· AGM Notice: OK Zim
· Half-Year Financial Results: Ecocash; Delta
· Full-Year Financial Results: Star Africa
Harare - AGM Notice: OK Zim
OK Zimbabwe Limited held its 22nd Annual General Meeting on the 2nd of November, 2023, where all the raised resolutions were passed. These notably include the confirmation of the payment of a final dividend of 0.02 US cents per share following an interim dividend of 0.13 US cents per share, giving a total dividend of 0.15 US cents per share for the year ended 31 March, 2023. The appointment of Mr. Wonder Stan Nyabereka to the Board of Directors (with effect from 1 June 2022) was also confirmed at the AGM.
Half-Year Financial Results: Ecocash; Delta
In its half-year to 31 August 2023, Ecocash Holdings Zimbabwe Limited registered a 40% increase in inflation adjusted revenue from ZWL155 billion in the corresponding period last year to ZWL218 billion. The Fintech business, namely EcoCash and Steward Bank, remained the largest contributor to performance, holding a foothold of 76% of the aggregate revenue as new product innovation and growth in forex revenue contribution drove up performance. The InsurTech business contributed 20% to overall revenue while Digital Platforms operations contributed 4%. The Group recorded a net profit of ZWL130 million, notwithstanding exchange losses of ZW$167 billion associated with the debentures that were later redeemed through a rights issue capital raise. A total of US$30.3 million required to redeem the debentures was raised by the 7th of August, 2023.
In its financial results for the half-year ended 30 September 2023, beverages giant, Delta Corporation Limited, said a total of three flagship projects were commissioned in the 6-months namely the lager beer glass packaging line at Southerton Brewery, a PET packaging line at Graniteside and the Chibuku Super plant and packaging line at Harare Brewery. These investments are complemented by the injection of glass bottles, coolers, informal market equipment and additional distribution fleet. In the Lager Beer business, Delta said volumes rose by 13% against prior corresponding period despite gaps in the availability of certain brands and packs arising from bottlenecks in the supply of packaging materials from traditional sources. In the Sorghum Beer segment, volumes grew by 4%, with a wider margin expected in the 2nd half following the commissioning of the new Chibuku Super plant at the Harare Brewery at the end of September. Sparkling beverages recorded a 17% growth in volumes for the six months under review owing to improved supply of PET packs following the commissioning of a new packaging line at Graniteside, Harare. In the associate companies AFDIS and Schweppes Holdings, volumes were positive, rising by 10% and 7% in that respective order. Overall Group revenue went up by 164% to ZWL1.9 trillion in inflation adjusted terms, with over 80% foreign currency-based sales.
Full-Year Financial Results: Star Africa
Star Africa Corporation Limited published financial results for its full-year ended 31 March, 2023, reporting a 30% surge in turnover from ZWL38.5 billion in the prior year to ZWL50.1 billion, owing to strong demand for all of the Group’s products during the year under review. On the downside, operating profit dwindled by 93% to ZWL0.4 billion, attributable to increments in raw sugar prices and operating costs in US$ terms. At the Goldstar Sugars segment, sales volumes of granulated sugar produced by GSS were stable at 82,321 tonnes against prior year’s record of 82,500 tonnes. Due to raw sugar stockouts and power outages, however, production slowed-down by -6% from 82,399 tonnes in the prior year to 77,270 tonnes. In the Country Choice Foods business, sales volumes firmed by 9% from 1,879 tonnes in the prior year to 2,048 tonnes while production volumes rose from 1,920 tonnes to 2,140 tonnes. In the Properties business, revenue (rental income) jumped to ZWL337.5 million from ZWL162.2 million in the prior year. Associate company, Tongaat Hulett Botswana, recorded a profit for the year under review of ZWL958.1million, with the Company’s share being ZWL319.4 million after converting the earnings into Zimbabwean Dollars at the Reserve Bank of Zimbabwe Auction exchange rate as at 31 March 2023.
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