Breaking News: Bhello main branch goes up in flames By Staff Reporter Popular fast food outlet, Bhello City Foods has been gutted by fire, and the complex in Julius Nyerere Way has been shut down to assess the extent of the damage caused by the fire. Various shops located within the complex have been shut down due to this development No official comment has been released as yet, as all resources are busy assessing how much damage has been dealt and if all flames have been properly extinguished. More details to follow!
By Senior Reporter Sino Mine-run Bikita Minerals has constructed a state-of-the-art clinic worth US$1 million to benefit workers and the community, as part of its corporate social responsibility initiative. Speaking to the Business Connect this week, Collen Nikisi, the Public Relations and Corporate Social Responsibility Officer at Bikita Minerals, explained that the project was launched after realizing the old clinic could no longer meet current demands. “We invested over US$1 million in the construction and procurement of equipment for the clinic,” Nikisi said. The clinic features two sections, including a double-storey building with 16 rooms. This section houses an X-ray control room, a spirometry room, audiometry facilities, cardiovascular screening, a vision screener, an operating theatre, consultation rooms, observation areas, private wards, a conference room, doctors’ offices, and a nurses' room. The other section, which is single-storey, includes a casualty ward, male and female wards with six beds, a labor ward, a consultation room, a treatment room, a dispensary, and a laundry facility. “The mine has been investing in various environmental and social governance initiatives in the community, including education, drilling 33 boreholes for health initiatives, road rehabilitation, power generation, and empowerment through Chief Marozva Community Funds,” Nikisi added. Bikita Minerals is the largest lithium mining company in Zimbabwe, currently operating at 95% capacity utilization. However, the company has faced challenges, including depressed lithium prices on the international market, which have hindered some intended projects. Nikisi emphasized the company's commitment to establishing a US$500 million smelting plant over the next four years. “The smelting plant will add further value to our lithium beyond the current beneficiation process. We have submitted our beneficiation plans for the smelter to the Ministry of Mines and Mining Development and are currently working on the feasibility studies,” he said. Nikisi also noted that the clinic project was wholly funded by Bikita Minerals, benefiting its 1,078 employees as well as around 2,500 local residents and contractors who will have access to its services. Bikita Minerals has completed the installation of a 112 km power line and transmission infrastructure, providing a dedicated 90 MW of power to Bikita and allowing surplus power to benefit the community..
ZB Financial Holdings reports strong Q3 profit By Allan Mbotshwa ZB Financial Holdings has reported its financial results for the third quarter ending September 30, 2024, showcasing a profit after tax of ZWG1.224 billion for the first nine months of the year. This solid performance can be largely attributed to the group’s stringent cost discipline and resilient balance sheet. “Year-to-date total income amounted to ZWG1.83 billion; however, the third quarter saw limited income growth compared to the previous quarter as a result of a slowdown in fair value credits and foreign exchange gains, coupled with challenging business conditions overall,” said Mr Tinashe Masiiwa, the company secretary. The group recorded net interest income of ZWG282.540 million, driven by improved net interest margins, alongside commission and fees totalling ZWG576.502 million, fuelled by increased electronic banking activities and gross insurance premiums reaching ZWG411.619 million due to heightened demand for funeral cover products. Operating costs stood at ZWG1.059 billion, resulting in a cost-to-income ratio of 57%, a testament to the group’s commitment to effective cost management amid inflationary pressures. “The group’s customer base continued to expand significantly, with a deposit balance of ZWG5.073 billion, reflecting a remarkable 73% increase since December 2023,” he added. Additionally, insurance liabilities grew 15%, reaching ZWG497 million, driven by strong customer retention strategies and the introduction of customer-centric products. “Total assets surged by 44% to ZWG12.638 billion, primarily due to growth in earning assets, which increased from ZWG6.970 billion to ZWG10.401 billion since December 2023. Nevertheless, the third quarter presented significant challenges, as the Zimbabwean dollar depreciated by 45% against the US dollar, and tightening monetary policies implemented by authorities affected income generation capacity,” he said. As a result of these headwinds, ZB Financial Holdings will not declare dividends for this quarter, opting for a conservative approach amid ongoing economic uncertainty. “Looking ahead, the Group remains committed to its digitalization initiatives and effective cost management as it navigates the complexities of the current operating environment,” said Mr Masiiwa.
AFDIS records growth amidst economic challenges By Business Reporter African Distillers Limited, a leading beverage company in Zimbabwe, has released its financial report for the half year ended 30 September 2024, highlighting a 7% increase in revenue to US$26.2 million. The growth was primarily driven by increased volume, particularly in the ready-to-drink (RTD) and wine segments. "Despite the challenging economic environment, we are pleased with the company’s performance," said Mr. Matlhogonolo Valela, Chairman of AFDIS. "The 11% volume growth, especially in RTD and wine, is a testament to our strategic focus on consumer preferences and innovative product offerings." However, the company faced headwinds from thinner margins due to price reductions to counter competition from illegal imports and exchange rate volatility. Additionally, a tax dispute with ZIMRA, which could have a significant impact on the company's operations, remains unresolved. "The tax dispute with ZIMRA is a major concern for us," Valela added. "We are confident in our position and are actively pursuing legal remedies to resolve the matter." Looking ahead, AFDIS remains optimistic about the future, with the anticipated recovery in the Zimbabwean economy and the government's efforts to stabilize the local currency. The company will continue to prioritize product innovation, cost efficiency, and market expansion to drive sustainable growth. To reward shareholders, the board has recommended an interim dividend of US$0.0030 per share.
