Matrix is a holding company incorporated and domiciled in Guernsey. Matrix has substantial interests in petroleum and petroleum products and logistics. The company was founded in 2018 and, through an aggressive diversification strategy, has grown to become a significant player in the petroleum sector. The company’s vision is to become the standard of excellence in providing innovative solutions in petroleum, logistics, and trading in the Reunion, Mozambique, Zambia, Botswana and Zimbabwe for the benefit of its stakeholders despite the turbulent global economic landscape and continued high crude prices putting severe pressure on profits.
Our consumers in Zimbabwe felt the financial pinch with continuous fuel price increases throughout the year. This had a negative impact on local sales volumes with disposable consumer income also being affected by increases in the interest rate in our largest market in Africa. We were, however, able to increase our turnover compared to the previous year despite these challenges. This is because we remained focused on delivering on the strategy, proving our resilience through these tough economic conditions.
Product volumes improved in our markets outside our African growth in Reunion, Mozambique, Botswana, Zambia, and Zimbabwe . Company expenses did increase in the 2020 financial year, which resulted from higher staff costs and higher depreciation due to a capital expansion programme in our International Business Division and to a lesser extent in Matrix Sales and Marketing (MSM). Despite these increased costs, we successfully built upon our outstanding achievements and performance in 2019. Matrix continues to focus on being a safe, reliable, and stable operation and this approach resulted in our best performances in the last 2 years. This success is attributed to, among other things, a successfully executed culture of a chronic sense of urgency which drove excellent results not only in our operations but also in personnel and process safety, as well as in environmental and regulatory compliance.
The persistent focus delivered the best reliability performance over the last 2 years achieving 98.1% reliability versus a planned 94.6%. In tandem with this outstanding performance, Overall Equipment Effectiveness (OEE) reached 97.4%, far surpassing the planned 90.3%. This is without doubt due to the great effort, collaboration, and commitment from the entire team.
The successful year, illustrates the effect of allocating financial resources for capital expenditure as well as for the intensified training of employees.
In addition, capital expenditure has been invested in renewable energy environmental improvements, maintenance and reliability, infrastructure, future fuels, and other profit generating interventions.
Matrix has also made significant capital investments across the value chain. One of these is the recent partner in the building of the Beira Terminal in Mozambique.
Amidst a continued focus to always deliver the best service to our customers, signature convenience offerings continued to be rolled out across Africa. Notable achievements include an innovative partnership with logistics companies that is seeing Matrix roll out the delivery from terminals.
Matrix LTD Integrated Annual Report 2021