.8 million) which is an increase of 9% against K141 million which was achieved the previous year. Profit before tax achieved was K25 million, which is an increase of 49% against K16.7 million achieved in 2017.
Mudaly stated that these impressive figures really means that the Zambian public are appreciating Bata Shoe product range. He announced that the company will be opening 3 new stores and renovate 10 stores.
In the company’s outlook for 2019, Bata is hopeful that the macroeconomic stability will be sustained, aided by continued implementation of reforms towards the country’s economic growth. Downside risks envisaged are the recent trend in kwacha devaluation and raising oil prices.
The company also stated that the effects of the proposed sales tax (Goods and Services Tax – GST) and its impacts at the moment are too soon to tell. Bata has enjoyed dominance of the traditional school shoes range in Zambia.
The company is however yet to open a local manufacturing facility to fully leverage the locally available leather and cut off some import duties and other import costs.
Bata Zambia is part of the group that was founded in 1894. The Bata company is the world’s leading shoemaker by volume, designing stylish and comfortable footwear at affordable prices. Bata is a family-owned business serving more than 1 million consumers a day in our 5,300 stores, and producing locally in their 23 Bata-owned manufacturing facilities across five continents.