Business Connect Honours Zimbabwe's Business Titans By staff reporter A glittering evening filled with glamour and recognition took place at the recent Business Connect Awards ceremony. The event, held on the 5th of December, celebrated the achievements of outstanding business leaders in Zimbabwe. The theme of the night is, "In the face of adversity, you remained steadfast and resilient. We are inspired by your authentic leadership and remarkable ability to transform challenges into opportunities. You continue to surpass expectations. We honour you as a beacon of excellence," resonated throughout the event, recognizing the resilience and innovation of Zimbabwean entrepreneurs. Over 100 attendees, dressed in their finest attire, gathered to witness the honouring of individuals across various categories: Legends, Icons, and Pacesetters. The event was graced by the presence of the Director of Media Services, George Chisoko in the Ministry of Information, representing Minister Jenfan Muswere. The awards ceremony not only celebrated individual achievements but also highlighted the collective spirit of Zimbabwe's business community. By recognizing and honouring these exceptional leaders, Business Connect aims to inspire future generations of entrepreneurs and contribute to the economic growth of the nation. “These ladies and gentlemen have done a lot with the business fraternity and it is only right that we honour their efforts, this will foster a sense of pride and in turn fuel their passion to expand,” said The Business Connect Director, Eng Delight Makotose. Some of the notable names that were in attendance were Isaac Chamangira, Dr Mandas Marikanda, Ms Nancy Mwakutireni, B. J. LUBBE, Ms Shaleetha Mahabeer to mention but a few.
NetOne pledges Commitment to Ethical Governance By Nomagugu Konke NetOne has become the second state-owned enterprise, following the Zimbabwe National Road Administration (ZINARA), to sign a corporate integrity pledge with the Zimbabwe Anti-Corruption Commission (ZACC). The signing ceremony, held this week, signifies NetOne’s commitment to combating corruption within the telecommunications sector. Speaking at the signing ceremony, ZACC Chairman Mr. Michael Reza said the pledge represents a cultural revolution within NetOne, transforming its approach to ethical practices. He highlighted the far-reaching consequences of corruption within the telecommunications industry. “Corruption is a systemic malady that corrodes the very foundations of our economic and social development.” “When corruption infiltrates this vital infrastructure, it undermines investor confidence, distorts market mechanisms, impedes technological advancement, and ultimately imposes the heaviest burden on the most vulnerable segments of our society,” he said. NetOne Group Chief Executive Officer, Engineer Raphael Mushanawani, highlighted the positive impact of ethical practices on investment and reputation. “NetOne, by establishing itself as a benchmark of ethical excellence aims to attract investment and minimize risks,” he said. He further noted the growing recognition among international investors of the link between technological capability and good governance. “The partnership with ZACC, will create an environment where corrupt practices become increasingly difficult,” he said.
SDF exceeds targets, Minister announces By Nomagugu Konke The Standards Development Fund (SDF) has surpassed revenue collection targets and is poised for further growth in 2025, Minister of Industry and Commerce Nqobizitha Mangaliso Ndlovu announced at the Standards Development Fund workshop. The fund has also completed 98% of its 160KVA solar project and begun disbursing grants to beneficiaries. “I’m excited to report that SDF has achieved notable milestones, including surpassing revenue collection targets, completing 98% of the 160KVA solar project, and disbursing grants to beneficiaries aligned with Vision 2030. “Our priorities for 2025 include increasing revenue collection capacity strengthening, full grant disbursements, and raising awareness,” said Minister Ndlovu. Established under the Standards Development Fund Act [Chapter 14:19], the SDF collects a 0.5% levy on employers' wage bills to support the development and promotion of standardization for commodities and services. Current beneficiaries include the Standards Association of Zimbabwe (SAZ), Southern African Development Community Accreditation Services (SADCAS), the National Metrology Institute (NMI) under the Scientific and Industrial Research and Development Centre (SIRDC), the National Competitiveness Commission (NCC), the Trade Measures Department (TMD), and, beginning next year, the Consumer Protection Commission (CPC). Minister Ndlovu highlighted the SDF's critical role in bolstering local industries’ competitiveness. "By promoting standardization and quality control, we can increase the viability of our products and services in the global market," he said. Addressing concerns about substandard goods flooding the market, Minister Ndlovu spoke of the SDF's crucial role in supporting the CPC, TMD, and SAZ to combat this issue. "Standards are the backbone of our society, ensuring the safety and quality of products and services, facilitating international trade and improving the environment in which we live in. Standards boost business and economies. “Standards ensure that business operations are as efficient as possible, increase productivity and help companies access new markets, cut costs, through improved systems and processes, increase customer satisfaction, through improved safety, quality and processes and help companies access new markets, through ensuring the compatibility of products and services, therefore SDF financial support is very crucial,” he said. Acknowledging the challenges posed by currency volatility, the Minister revealed that his ministry has engaged the Ministry of Finance for permission to allow the SDF to procure capital equipment in hard currency. This measure aims to ensure beneficiaries can effectively execute their mandates.
