·         AGM Notice: Ariston

·         Board Changes: StarAfrica; Zimpapers; NatFoods; AfSun

·         Trading Update: Meikles; Delta

AGM Notice: Ariston

Ariston announced that it will be holding its 77^th Annual General Meeting (AGM) in the Centenary Room, Royal Harare Golf Club, 5^th Street Extension, Harare, Zimbabwe, on the 22^nd of February, 2024, at 1500 Hours.

Board Changes: StarAfrica; Zimpapers; NatFoods; AfSun

The Board of Directors of StarAfrica Corporation Limited announced the resignation of Mr. Aldo J. Musemburi from the position of Company Secretary with effect from 31 December 2023. The resignation was due to retirement.

Zimpapers also announced the appointment of seven additional members to the Board of Directors and Non-Executive Directors with effect from 09 January, 2024. These included Mrs. Doreen Joyce Sibanda, a renowned publisher; Dr. Alexander Madanha Rusero, a Senior Lecturer of International Relations, Politics and Journalism; Dr. Gift Kallisto Machengete, an Economist, Administrator and Turnaround Strategist; Mr. George Chisoko, a Media and Communication Practitioner; Engineer Raphael Pedzisayi Mushanawani; Ms. Rutendo Mangudya, a Supply Chain professional; and Mr Mbano, a seasoned legal practitioner.

The Board of Directors of National Foods announced that Mr. Todd Moyo resigned as Chairman on 22 January 2024 after serving on the Board for 23 years. The resignation was followed by the appointment of Mr. Edwin Isaac Manikai as Independent Non-Executive Chairman of the Board of NFHL with effect from 24 January 2024.

African Sun announced that Mr. Peter Saungweme stepped down as Chief Executive Officer on the 19^th of January, 2024. Subsequently, with close to two decades of experience in the international hospitality industry, Mr. Lawrence (“Laurie”) Ward has been appointed by the Board as the Acting Chief Executive Officer with effect from 20 January 2024.

Trading Update: Meikles; Delta

In a Trading Update for the 3rd quarter ended 30 November 2023, Meikles Limited reported a 128% increase in inflation adjusted revenue to ZWL613.1 billion. In 9-months to 30 November, Group revenue was up 111% to ZWL1.7 trillion. In the Supermarkets division, sales volumes rose by 5% while customer count went up 2% against comparable quarter in the prior year, partially countering the poor performance recorded in the first half of the year. Resultantly, the sales volumes for 9-months to November closed at a decline of -6%, from -10% registered in the first 6-months of the year. However, the revenue currency mix was adverse for the Supermarkets division, with foreign currency receipts coming in lower than 20% in the quarter and the 9-months period respectively against a market average of 80% foreign currency receipts. In the Hospitality business, room occupancy improved by 5 percentage points from 37% in the comparable period last year to 42% in the period under review. Revenue per available room grew by 29% owing to the growth in room occupancy along with a 13% surge in average room rate in US$ terms.

Delta Corporation Limited issued out a Trading Update for its 3rd quarter ended 31 December, 2023, which reflected a 19% growth in group revenue in US$ terms and a 12% increase in the 9-months to December. The Group said US$ sales averaged over 70% in the 9-months to 31 December, 2023. From October 2023, Delta implemented a changeover in functional currency from the local unit, ZWL, to a hard currency, US$, in a bid to “to provide users with most realistic view of financial performance and position of the Group”. In the Lager Beer division, volumes grew by 15% in the quarter under review, and 14% in the 9-months period, with the growth being buttressed by the commissioning of a new packaging line in August 2023 along with the injection of returnable glass, a stable supply of raw materials and a reliable manufacturing platform. In the Sorghum Beer business, overall volumes grew by 3% in the quarter and 4% in the 9-months period. However, the increased supply of lager beer led to reduced volumes for sorghum beer in the local market. At United National Breweries South Africa, volumes rose by 10% as the Chibuku Super penetrates formal liquor stores and retail chains. Natbrew Plc (Zambia) recorded a volume growth of 23% for the quarter despite some cost induced price increments in October 2023. In the Sparkling Beverages division, a 38% growth in volumes for the quarter was registered, and this was attributed to keener retail pricing and improved supply of flavours and packs. In the Wines and Spirits business, AFDIS saw a -12% decline in volumes due to an increase in grey trade on key brands and reduced uptake by the formal trade partners amid distorted pricing. Plant breakdowns also heavily weighed on product supply. At the associate company, Shweppes Holdings Africa, volumes went up by 16% owing to the commissioning of the new plant supplying bottled water and Minute Maid Juice Drinks in November 2023. At Nampak Zimbabwe Limited, volumes grew by 8% owing to increased exports of paper products and the higher pull of plastic packaging from the beverages sector.

Equity Axis News