Staff Writer
Axia Corporation says its business unit Transerv introduced solar products during the six months ended December 31, 2023 and the sales statistics are encouraging.
Zimbabwe is currently facing power generation challenges, positioning Axia to tap into the growing sector where individuals and companies are increasingly adopting solar energy.
With the high cost of fuel and rising cost of electricity, renewable energy is quickly becoming a more attractive option for companies in the country.
Specifically, solar power is serving as a preferred source for sustainability and cost-effectiveness and a major threat to conventional fossil fuels.
Axia said the business unit will continue to grow solar product offering into the foreseeable future.
The Victoria Falls Stock Exchange-listed firm said during the six months ended December 31, 2023, Transerv’s revenue increased by eight percent on the comparative period on the back of an eight percent increase in volumes.
The increase in revenue is a result of the rapid expansion in the company’s retail footprint.
“Eight new stores in Harare were opened during the period under review. The business prospects remain positive with the increase in vehicle population and increased demand for automotive spares,” Axia said in its financials.
Axia said it continues to apply the Global Reporting Initiatives Sustainability Reporting Guidelines as part of its commitment to ensuring the sustainability of its businesses.
It said it will continue to uphold these practices and values across its operations to ensure that long-term business success is achieved sustainably.