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NetOne to embark on 3rd phase of capital expansion project

00HARARE Netone will soon embark on the third phase of its capital expansion project at a cost of nearly half a billion dollars, as it emerged it is finalising the second phase where it is investing $218 million. Information Communication Technology, Postal and Courier Services Minister Supa Mandiwanzira said in a recent interview that NetOne…

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…

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…

Barclays Plc officially announces sale of stake to FMB

00Barclays Plc officially announces sale of stake to FMB HARARE -Barclays Bank PLC (BBPLC) has today announced the sale of its majority shareholding in Barclays Bank of Zimbabwe Limited (BBZ) to FMB Capital Holdings PLC (FMBCH). Completion of this transaction is subject to regulatory approvals, and is currently expected to conclude by the end of…

Increased battery sales lift Art in F17

00Increased battery sales lift Art in F17 HARARE – Profitability across Art Corporation’s business units lifted the Group’s overall performance for the half year ended 31 March 2017 with the topline rising 7.60% above prior year to $15.20mln. Group chairman Thomas Wushe, in a statement accompanying the interim financials, said revenue was mainly driven by…

Local Banks holding 2 % cash reserves

00Local Banks holding 2 % cash reserves HARARE- Local banks hold 2% cash reserves in vaults as the bond notes flight persists amid revelations that the surrogate currency is now found in neighbouring countries, a central bank official has said. Deputy Reserve Bank Governor, Kupukile Mlambo at a retailers Indaba in Harare highlighted how cash…

Masimba records 70% growth in Q1

00Masimba records 70% growth in Q1 HARARE- Masimba Holdings has decided to dispose of its 50% shareholding in Reinforcing Steel Contractors of Zimbabwe (RSCZ) to focus on the construction growth prospects currently supported by a $23mln confirmed order book. Kosto Holdings Limited of Mauritius holds the remainder 50% shareholding, RSCZ net assets position as at…

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