THE bulk of fuel imported into Zimbabwe during the first eight months of 2021 was funded by free funds, latest official statistics have shown. Two decades of economic turmoil has created a foreign currency scarcity in the country, at times causing fuel shortages, and the latest episode ended last March when Direct Fuel Imports (DFI)…
CABLE manufacturer Cafca Holdings (Cafca) is forecasting a slowdown in the growth of its sales volumes amid uncertainty around foreign currency availability in Zimbabwe. The company’s volumes grew by 49 percent to 2 604 tonnes during the year ended September 30, 2021. “We have budgeted for a modest increase in volumes in 2021/22 against a…
INNSCOR Africa (Innscor) is engaging local banks to negotiate for lower borrowing costs to fund expansion works within the group. In an annual report for the year ended June 30, 2021, group chairman Addington Chinake said critical focus remains on balancing volume objectives with appropriate return levels, careful overhead cost containment, and optimal cash flow…
STEWARD Bank (Steward) is reaping rewards of revenue generated by interest-bearing assets against the cost of servicing liabilities, after its net interest income rose to $706 million for the half year to August 31, 2021, from $206 million prior year. In a statement accompanying the bank’s financial results, chief executive Courage Mashavave said the bank’s…
THE Zimbabwe Association of Pension Funds (ZAPF) says the industry’s long-standing challenges with prescribed asset ratio compliance could be eased by opening up investment opportunities in the mining and rail sectors. Pension funds have been struggling to meet the prescribed asset investment threshold of 20 percent due to liquidity challenges and lack of appropriate products…
ZIMBABWE is targeting a local content threshold of 80 percent for the raw materials used in every locally-manufactured product under a rating and certification system that was launched in September. According to Buy Zimbabwe chairman, Munyaradzi Hwengwere, the key to achieving this would be the introduction of incentives for local manufacturers, which would help lower…
SILVERBACK Asset Management Company has launched Mombe Mari Trust a fund created as an investment vehicle in the Zimbabwe beef industry by identifying businesses that will contribute to the growth…
LEADING packaging products supplier, Nampak Zimbabwe Limited (Nampak), says global supply chain bottlenecks and increased competition for available plastic and paper raw materials are disrupting the company’s manufacturing operations. In a trading update for the year ended September 30, 2021, Nampak managing director John Van Gend said difficulties in accessing raw materials affected the group…
ZIMBABWE’S largest financial services group by assets, CBZ Holdings (CBZ), has declared a dividend of $500 million or 95,78 cents per share, for the half year ended June 30, 2021. It comes as the bank has posted an after-tax profit of $2,4 billion for the same period, which was, however, a slowdown from a $3,7…
GOVERNMENT says it will set up a Horticulture Export Revolving Fund to support companies in the sector that are struggling with foreign currency requirements. Speaking during a post-Cabinet media briefing on Wednesday, Information minister Monica Mutsvangwa said the government had resolved to use part of the Special Drawing Rights received from the International Monetary Fund…
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