HARARE – Crocodile skins and meat producer, Padenga Holdings, yesterday reported a 53 percent increase in profit after tax for the year ended December 31, 2017, buoyed by firming prices. The group reported a profit after tax of $12,9 million for the period under review, up 52,98 percent from $8,4 million reported in the previous…
HARARE – Government has reaffirmed its commitment to the new accounting system for the public sector, the accrual based International Public Sector Accounting Standard (IPSAS), to enhance transparency and accountability. Finance and Economic Planning deputy minister Terrence Mukupe, this week told more than 200 delegates at the ongoing stakeholders’ round table in the capital on…
HARARE – President Emmerson Mnangagwa this week revealed that Swiss-based food and beverages giant, Nestle, is planning to expand its business in Zimbabwe. He disclosed that the commitment was made by Wan Ling Martello, Nestlé’s chief executive for Asia, Oceania and sub-Saharan Africa, when the two met in the Swiss mountain resort of Davos, Switzerland…
HARARE – Chinese billionaire investor Zhang Li — worth $3,9 billion according to Forbes — is back in Zimbabwe to pursue the deal to acquire government-run iron processor, Ziscosteel (Zisco). Zhang Li co-chairs real estate developer Guangzhou R&F — which has massive properties in 28 cities, mostly in China — with Hong Kong-based billionaire, Li…
HARARE – When most people think about the success of mobile money in Zimbabwe, they immediately think of EcoCash. But Darlington Mandivenga, the CEO of Econet’s Cassava Fintech group, believes that mobile insurance service EcoSure — the fastest growing portfolio within the group, will in time eclipse EcoCash’s current success. Last week, the Postal and…
HARARE – A dramatic recovery of Zimbabwe Stock Exchange-listed Nicoz Diamond Insurance Limited’s troubled Malawi operation during the year ended December 2017 boosted its gross premium written to $40,1m from $36,9m the previous year, chairperson, James Karidza said yesterday. Nicoz saw its pre-tax profits rise three fold to $4 million during the review period, from…
HARARE – Zimbabwe Stock Exchange-listed seed producer, SeedCo, has lauded government’s efforts to revive agricultural projects in the country, pledging to assist small-scale farmers in ramping up production. SeedCo managing director Denias Zaranyika yesterday told delegates at a field day in Rattray Arnold Research Station, north east of Harare, that the listed firm was moving…
HARARE – The Insurance and Pensions Commission has issued a stern warning saying all insurance companies should engage actuaries for key validation on their activities or face serious consequences. The development comes at a time when some insurance companies and pension funds are said to be snubbing actuarial services due to high fees. It is…
HARARE – CBZ Holdings (CBZ) has declared a $3,5 million dividend for the full year to December 2017, a 10 percent increase on prior comparable period spurred by good performance from all units. CBZ chairperson Noah Matimba said the group — which posted a 17 percent after tax profit to $27,8 million — had also…
HARARE – Dairiboard Zimbabwe Limited (DZL) reported impressive 2017 financials on the back of firm demand across all segments, improved capacity and a more streamlined cost structure after two years of restructuring. The milk processor — which recorded an operating loss of 3,9 million in 2016 — posted an operating profit of $4,058 million in…
