Growth in unit sales at Farmec and parts sales at Barzem boost Zimplow H1

00HARARE – A 100% increase in Farmec’s revenue offset the downturn in Mealie Brand to ensure that Zimplow Holdings reported a 38% growth in turnover in the six months to June 30, 2018. Farmec, which distributes various farming implements brands, reported doubled revenue of $7.7 mln from $3.8 mln after tractors sold increased to 95…

Seed Co to seek a review of BSE fungibility conditions

00HARARE – Seed Co will seek for a review on its share fungibility status as the current approvals for fungibility were done before Government made changes to the Indigenisation Act.  This comes as shareholders yesterday approved the partial unbundling, capital raise and separate listing of Seed Co International on the Botswana Stock Exchange. In terms…

May inflation remains steady at 2.71% despite rising food prices

HARARE – Zimbabwe’s inflation rate for the month of May remained unchanged at 2.71 percent, despite the 4.77 percent rise in the food basket which constitutes 31.98 percent weight in the consumer price index, data released by Zimstats Tuesday shows. “The year on year food and non-alcoholic beverages inflation prone to transitory shocks stood at…

Proplastics grows topline 14% as factory efficiencies yield competitive edge

Proplastics grows topline 14% as factory efficiencies yield competitive edge HARARE – Proplastics says continuous investments in plant and equipment over the years is now producing desired results after the company achieved steady growth in turnover and volume during the year ended 31 December 2017. Turnover was up 14% at $16.10 mln compared to $14.14…

Foreign businesses in reserved sectors to continue operating under amended Indigenisation Act 

00Foreign businesses in reserved sectors to continue operating under amended Indigenisation Act HARARE – All foreign-owned businesses which were operating in the reserved sectors of the economy under the Indigenisation Act before January 1, 2018, have been allowed to operate only if they are registered with the Zimbabwe Revenue Authority and they open and maintain bank accounts in accordance with…

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…

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