Manufacturing and distribution giant, Wisynco Group Limited (WISYNCO) is currently swimming in a surplus of cash due to a boost in demand and increased business activity. The company saw an increase in revenue which amounts to approximately $4 billion for its financial year.
Due to surging demand locally and internationally, Wisynco earned $39.1 billion for the year ending June 30, 2022. This is 22.7 percent higher than the $31.8 billion they made in 2021.
Chairman William Mahfood and CEO Andrew Mahfood are both elated over the recent performance. “We are very encouraged by the recovery in all sectors of the economy as we continue to invest in our business to meet the needs of our customers,” They stated in the introductory statement to the company’s audited financial statements.
Currently, Wisynco is seeking to capitalize on the recent progress, they are aiming to invest $5 billion into capital projects which will prove to be worthwhile over the long run.
This year the company has already placed a deposit of approximately $600 million on new equipment as it moves to expand production capacity for the upcoming financial year.
Due to the opening up of the economy, they are predicting a further surge in demand as the region is slowly recovering from the recent pandemic.
