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Zimbabwean businessman and prominent investor John Moxon has faced a substantial setback in his fortunes after witnessing a staggering loss on his stake in the Harare-based conglomerate, Meikles Limited. Despite remarkable gains in the past, the market value of John Moxon’s shares in the company has plummeted, reducing the earlier profits he recorded on the
Selling and distribution expenses also soared and contributed to the depressed operating margin.
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Profit after tax for the period rose by 24% to $1,47 billion from a 2022 comparative of $1,18 billion.