HARARE – SABMiller’s Zimbabwe unit Delta Corporation (Delta) will pay out a total $16 million after declaring a $1,30 per share interim dividend in the half year to September 2013. This comes as most Zimbabwe Stock Exchange (ZSE) listed firms are struggling to declare dividends due to a depressed economic environment coupled with an acute…
HARARE – Listed meat processor Colcom Foods Limited says its flagship foods division’s turnover slumped 10 percent in the four months to October 2013 compared to same prior year period due to reduced production. Overall profitability during the period under review was 8 percent below target with flat volumes and unlikely to grow much higher…
HARARE – Delta Corporation has defended its recent beer price increase arguing it needed to realise real value from its products and improve margins. Last month, the brewer hiked the wholesale price of 375ml brown bottle beer to $0, 90 from $0,80 while 340ml green bottles went up by $0,20 to $1. “The real reason…
HARARE – Investment advisory firm Imara Holdings Limited (Imara) has projected a turnaround of its losses to record a profit in the half year to October 2013. The Botswana Stock Exchange-listed group — set to publish the detailed financials for the period under review in early December — incurred a P5,1 million loss after tax…
HARARE – SABMiller’s Zimbabwe unit Delta Corporation (Delta) says it is negotiating with government over a possible reduction of excise duty which has taken a toll on the group’s lager beer volumes. This comes as authorities increased excise duty on lager beer from 40 percent to 45 percent of manufacturer’s price with effect from December…
HARARE – Toronto-listed Caledonia Mining Company (Caledonia) says its Zimbabwe-based Blanket Mine (Blanket) produced 12 042 ounces of gold in the quarter to September 2013, surpassing a target of 11 000 ounces. The group said the local unit produced 34 102 ounces in the nine months to September, up from 33 642 ounces recorded in…
HARARE – Automation of the Zimbabwe Stock Exchange (ZSE)’s trading system is expected to boost equities’ daily turnover to more than $5 million, the Securities and Exchange Commission of Zimbabwe (SecZim) says. The local bourse’s daily turnover — which is the value of shares traded per day — currently averages $1,5 million. “Experience elsewhere shows…
HARARE – Zimbabwe’s sugar producers are seeking government’s intervention in restricting imports of the commodity, Hippo Valley Estates (Hippo) said. The group — 50 percent owned by South Africa-based agricultural commodities processor Tongaat Hulett — said “local market sales were being lost to imports as a result of the current low world price.” “The sugar…
HARARE – Plans to expand cane production and root replanting in Zimbabwe have been hindered by depressed global sugar prices and irrigation challenges, South Africa-based agricultural commodities processor Tongaat Hulett (Tongaat) said. “Cane valuations have been impacted by lower prices and the effect of curtailed root replanting as a consequence of the current water dynamics,”…
HARARE – President Robert Mugabe’s threat to ban export of raw platinum is disastrous to Zimbabwe’s battered economy, analysts say. They warned that while the move is ideal in the long run, currently it will ravage the country’s investment-starved economy — still struggling to take off from a decade-long recession — as it risks losing…
