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NetOne to embark on 3rd phase of capital expansion project

HARARE 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…

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A cautious cheer for OK after improved F17 performance

A 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…

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

Ariston 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…

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

Nicoz 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…

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

Lafarge’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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Barclays Plc officially announces sale of stake to FMB

Barclays 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…

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Pearl Properties revenue down 10% in Q1 as shareholders agree to name change.

Pearl Properties revenue down 10% in Q1 as shareholders agree to name change.  HARARE- Pearl Properties, revenue in the first quarter was 10% below prior year at $2.4m mainly due to significant rent reductions within the portfolio and reduced occupancies Group managing director Christopher Manyowa in a trading update said reductions in occupancy level and…

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Increased battery sales lift Art in F17

Increased 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…

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Local Banks holding 2 % cash reserves

Local 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…

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Masimba records 70% growth in Q1

Masimba 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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