By Alois Vinga LISTED clothing retailer, Truworths Limited has cancelled credit sales due to hyperinflationary pressures Zimbabwe is going through, and protect the company from value erosion. Presenting the half-year financial performance of the firm, the company’s chief executive, Bhekithemba Ndebele said they were forced to push to sales on a cash-in-advance basis only to
Bloomberg THE biggest diamond miner in Zimbabwe said it will be able to increase production of rough gems by about 30% to 3 million carats this year thanks to improved mining methods. Zimbabwe Consolidated Diamond Co’s mines in the east of the country have so far met monthly targets of 200,000 carats, chief executive Mark
By Alois Vinga ZIMBABWE Stock Exchange (ZSE)-listed diversified industrial group, Art Corporation has seen operating profit going down by 8% amid concerns of policy inconsistencies choking the smooth flow of exports. Presenting the firm’s performance for the half-year ended March 31, 2021, the board chairperson, Thomas Wushe said operating profit registered a significant decline. “The
By Alois Vinga LISTED plastics and pipe maker concern, Proplastics has recorded a 71 % export volumes growth amid strong sales volumes performance in the quarter ended March 31, 2021. In an update, the company’s chairman, Gregory Sebborn said the positive growth in exports contributed significantly towards revenues. “Exports grew by 71%, contributing 7% to
By Alois Vinga LISTED middle to upper income group classical and commercial fashion stores, Edgars suffered major sales volume declines in most of its units attributable to Covid-19 lockdown closures of physical stores. The group’s chief executive officer, Tjeludo Ndlovu said the measures prompted the stores to close for more than seven weeks of the
By Alois Vinga THE Insurance and Pensions Commission (IPEC) has bemoaned the slow progress in the resolution of losses incurred by pensioners during the country’s pre-2009 hyperinflationary era. Pensioners lost their investments during the hyperinflationary era after insurance companies claimed that a substantial proportion of investments they made was eroded when the country’s economy hit
Daily Mail A TELECOMS tycoon whose family fled unrest in Zimbabwe, who took on Robert Mugabe in order to start his businesses, and who is now helping to provide Covid vaccines to Africa, has been named as Britain’s first black billionaire. London-based Strive Masiyiwa, 60, has clinched the accolade, according to the Sunday Times Rich
By Bulawayo Correspondent ONE of the top three mobile network operators, NetOne has won the Contact Centre Association of Zimbabwe (CCAZ) organised Best Service Award in the telecommunications sector for the southern region. The state-owned company was announced winner during the recently held Southern Region Service Excellence Awards. The prestigious awards recognise, promote and reward
By Bulawayo Correspondent THE completion of the first phase of the multimillion-dollar Egodini Mall project in the Bulawayo central business district is now expected next August after several missed deadlines. In 2016, the Bulawayo City Council awarded Terracotta Trading Limited (TTPL) a US$60 million tender for the redevelopment of the Basch Street terminus popularly known
Bloomberg CBZ Holdings Ltd., the biggest bank in Zimbabwe, plans to list on the US dollar-denominated stock exchange in Victoria Falls, as part of efforts to ignite foreign interest in the lender. The firm is “actively exploring” a listing, which could address concerns for foreign investors of having funds stuck in the country, Chief Executive
By Alois Vinga LISTED financial services concern, ZB Financial Holdings (ZBFH) has hailed measures implemented by the Reserve Bank of Zimbabwe (RBZ) allowing bureau de changes to sell foreign currency. The financial institution said the move will close the gap between official and parallel market rates. Presenting the ZBFH trading update for the first quarter
By Alois Vinga LISTED manufacturer and marketer of milk, Dairibord Zimbabwe Limited (DZL) has seen foreign currency revenues growing by 193% on the backdrop of a stabilising economic environment. Presenting a trading update for the first quarter ended March 31, 2021, DZL company secretary, Samson Punzisani said the total foreign currency revenues registered significant growth.
By Alois Vinga NATIONAL Social Security Authority (NSSA) has moved to finalise the disposal of its 32.5 % stake in the listed construction materials manufacturer, Turnall Holdings. In an update Tuesday, Turnall’s board chairperson, Bothwell Nyajeka revealed the latest development which could have a material effect on the share price. “Turnall understands that NSSA has
By Alois Vinga RENOWNED barrister Lloyd Mhishi has been appointed as Non-Executive Director of listed hotel group, African Sun. The appointment is with effect from May 1, 2021. He is the founder and current senior partner of Harare based law firm, Mhishi, Nkomo Legal Practice. Mhishi has a traceable legal practice record and has practiced
By Alois Vinga LISTED insurance group, Fidelity Life Assurance (FLA) has suffered a 66 % investment income decline attributed to investment property fair value gains. In a trading update Thursday, FLA company secretary Chipo Matongo bemoaned the investment income declines saying they were a result of factors largely outside the company’s control. “The decrease in
By Alois Vinga LEADING hospitality and leisure group, Rainbow Tourism Group (RTG) has recorded significant revenue growth from the digitalisation platform, Gateway Stream amid huge potential indications going into the future. Presenting a trading update for the period ended March 31, 2021, RTG company secretary Tapiwa Mari credited the web application for enabling the group
By Alois Vinga LEADING financial services group, First Capital Bank’s (FCB) balance sheet registered significant growth prompted by increasing Zim dollar loans. In a trading update covering the first quarter ended March 31, 2021, the bank’s Company Secretary, Violet Mutandwa attributed the developments to lending priorities. “Balance sheet growth has been driven by Zim dollar
By Alois Vinga LISTED premium financial services provider, National Merchant Bank of Zimbabwe (NMBZ) has urged authorities to continue implementing efforts aimed at sustaining the prevailing exchange rate stability in order to bolster long term economic growth. The bank’s company secretary, Shumirai Pashapa made the remarks while presenting the NMBZ trading update for the first
By Alois Vinga LISTED cigarette maker, British American Tobacco (BAT) has blamed poor disposable incomes for the decline suffered in sales volumes across traditionally high performing brands. In a trading update presented this week covering the quarter ended March 31, 2021, BAT chairman, Lovemore Manatsa attributed declines in volumes and the subsequent uptake of value
By Bulawayo Correspondent GRAIN Millers Association of Zimbabwe (GMAZ) chairperson Tafadzwa Musarara says the cereal processing group has successfully pleaded with government to ban maize imports and related products in a move tailored to ring-fence this year’s good harvest. Addressing journalists in Bulawayo Thursday, Musarara said the move was also meant to ensure the local
