ECOBANK Zimbabwe last week reported a 123,4 percent increase in profit after tax for the year ended December 31, 2017, buoyed by interest income from its investments in Treasury Bills (TBs). The bank reported a profit after tax of $22 million, up from $9,9 million the previous year. In a statement accompanying the bank’s financial results,…
FBC Holdings (FBCH) says it will reintroduce share buy-backs this year following an amendment to the Banking Act that lifted restrictions on the practice. Speaking at an analysts briefing last week, group chief executive officer, John Mushayavanhu, said the financial services group would this year seek shareholder approval for a resolution allowing the buy-backs. He…
GOVERNMENT has banned multiple pricing by making it an offence to charge different prices for products based on the mode of payment. Captains of industry hailed the move, saying it would bring sanity to a market wracked by rent seeking behaviour. Read full story in The Financial Gazette paper
ECOCASH’S data application is now compatible with NetOne and Telecel numbers, a spokesman for the mobile money service told The Financial Gazette last week. He said holders of lines from other networks would now be able to access EcoCash through its data application, which is available for android and iOS devices. Read full story in…
CROCODILE skins and meat marketer, Padenga Holdings, has reported a 53 percent increase in profit after tax for the year ended December 31, 2017, buoyed by firming prices. The group reported a profit after tax of $12,9 million for the period under review, up 52,98 percent from $8,4 million reported in the previous period.
PHARMACEUTICALS manufacturing firm, MedTech Holdings, has warned of a looming drugs shortage after it failed to access foreign currency from the Reserve Bank of Zimbabwe (RBZ) to import critical medicines. MedTech is a diversified group of companies that manufactures, markets and distributes health, hygiene, beauty and pharmaceutical products. In a statement accompanying the company’s financial results…
THE business community is demanding fast and reliable links to international markets and supply chains as Zimbabwe opens up for business to the rest of the world, the Minister of ICT, Supa Mandiwanzira, has said. Speaking at the launch of DHL Zimbabwe’s new aircraft ― the DHL B737-400F ― last Friday, Mandiwanzira said as countries…
THE Zimbabwe Agricultural Society (ZAS) says the support system for agriculture is inadequate compared to the system that was in place half a century ago. On Wednesday, ZAS hosted a dialogue on the role of tertiary institutions in enhancing agricultural productivity in the post land reform era.
AFRICAN Sun Limited (ASL) says it has restructured its debt to manage its interest burden and allow the company to grow its business. The restructuring of the company’s borrowing would allow it to reduce the debt repayment period and plan future projects better against an unstable economic environment, the company said.
A FREEZE on bread prices by government last year has suppressed the profitability and viability of businesses in the baking industry, with major players like Innscor Africa reporting a decline in operating profit for the six months ended December 31, 2017. Players in the sub-sector resolved in December last year to effect a 10 percent…
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