·         Public Notice: Fidelity; ZHL; ZBFH; Zimplow

·         Board Changes: ZBFH; BNC

·         Financial Results: FMP; NMBZ

Harare - Public Notice: Fidelity; ZHL; ZBFH; Zimplow

Fidelity announced that, after being deliberations with the Zimbabwe Stock Exchange (ZSE), the Financial Statements for the year ended 31 December 2023 will be published on or before the 30^th of April 2024. The delayed publication of financial results was necessitated by delays experienced in the application of IFRS 17 as well as component audit review of the Group’s Malawian subsidiary.

ZHL also announced a delay in the publication of its Financial Statements for the year ended 31 December 2023, which was applied for and granted by the ZSE. Due to delays in the consolidation of the Group’s insurance companies which are applying IFRS 17 reporting standard for the first time, financial results will be published on or before the 30^th of April 2024.

ZBFH applied for an extension in the publication of its financial results for the year ended 31 December 2023, which was granted by the ZSE. The results which were due for publication on the 31^st of March 2024 will now be published on or before the 30^th April 2024. The delay was attributed to the need to finalise and conclude on the audit of certain account balances for the ZB Financial Holdings Limited Group, arising from the recent IFRS 17 adoption which affects insurance components, comprising of ZB Reinsurance Limited and ZB Life Assurance Company.

Zimplow issued a notice on the delay in publication of Financial Statements for the year ended 31 December 2023, which was due on the 31^st of March 2024. The extension in publication was granted by the Victoria Falls Stock Exchange after the Group raised concerns around a change in functional currency from ZWL to the United States Dollar (US$) with effect from 01 July 2023, as well as the translation of financial transactions and balances from the ZWL to the US$. The financial results will be published on or before the 30^th of April 2024.

Board Changes: ZBFH; BNC

The Board of Directors of ZB Financial Holdings Limited announced the appointment of Agnes Makamure as the Acting Chairman of ZB Financial Holdings Limited Board with effect from 20 March 2024. Prior to this appointment, Agnes was appointed as a Non-Executive Director for ZBFH effective March 2019 and served as the Chairperson of the ZBFH Audit Committee until March 2024.

The Board of Directors of Bindura Nickel Corporation Limited (BNC) announced the resignation of Finance Director, Mr. Believemore Hatinzwani Dirorimwe, who stepped down on the 12^th of March 2024. The resignation came barely a year into office after he assumed the position on the 1^st of May 2023. The Group has said it will announce the appointment of a replacement Finance Director in due course.

Financial Results: FMP; NMBZ

First Mutual Properties (FMP) published its Financial Statements for the year ended 31 December 2023, reporting a 295% increase in Net Property Income to ZWL17.714 billion in inflation-adjusted terms. Overall revenue, at ZWL40.932 billion, was also 193% up against prior year’s level, with rental income remaining the main contributor. The growth was mainly attributed to timeous rental reviews and stable occupancy levels at an average 88.07% against prior year’s 85.52%. However, the Group suffered a 1%-point decline in the collection rate from 86% in the prior year to 85%. FMP alluded that it seeks to generate shareholder value through various projects that include the Arundel Office Park extension, which is the Group’s flagship project that involves building a double-storey office block with a basement, providing a lettable area of 2,616.5 square metres. FMP is also a co-investor and Project Manager in constructing a 388-bed student accommodation building near the Chinhoyi University of Technology, as well as the development of mixed-use duplex clusters, three to four-storey apartments and student hostels in Zvishavane.

In the 12-months to 31 December 2023, NMBZ achieved an almost 3-fold growth in inflation adjusted operating profit before impairment charge and loss on net monetary position to ZWL396.6 billion, along with a 444% surge in total comprehensive income to ZWL327.6 billion. The Group registered a 210% increase in fees and commission income, largely earned through various digital platforms. The Group achieved a commendable cost to income ratio of 35%, down from 45% in comparable period last year. The Group said, in the wake of hyperinflation and exchange rate depreciation, more focus has been channeled towards hard currency income streams, while making inroads into new markets. In the Digital Banking, ZWL1.3 trillion worth of transactions were realized on the mobile banking platform in the year under review, against a mere ZWL19.9 billion in prior year. According to the report, internet banking and card transactions achieved similar growth in values. Under Consumer Banking, the Consumer Banking and Value-Added Services contributed ZWL137.5 billion to total income during the year under review. In July 2023, NMB launched the XPlug Solutions Limited as a subsidiary focused on digital banking solutions, and the technology company has already received a number of mandates from local and regional institutions in banking as well as insurance sectors. Under the NMB Properties Limited, the Company completed the 26-cluster housing project in the year under review, with a new project in the pipeline for the 2024 fiscal year.

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