MEIKLES Limited (Meikles) no longer intends to pursue mining activities, as the group focuses on the retention and consolidation of its investments in the supermarkets, hospitality, properties and security services segments. This comes as the Zimbabwe Stock Exchange-listed conglomerate has said it plans to unbundle and separately list Tanganda Tea Company before year-end, as part…
INNSCOR Africa (Innscor) has commenced further investment into automation at its Harare bakery unit, while a new state-of-the-art line is planned for commissioning next year at its Bulawayo unit. In a trading update for the first quarter ended September 30, 2021, Innscor Africa group chief executive, Julian Schonken, said the group will continue with its…
THE Industry and Commerce ministry is demanding that Treasury releases its outstanding 2021 budget allocation, to recapitalise the State-owned Industrial Development Corporation of Zimbabwe (IDCZ), after it received a paltry $100 million from its $1,9 billion share. IDCZ, one of the country’s biggest conglomerates with scope to manufacture over 300 different products, has interests in…
THE return of the multicurrency system through reforms made in 2019 has presented increasing uncertainty in currency markets in recent times. This can be an issue, as foreign exchange movements create significant volatility for companies, not least from a tax perspective. Exchange gains and losses may be defined as profits or losses, which arise as…
MEDTECH Holdings (Medtech), says it expects a reduction in sales volume due to delays in securing hard currency from the Reserve Bank of Zimbabwe’s (RBZ) auction system. In a statement accompanying the company’s abridged reviewed financial results for the half year to June 30, 2021, company chairperson Rose Mazula said delays in auction bid allocations…
Amid disruptions to business across all sectors caused by Covid-19, the pandemic has been a silver lining for the Information Communication Technology (ICT) sector, as demand for online services has risen significantly. According to Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) deputy director general, Alfred Marisa, the huge demand for ICT services has been…
EDGARS Stores (Edgars) will continue to push its online sales platforms in pursuit of its ongoing expansion programme. This comes as the apparel company is also looking to increase its footprint across the country after opening two new retail outlets last month. The company spent $25,5 million during the 26 weeks ended July 11, 2021…
PROPLASTICS says its profit margins are under pressure from increases in prices of raw materials, which have been driven by shortages. In a trading update for the quarter ended September 30, 2021, Proplastics group chairman Gregory Sebborn said the plastic piping manufacturer is stocking up on consumables as shortages are expected to persist into next…
ZIMBABWE’S foreign currency receipts increased 37,8 percent to US$6,1 billion over the nine months to September this year from US$4,4 billion during the same period last year, the Reserve Bank of Zimbabwe (RBZ) has revealed. Addressing a parliamentary pre-budget consultation seminar in Victoria Falls last week, RBZ governor John Mangudya, said of the US$6,1 foreign currency…
BANKS’ net profit during the half year to June 30 increased to $15,1 billion, a 12,1 percent increase from $13,5 billion recorded in prior year due to an increase in transaction volumes. In their third quarter investment market review for the period under review, Akribos Research Services said the banks’ profitability during the period under…
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