RAINBOW Tourism Group (RTG) says its gross profit margin went up by six percent during the five months to May 2019 after it leveraged its foreign currency earnings to bring down costs. Gross profit margin represents the amount of revenue that a company retains after incurring the direct costs associated with producing the goods and…
ZIMBABWEAN actuaries have been challenged to come up with solutions to economic problems being experienced in the country. The country is facing its worst economic crisis in a decade, punctuated by fuel, electricity and foreign currency shortages, high unemployment rate, high trade and budget deficit and skyrocketing inflation among other things. Loreen Makwanya, the Actuarial…
Zimbabwe got off to a losing start at the 2019 Afcon after losing 1-0 to Egypt in the tournament opener on Friday. The Pharaohs took the game to Zimbabwe in the early moments of the game with goalkeeper Edmore Sibanda forced to make two quick saves in the first minute. The Warriors only managed to…
THE Zimbabwe Stock Exchange (ZSE) says firms listed on the local bourse are now required to report financial results on a quarterly basis after the gazetting of amended Listing Requirements under Statutory Instrument 134 of 2019 last week. Up to this point, companies had only been required to publish annual results and half-year interim reports…
AGRO-INDUSTRIAL firm Ariston Holdings (Ariston) says it needs about US$1,5 million to repair infrastructure that was damaged by Cyclone Idai on its farms. Zimbabwe, together with Malawi and Mozambique, was in March this year hit by Cyclone Idai, which caused catastrophic damage leaving more than 1 000 people dead and thousands more missing Paul Spear,…
LISTED sugarcane processor Hippo Valley Estates (Hippo) says its financial results for the year ended March 31, 2019 will be delayed due to an accounting policy review at the company’s group level. This comes as its parent Tongaat Hulett (Tongaat) revealed that certain malpractices would result in the restatement of its audited consolidated financial statements…
ZECO Holdings (ZECO), Zimbabwe’s only listed engineering firm, says it is hopeful that the revamping of the country’s railways will help bring it out of the woods. The group’s flagship subsidiary Delward relies on infrastructure projects, and the group has attributed most of its troubles to the lack of major projects in Zimbabwe due to…
ZIMBABWE’S banking sector recorded $466 million in profits last year due to sustained growth in money supply for the first nine months of 2018, an equity advisory firm has said. Money supply in 2017 was $5,6 billion but closed 2018 at just under RTGS$10 billion. Old Mutual Securities (OMSEC) said financial institutions’ net interest income…
Two-time Wimbledon champion Andy Murray will face Colombian top seeds Juan Sebastian Cabal and Robert Farah as he returns to competitive action with Feliciano Lopez in the Queen’s doubles. Murray, 32, will be playing his first match since an operation on a career-threatening hip injury in January. British number one Kyle Edmund faces top seed Stefanos Tsitsipas…
THE government’s continued currency twiddling and push for a new legal tender will not solve Zimbabwe’s deepening economic woes, analysts have warned. This comes as President Emmerson Mnangagwa has made a surprise announcement that the country would have a fresh currency by year end — a declaration which saw the recently-introduced RTGS dollar taking a…
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