By Kudzanai Gerede Companies and Markets Editor SUGAR producer Hippo Valley Estate (Hippo Valley) plans to spend US$15 million in the short-term to grow its business and return capital to shareholders, the company said at its 68th annual general meeting this week. The company has been battling unscheduled mill stoppages, a notable decline in yields,…
FOLLOWING the 2024 Mid-Term Budget Review presented by the Minister of Finance, Economic Development and Investment Promotion, the Zimbabwe Revenue Authority (ZIMRA)’s Public Notice 71 of 2024 introduces significant updates on quarterly payment dates (QPDs) for income tax. The notice provides detailed guidelines for taxpayers with income in both foreign currency and local currency, offering…
FIDELITY Life Assurance of Zimbabwe (Fidelity Life) expects revenue in the second half of the year to remain predominantly in foreign currency despite an anticipated growth in local currency transactions in the economy. In a statement accompanying its half-year financials, Fidelity Life’s chairperson, Livingstone Gwata, said whilst the acceptance of the ZWG increased across the…
HIPPO Valley Estates has made remarkable progress in reducing its petrol and diesel consumption and subsequently tamed its carbon footprint during the fiscal year ending March 31, 2024 (FY 2024). Energy is crucial to the operations of Hippo Valley Estates, impacting both productivity and its environmental footprint. To address these issues, the electrical department meticulously…
THE Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) has once again demonstrated its commitment to giving back to the community, this time at Chivhu General Hospital.
LOCAL diesel consumption edged up by a marginal 0,16 percent to 704,32 million litres in the first eight months of 2024, compared to 703,15 million litres in the same period last year, despite significant national and international events, latest data from the Zimbabwe Energy Regulatory Authority (Zera) shows. The increased reliance on diesel-powered generators due…
TRANSPORT and logistics concern, Unifreight Africa (Unifreight) significantly reduced borrowings during the six months to June 30, 2024 to ZWG31,1 million, a 39,5 percent decline from ZWG51,7 million in December 2023. The sharp decline in debt levels reflects a strategic pivot towards maintaining financial stability and minimising the risks associated with excessive leverage in Zimbabwe’s…
OLD Mutual Zimbabwe has announced that its asset management division invested US$13 million in alternative ventures, including renewable energy projects, during the half-year ending June 30, 2024. In a statement accompanying the group’s financial results, Old Mutual Zimbabwe chief executive, Samuel Matsekete, emphasised the company’s commitment to driving transformation toward a green economy. “The transition…
ZIMRE Holdings (Zimre) recorded a 63 percent surge in insurance contract revenue to US$31,6 million for the half year ended June 30, 2024, driven by impressive real business expansion in regional reinsurance units and the life and pension segment. Regional operations bolstered group insurance contract revenue as a result of new business acquisitions and increased…
PADENGA Holdings (Padenga)’s cumulative spending on capital projects surged 7,98 percent to US$7,19 million in the first six months ended June 30, 2024 from US$6,66 million in the comparative period as the group seeks to consolidate its diversification strategy. The group, which has mining and crocodile breeding businesses operating as Dallaglio Investments and Agribusiness Limited,…
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