EasiPark realises US$1,3m profit
Wednesday, 27 June 2012 12:40
THE parking management firm formed by Harare City Council and EasiHold of South Africa, EasiPark made a US$1,3 million profit from its operations between March 2010 and December 2011. Harare now stands to receive US$775 555 from profit-sharing as part of its 60 percent share.
The company has also increased revenue from parkades and on-street parking by 367 percent per month.
EasiHold managing director Mr Mike Clark revealed in a document the benefits that have accrued to the city since the inception of the joint parking business.
He, however, said despite its investment of US$1 262 340 in the parking venture and imparting its expertise to locals — the company had not been paid.
“The joint venture company, EasiPark Harare (Pvt) Limited, has generated net profit before taxation of US$1.292.591 in the period 16 March 2010 (the date the joint venture company started operating) to 31 December 2011.
“Of this profit, 60 percent belongs to the City of Harare, an amount of US$775,555,” he said.
He said the profit is sitting in a local bank and will only be distributed when an audit of the company operations has been completed.
But Mr Clark accused the city of taking away US$763 102 it charged as part of the enforcement drive.
This is the money charged for clamping and towing away vehicles improperly parked.
Sources indicate that the city is illegally taking the money as enforcement is part of the joint venture company.
Mr Clark said the city was able to get that money because of the equipment that was installed on the city streets by EasiHold.
Mr Clark said his company had to date invested US$1 262 340 into the city through the installation of parking equipment and assets for the joint venture.
On benefits that have accrued to the city, Mr Clark said 310 new jobs were created, while over 400 locals were trained in parking management skills, equipment operation and customer care.
“EasiHold has done the skills transfer and transferred all the expertise relating to parking management entirely to local Zimbabwean management.
“Hundred percent of the day-to-day management of EasiPark Harare (Pvt) Limited and the parking systems is in the hands of Zimbabweans,” he said.
He argues that the joint venture had created a fully-functional, organised and structured parking management system in the city.