AXIA.VX | Axia Corporation FY24 Earnings Update; Strong Retail Sales Offset DGA Decline

Axia’s markets battled currency headwinds during the period, with the Zambian Kwacha depreciating by 37% against the US$ between June 2023 and June 2024 whilst the Malawian Kwacha depreciated by 69% on the official market. In Zimbabwe, persistent foreign currency shortages and competition from informal markets impacted demand for FMCG products.