ZIMPLOW says it is reorganising its business after its distribution deal with leading earth-moving equipment brand, Caterpillar, was terminated last year, resulting in a $1,25 billion loss compared to a $1,49 billion profit in 2021. The group’s Barzem subsidiary exited the Caterpillar distributorship on September 30, 2022, due to “changes in strategic direction by both…
TRADE development and promotion body, ZimTrade recently concluded a market survey of Nigeria to explore export opportunities for Zimbabwean companies. According to ZimTrade, the survey, whose full results will be presented to local companies, revealed huge opportunities for Zimbabwean products across sectors, including services. Nigeria is located on the western coast of Africa and has…
NMBZ Holdings (NMBZ) says it expects its property subsidiary to contribute at least 10 percent to the bank’s income, with the proceeds increasing as the unit grows. The group diversified its operations into the property market by establishing a fully-fledged property division, which is part of the banking unit. Speaking at the official launch of…
DAIRIBORD Holdings says its business demonstrated steady volume growth month-on-month in the first quarter, ending at 14 percent compared to last year. In a trading update for the period ended March 31, 2023, Dairibord said the performance was driven by a sustained increase in production and improved distribution across the country. This comes as the…
EDGARS Stores (Edgars) says it seeks to expand its geographic footprint through the opening of new stores in strategic locations. The apparel retailer said it continues to remodel the business to capitalise on opportunities that arise in the very uncertain operating environment. The chairman of the group, Thembinkosi Sibanda, said the recovery of the business…
FIRST Capital Bank (First Capital) says it has had to temporarily resort to historical accounting only after failing to comply with the international accounting standard that pertains to hyperinflation reporting, due to Zimbabwe’s recent adoption of a blended consumer price index (CPI) as the official inflation benchmark. It comes as reporting companies in the country…
KUVIMBA Mining House (Kuvimba) has engaged a consulting company to drive the resuscitation of Zimbabwe Iron and Steel Company (Zisco). Speaking after a cabinet meeting this week, Information minister Monica Mutsvangwa said Strategen Company has been engaged by Kuvimba as the lead consultancy for the steel-making plant revival. “The nation will recall that in March…
THERE has been a low default rate on the repayment of loans under Zimbabwe’s Belarus-sponsored farm mechanisation programme, a government official has said. The programme has so far seen the deployment of equipment worth more US$60 million. The director of agricultural engineering, mechanisation and soil conservation in the ministry of Agriculture, Edwin Zimunga, recently told…
WEST Properties Holdings says Zimbabwe’s infrastructure landscape needs to be reorganised to accommodate and encourage investments in large projects. Speaking at the company’s Victoria Fall Stock Exchange (VFEX) listing ceremony held in Harare last week, chairperson, Michael Louis said commitment and support were required from both the private sector and the government. “It can only…
HWANGE Colliery Company (Hwange) says it plans to grow its market share of coking coal sales in neighbouring countries this year. The coal miner, currently under administration, previously said it is increasing inroads in regional markets such as Zambia, DRC, Malawi, Mozambique, Botswana and South Africa, which is however negatively affected by poor logistics. “Advanced…
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