• First Capital Bank, African Sun, First Mutual, are facing delays in releasing their audited financial statements
  • The delays are attributed to intricate audit processes and currency-related adjustments, reflecting the broader challenges of financial reporting in Zimbabwe
  • The Victoria Falls Stock Exchange (VFEX), and ZSE granted extensions to the affected companies, allowing them to publish their financial statements by April 30, 2025

Harare- Zimbabwe’s listed companies are grappling with a wave of delays in releasing their audited financial statements for the year ended 31 December 2024, as First Capital Bank Limited, African Sun Limited, and First Mutual have all announced postponements.

These setbacks, attributed to intricate audit processes and currency-related adjustments, reflect the broader challenges of financial reporting in a country known for overnight policy changes.

The Victoria Falls Stock Exchange (VFEX) has stepped in to grant extensions, allowing these firms until 30 April 2025 to publish their results, offering a temporary reprieve as they work to meet regulatory standards.

First Capital Bank Limited, one of the cornerstone of Zimbabwe’s financial sector, cited the need for additional time to incorporate technical work tied to a change in functional currency as the primary reason for its delay. The bank is managing a dual audit process, balancing the USD functional currency with the ZWG (Zimbabwe Gold) presentation currency

Originally due by 31 March 2025, the bank’s financial statements are now expected on or before 30 April, following approval from the VFEX.

African Sun Limited, the largest hospitality player, also notified its shareholders and the investing public of a similar delay. The company pointed to ongoing audit processes as the cause.

Like its counterparts, African Sun had targeted a 31 March release but has now secured an extension from the VFEX, with plans to publish its financial statements by 30 April 2025.

First Mutual, meanwhile, mirrored these announcements with its own statement, confirming that its results initially slated for March will also be deferred to 30 April. The company’s brief reference to “ongoing audit processes” aligns with the broader narrative of extended timelines, hinting at shared challenges among Zimbabwe’s listed firms.

The recurring theme of audit-related delays points to the strain imposed by Zimbabwe’s economic environment, where businesses must adapt to shifting currency frameworks and heightened regulatory scrutiny.

The extended deadline provides a window for these firms to ensure their financial statements are accurate and compliant, a critical factor in maintaining trust in Zimbabwe’s capital markets.

As 30 April 2025 approaches, the release of these financial statements will offer a clearer picture of how First Capital Bank, African Sun, and First Mutual have weathered the past year. For now, Zimbabwe’s listed companies remain in a holding pattern, balancing technical demands with the expectations of an attentive investing public.

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