Meikles’ employee costs surge 169pct

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MEIKLES says its employee costs, which made up 55 percent of operating costs, increased by 169 percent during the half year ended August 31, 2023.
The diversified group’s chairman, John Moxon, said during the period under review, salaries and wages were fixed in US dollars at collective bargaining forums with an option to pay in Zim dollars at the interbank exchange rate ruling at the time of payment.
“Accordingly, employee costs increased in ZWL in line with the exchange rate depreciation,” Moxon said in a statement accompanying the group’s financials.
During the half-year period, revenue increased 101 percent to $869,8 billion driven by price adjustments at the supermarkets segment, which contributed 98 percent of Meikles’ revenue.