Axia mulls solar power

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AXIA Corporation (Axia) says it is exploring solar energy to power its operations amid high electricity costs.
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 a preferred source for sustainability and cost-effectiveness and a major threat to conventional fossil fuels.
Axia mostly uses diesel to power its operations. In 2023, the company’s diesel consumption rose 131,37 percent to 1,53 million litres from 664 046 litres in 2022. Petrol consumption was 291,75 percent higher at 154 076 litres.

“Proactively managing energy consumption brings significant benefits to Axia. By implementing responsible energy practices, we build a reputation as a sustainable business and increase profitability through cost savings,” the company said in its annual report for the year ended June 30, 2023.
“However, it’s equally important to avoid the potential negative impacts of poor energy management, such as a bad reputation, increased operational costs, and reduced profitability.”
While conducting business as usual, the company mostly utilises energy for its gadgets, lighting and heating.
“We are committed to ensuring the optimum utilisation of energy and switching off lights when not in use. We aim to minimise energy costs by replacing electricity with solar energy, a recommendation from stakeholder engagements. We periodically conduct a review of energy costs to track our energy usage,” reads the report.
In 2021, diesel and petrol consumption stood at 1,28 million litres and 206 481 litres respectively.
As for the financials, the Victoria Falls Stock Exchange-listed specialty retail and distribution group reported revenue of US$203,74 million during the year ended June 30, 2023, representing a marginal decline of 0,21 percent from US$204,18 million in the comparative year.
Despite the revenue decline, the group realised growth in gross margin, which increased by two percent over the prior year.