Seed Co revenue down 5 percent

Business Reporter A combination of adverse factors saw pan-African seed giant Seed Co record lower than expected sales volumes and revenue for the year-ended March 31, 2018. According to chief executive officer Morgan Nzwere, the group experienced production challenges stemming from high disease pressures, erratic rainfall (drought) and poor pollination …

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Econet after tax profit vaults 265 percent

Business Reporter Econet Wireless Zimbabwe Limited posted an impressive set of full year financial results for the year to February 28, 2018, with after tax profit vaulting 265 percent to $132 million, driven by the firm’s aggressive pursuit of non-traditional telco products. The company reported $831,6 million revenue for the …

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Investors inundate ZMDC over 6 mines

Ishemunyoro Chingwere Business Reporter At least 151 investors have formerly expressed interest to invest in six mines owned by the Zimbabwe Mining Development Corporation (ZMDC) after the state company sent out adverts for expressions of interest. ZMDC in February called for investment into six of its mines that have been …

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Hwange begins $1bn draw-down

Livingstone Marufu Business Reporter The Zimbabwe Power Company (ZPC) yesterday started drawing down on the $1 billion facility extended by the Chinese Government through China Export Import Bank meant to finance the Hwange Power Station 7 and 8 expansion to increase electricity generation capacity of the thermal power station. President …

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Econet rings up 266% profit

ECONET Wireless Zimbabwe Limited (EWZL) has registered a near 266% jump in profit after tax for the company’s financial year ending February 28, 2018 to $132,29 million on the back of cost-cutting measures. BY TATIRA ZWINOIRA The rise in profit is from $36,18 million recorded in the comparative period last …

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RBZ secures $1,19 billion worth of liquidity facilities

THE Reserve Bank of Zimbabwe (RBZ) now has $1,19 billion worth of liquidity facilities from various foreign institutions, as it seeks a solution to foreign currency shortages. BY TATIRA ZWINOIRA In a presentation to Parliament on Monday, RBZ governor, John Mangudya said they had put these facilities in place to …

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Arcturus mine to increase production output of gold ore

ARCTURUS Mine is working towards increasing production to 15 000 tonnes of gold ore per month through expanding its current operations under its medium term plan, an official has said. BY FREEMAN MAKOPA Arcturus Mine owner, Tawanda Nyambirai told NewsDay in emailed responses on Wednesday that the investments he has …

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Steward Bank‘s 176k new customers help boost profits

STEWARD Bank recorded 176 000 new customers, which helped grow its profit after tax by 268,4% to $22,45 million for the financial year ending February 28, 2018. This was from a previous of $6,15 million recorded over the same period last year. BY TATIRA ZWINOIRA In a statement accompanying the …

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Local engineers should be engaged

ZIMBABWE Institution of Engineers (ZIE) wants a higher participation of local engineers in infrastructure national projects as they are not happy with the current levels. By Tatira Zwinoira As such, ZIE are hosting an inaugural conference sometime next month in Victoria Falls meant at having dialogue with policymakers on the …

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Chitando appoints new boards for parastatals

MINES minister Winston Chitando yesterday named new boards for the Zimbabwe Consolidated Diamond Company (ZCDC) and the Zimbabwe Mining Development Corporation (ZMDC), amid strong calls on the parastatals to roll up their sleeves to realise their full potential. BY TINOTENDA MUNYUKWI “I have the pleasure to announce the two boards, …

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