Farai Mabeza, Senior Staff Writer 
INTEGRATED power and renewable energy services provider, Tendo Electronics and Power Engineering remains optimistic about its prospects despite a plethora of challenges bedevilling the economy.
Tendo managing director, who is also the president of the Zimbabwe National Chamber of Commerce (ZNCC), Mike Kamungeremu said his company would ride on positive expectations within the business sector.
This comes after 2023 ZNCC State of Industry and Commerce report said business was positive about its prospects in the new year.
Mike Kamungeremu
“Yes, forecasts have said growth will slow down in 2024, but in our case, we expect to do more than what we did in 2023 mainly because of projects that were put on hold in 2023 that customers have committed will be done in 2024.
“There was also a positive vibe that came after the government extended the multi-currency regime to 2030. So, there is general positivity. “We serve the business community so when business is expanding, we also do better because what we provide is what they need for continuity,” Kamungeremu told The Financial Gazette.
“We are aware that there will be shocks due to El Nino weather conditions, we are aware of the depressed commodity prices that will also spill over into 2024.
“We are also aware of the power situation, which needs to improve but overall, we are optimistic, ironically because we are also in the power business. We are also looking at providing business solutions, solutions that will also complement what the government is providing.”
He described the just-ended year as a mixed bag for Tendo. “When the year started it was very promising. There was a huge demand for our products and services. Then we got into a period of instability as rates were fluctuating and prices were going up. That affected us in terms of profit margins and it also affected projects because some customers then employed a wait-and-see approach.
“Then again as we were approaching elections, some customers for reasons better known to themselves began to also employ a wait-and-see approach so things slowed down a bit as some projects were put on hold. “But for us, the election period was business as usual.
We carried out all business activities unhindered. We are in service and we travel a lot around the country and that continued during the election period. “After the election, everything began to move normally though.”
He noted the impact of government efforts to stabilise the environment. “They brought about the required stability which was good but at the same it also brought about a liquidity crunch and some customers had to put projects on hold, they are still in the books and we anticipate that they will be done in 2024”.
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