Externalisation probe begins

00HARARE Finance and Economic Development Minister Patrick Chinamasa has said government has started investigations to identify individuals and companies involved in externalising foreign currency from Zimbabwe and in turn fuelling the current cash crisis. Zimbabwe is battling an acute cash shortage attributed to several factors chiefly externalisation and low exports. The country’s monetary authorities have…

A cautious cheer for OK after improved F17 performance

00A cautious cheer for OK after improved F17 performance HARARE – OK released an improved set of results for the financial year ended March 2017. Revenue went up by 8% while gross margins improved to 16.5% from 16.1% the previous year, Management attributed the increase in gross margins to an improvement in sales mix towards…

Ariston Holdings interim revenue down 8% but eye recovery during the second half

00Ariston Holdings interim revenue down 8% but eye recovery during the second half HARARE – Ariston Holdings revenue for the half year ended 31 March 2017 was down 8.17% at $3.47mln y-o-y. The decline was mainly attributed to the late commencement of the macadamia harvesting. The company however anticipates reversing the decline in the second…

Zim investment outflows up 50% to $33mln as FDI declines 24% in 2016

00Zim investment outflows up 50% to $33mln as FDI declines 24% in 2016 HARARE – The country’s investment inflows declined last year to $319 million compared to $421 million in the prior year, according to the World Investment Report released this afternoon by United Nations Commission for Trade and Development. However, Zimbabwe’s investment outflows surged…

Industrials onslaught continues on select heavyweights

00Industrials onslaught continues on select heavyweights HARARE -The unrelenting stock-market bull run demands some respect as it has been on the rise for 10 consecutive weeks on the back of increased local demand and reduced foreign selling. The gains in most stocks coupled by increased demand powered the Industrial index to 171.73 (+1.35 points). Outstanding…

Zimra surpasses May revenue targets on improved operational efficiency

00Zimra surpasses May revenue targets on improved operational efficiency HARARE – Zimbabwe Revenue Authority has surpassed gross and net revenue collections for May due to various enhancement measures it is pursuing although it remains to be seen whether the improved flow is stable and long lasting. In a statement, Zimra said revenue targets for May…

Nicoz Diamond’s GPW up 1% to $15.7 mln in four months to April

00Nicoz Diamond’s GPW up 1% to $15.7 mln in four months to April  HARARE- Nicoz Diamond Insurance’s revenue for the four months to April 2017 grew a marginal 1% with Gross Premium Written (GWP) for the period at $15.7mln compared to $15.6mln reported in the same period last year. Group managing director Grace Muradzikwa giving…

ZSE continues to rally as demand for blue chips increases

00ZSE continues to rally as demand for blue chips increases HARARE- The local bourse continued to perform very well on the back of elevated demand across all sectors as fund managers rebalance their portfolios towards safer investments on the market. Econet and Seedco carried the day as demand from local investors remains firm.  Econet added…

Lafarge’s revenue for Q1 down 15% as heavy rains weigh

00Lafarge’s revenue for Q1 down 15%  as heavy rains weigh HARARE- Cement producer, Lafarge’s revenue was down 15% as at March 2017 compared to the same period last year. The decline was mainly due to the incessant rains season that weighed down demand for their product. Lafarge, chief executive officer, Amil Tantawi however said the…

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