· Notice of Board Changes: Turnall; ZBFH
· Cautionary Statement Renewal: FBCH
· Press Release: ZSE
· Trading Update: Econet; Ecocash Holdings
· FY Results: Meikles
Harare - Notice of Board Changes: Turnall; ZBFH
Turnall Holdings Limited announced the appointment of Mrs. Constance Chakona and Mr. Desai as Non-Executive Directors of the Company with effect from 01 August 2023. Constance is a Chartered Accountant while Mr. Desai is a qualified Engineer.
ZB Financial Holdings also announced the resignation of Mrs. Pamela Chiromo and Mr. Jacob Mutevedzi from the Board of Directors with effect from 01 July, 2023.
Cautionary Statement Renewal: FBCH
FBC Holdings issued a cautionary statement as a follow up to the statements published on 8 June and 29 June 2023, informing its shareholders and the investing public that the Company continues to put together requisite documentation for the approval of the transaction by all relevant regulatory authorities. The transaction relates to the Sale and Purchase Agreement for the acquisition of Standard Chartered Bank Zimbabwe. The transaction, if successfully concluded may have a material impact on the value of the Company’s securities, and thus the investing public ought to exercise caution when dealing in the Company’s securities.
Press Release: ZSE
The Zimbabwe Stock Exchange (ZSE) announced the establishment of the Real Estate Investment Trusts (REITs) Association of Zimbabwe (ZIMREIT) which seeks to promote the growth of the REIT market, educate investors about REITs and advocate for the interests of REITs with regulators and policymakers. The interim board of the REITs Association of Zimbabwe is dominantly comprised of experienced and knowledgeable individuals from asset management.
Trading Update: Econet; Ecocash Holdings
In the three months ended 31 May, 2023, Econet recorded a 137% increase in inflation adjusted revenue. Usage of voice and data for the quarter under review grew by 30% and 31% respectively. However, inflationary pressures heavily weighed on the company’s profitability through exchange losses and, resultantly, the Company approved a renounceable-rights offer to raise US$30.3 million to be applied towards redemption of our maturing debentures.
In a Trading Update for the quarter ended 31 May, 2023, Ecocash Holdings reported an 8-fold growth in transaction values on the US$ wallet on the EcoCash platform. In the Digital Banking business, FCA accounts grew by 56% compared to the same quarter in the prior year while VISA Card volumes also improved by 59%. A growing loan book had a positive effect on interest income revenue contribution from 20% prior year to the current quarter’s contribution of 29%. In the Insurtech segment, the life insurance business reported a growth in US$ policies from 3% in comparative period last year to 56% to in the period under review.
FY Results: Meikles
Meikles Limited changed its financial year-end from March to February to align with the year-end of the main subsidiary, TM Supermarkets (Private) Limited. In the full year ended 28 February, 2023, the Company reported a revenue growth of 45% in inflation adjusted terms from ZWL191.7 billion in prior year to ZWL278.9 billion in the period under review. Gross profit margin decreased by two percentage points to 23% from 25% in the previous year, partly due to pricing distortions. The Group’s net operating costs increased by 63% to ZWL67.1 billion, and this drove a net operating loss of ZWL2 billion.
Equity Axis News