INNSCOR Africa (Innscor) has significantly boosted volumes across its major business units in the just-concluded fiscal year to June 30, 2024, and is now beginning to realise the benefits of its US$160 million investment in capacity expansion over the last three years. The Victoria Falls Stock Exchange (VFEX)-listed conglomerate, with operations spanning across light manufacturing,…
INDUSTRY leaders are intensifying their push for the establishment of a currency board, as Zimbabwe continues to grapple with exchange rate distortions that are destabilising the economy.Advertisements Last Friday, the Reserve Bank of Zimbabwe (RBZ) devalued the recently introduced gold-backed currency by more than 40 percent against the US dollar. The move came in response…
ECOCASH Holdings Zimbabwe (EcoCash) more than doubled its spending on local suppliers of goods and services to ZWL665 billion -mainly small to medium businesses, as part of its efforts to grow the sector.Advertisements EcoCash spent ZWL1,5 trillion on suppliers during the year that ended February 29, 2024 (FY 2024), representing a 181 percent growth from…
LISTED milk products processor, Dairibord Zimbabwe (Dairibord)’s business performance for the six months to June 30, 2024 was adversely affected by several fiscal changes introduced at the beginning of the year which affected some of its key product offerings.Advertisements The group was mainly affected by the introduction of the sugar tax at US$0,001 per gram,…
SUGAR producer Hippo Valley Estates has reported a staggering 767 percent increase in its pension scheme contributions, reaching ZWL344,91 million for the fiscal year ending March 31, 2024, up from ZWL39,78 million in the previous year. Advertisements The company’s pension contributions are predominantly directed towards two major schemes- the Hippo Valley Pension Fund and the…
MASIMBA Holdings’ revenue increased by 30 percent to US$31,5 million for the half year to June 30, 2024, compared to US$24,1 million recorded in the same period in 2023 driven by a solid order book in the roads and earthworks, mining, housing infrastructure and buildings segment.Advertisements The group said the proportion of the US dollar-denominated…
UGANDA Airlines has sets its sights on Victoria Falls and Bulawayo as its next destinations in Zimbabwe as part of the airline’s expansion plan.Advertisements This follows the successful launch of new flights from Entebbe to Harare and Lusaka, with three flights a week. The airline uses an Airbus A330-800neo and Bombardier CRJ-900 aircraft for these…
ZIMBABWE’S manufacturing sector is being crippled by a thriving “pavement economy,” where smugglers flood the market with essential commodities like soap, evading Value Added Tax (VAT) and leaving local producers at a 15 percent disadvantage.Advertisements Smugglers sell soap on the streets for as little as US$1, while local manufacturers, burdened by VAT, are forced to…
THE Reserve Bank of Zimbabwe (RBZ) has urged banks to integrate sustainability into risk assessments and help businesses manage environment-related risks. Experts emphasise that prioritising sustainability is crucial for Zimbabwe to avoid past mistakes and secure a prosperous future for future generations. Zimbabwe, like much of the African continent, is dealing with the impacts of…
THE Confederation of Zimbabwe Retailers (CZR) has urged the government to ease import restrictions on essential goods to help stabilise prices, as consumers face rising costs driven by ongoing exchange rate issues that continue to strain the retail and wholesale sectors.Advertisements In the past, the government has responded to similar economic challenges by suspending customs…
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