- Channelled ZWL7.8M towards agric production
- Donated ZWL8.5m to procure COVID-19 vaccines
- Employed 66% locals of its total employees
- About CSR
Harare - Construction Group listed on the Zimbabwe Stock Exchange (ZSE), Masimba Holdings Limited has endorsed a chain of local developments through donations and creating employment opportunities to the local people in areas in which it operates.
The Group’s financial statements for the six months ended June 30 in 2021 show that it donated ZWL7.8 million to support various programs in the country including the 2021/2022 agricultural season, with the small-scale irrigation schemes in the Manicaland region gaining in particular.
The Group also contributed ZWL8,5 million to the National Development Fund towards the procurement of COVID-19 vaccines as the government targets to inoculate at least 60% of the country’s total population by year-end to achieve herd immunity.
Meanwhile, Masimba employed general workers from the local communities where it has been carrying out its projects.
“As of the reporting date, the proportion of local employees to total employees was 68 percent,” Group chairperson, Gregory Sebborn said in a statement accompanying the financials.
During the period under review, the Group’s revenue grew by 58% to ZWL2.1 billion from ZWL1.4 billion recorded in the same period last year owing to a firm order book in mining, infrastructure, and roads segments.
Its support towards agriculture compliments government’s initiative to produce maize output of 3.6 million tonnes for the 2021/2022 farming season, although the expected target of 1.8 million tonnes predicted for the 2021 farming season is still hanging in the air.
A target of 907 629 tonnes of maize achieved in 2020 is expected to triple to three million tonnes by 2025 as outlined by the National Development Strategy (NDS) Phase 1. This is expected to increase food self-sufficiency from 45% to 100% by 2025 while reducing food insecurity from the high of 59% recorded in 2020 to less than 10% by 2025.
The government through National Development Strategy 1 (NDS 1) is working on measures to stimulate agricultural production to ensure that 80 percent of industry's raw material needs are met from local inputs.
Businesses that practice corporate social responsibility aim to improve communities, the economy and the environment in which they operate.
According to research, it is becoming increasingly important to have a socially conscious image with consumers, employees and stakeholders prioritize CSR when choosing a brand or company, and they are holding corporations accountable for effecting social change with their business beliefs, practices and profits.
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