MEIKLES says it spent approximately US$15 million on capital expenditure during the year ended February 28, 2023, all financed from internally generated cash flows.
The diversified group said the refurbishment of 47 rooms at the Victoria Falls Hotel was completed during the period under review, a development that bodes well for the hotel’s competitive positioning in the market.
The chairman of Meikles, John Moxon, said despite a reduction in profit margins, the supermarket segment managed to finance its store expansion and refurbishments during the year under review.
Meikles Limited executive chairman, John Moxon.
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