Netone introduces the ‘Recharge and Win Christmas Promo By Nomagugu Konke NetOne is launching its "Recharge and Win Christmas Promotion," offering subscribers a chance to win prizes and enjoy festive rewards from December 1st, 2024, to January 31st, 2025. The promotion features two key components. The first, "Recharge and Win $20 Airtime," rewards subscribers who top up their accounts with at least $10 weekly with a chance to win $20 in airtime. One hundred winners will be randomly selected each week. "At NetOne, our subscribers are more than customers—they are family," "This promotion is a testament to our appreciation for their loyalty," said NetOne Group CEO Eng. Raphael Mushanawani. The second component, "The Grab A Ticket Raffle," offers a more interactive experience. Subscribers who recharge at least USD 10 during the week of a regional raffle draw can participate. Prizes include solar panels, solar kits, branded merchandise, and $20 airtime, with up to 20 winners per raffle. Chief Commercial Officer Mr Learnmore Musunda highlighted the promotion's strategic value: "It not only rewards loyalty but also encourages deeper engagement with our network." NetOne's Christmas celebrations extend beyond its subscribers. The company's Corporate Social Responsibility (CSR) program is distributing groceries, clothing, and school supplies to underprivileged families. "The spirit of Christmas is rooted in giving," "Our CSR initiatives embody our vision of impacting lives profoundly and sustainably," Eng. Mushanawani said. NetOne encourages subscribers to participate in the "Recharge and Win Christmas Promotion," emphasizing its commitment to community and fostering a festive season of connection and celebration.
Full Truck Load spurs revenue growth for Unifreight By Business Reporter Unifreight Africa Limited has reported solid financial performance for the third quarter of 2024, despite a challenging operating environment. The company's total revenue increased by 9% year-on-year, driven by growth in the Full Truck Load (FTL) and cross-border operations segments. The FTL segment, now representing 22% of the revenue mix, experienced significant expansion. Cross-border operations, contributing 23% of total revenue, continue to be a major growth driver. While the LTL segment maintained a 48% share, it faced challenges due to market competition and currency fluctuations. Unifreight Africa's strategic focus on high-margin business opportunities and cost control measures enabled the company to achieve a net profit margin of 3.6%. The company also witnessed a 14% increase in swift volumes to 111,616 tons, driven by strong utilization and pricing strategies. The 4PL Brokerage division, a recent addition to the company's portfolio, has already made a significant impact, securing new high-volume contracts. The sales team's intensive efforts led to the acquisition of new clients across various sectors, further bolstering the company's market position. Unifreight Africa's commitment to fleet expansion and fuel efficiency has also contributed to its strong performance. The company has purchased additional trucks and implemented advanced fuel monitoring and tracking systems to reduce costs and improve operational efficiency. Despite the challenging market conditions, Unifreight Africa's strong operational performance, strategic focus, and innovative approach have enabled the company to deliver solid results and maintain its position as a leading logistics provider in the region.
POTRAZ urged to accelerate digitalization efforts in Zimbabwe By Staff Reporter The Minister of Information Communication Technology, Postal and Courier Services, Tatenda Mavetera, has challenged the Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) to accelerate its efforts in digitalizing the Zimbabwean economy. Speaking at the 2024 POTRAZ Strategic Plan Review Workshop in Bulawayo, Dr. Mavetera emphasized the importance of strategic planning and execution in achieving the goals outlined in the National Development Strategy 1 (NDS1) and POTRAZ's own strategic plan, which concludes in 2025. “An effective strategy serves as a powerful blueprint for all aspects of running your organization. When your strategy is in line with the organization's long-term vision, it ensures that everyone is focused and working towards the same objectives. “A strong strategy clearly defines your purpose and outlines your reason for existence. It articulates what success looks like, provides a clear roadmap for your organization, and sets forth your long-term goals along with key milestones to achieve them. With this clear direction, you can confidently steer your organization toward success,” she said. Minister Mavetera also acknowledged POTRAZ's achievements, including the launch of three national policies, the commissioning of the Tower Relocation Project, and the successful launch of the She Tech Initiative. She also noted the licensing of Starlink and numerous stakeholder consultations. She also called for POTRAZ to take a leadership role in driving the Fourth Industrial Revolution, anticipating new technologies and developing appropriate policy frameworks. “POTRAZ, as our experts, must anticipate new technologies and be agile enough to quickly propose appropriate policy frameworks for deployment of those technologies,” she urged. The Minister also highlighted the need for improved operations of the Data Protection Authority, enhanced public awareness of the Cyber and Data Protection Act, and increased ICT access in underserved areas through the Universal Service Fund. “Ensuring the availability of affordable and ubiquitous ICT services throughout the country is non-negotiable,” she declared. Dr. Mavetera encouraged POTRAZ to enhance the deployment of Community Information Centres (CICs) and improve ICT access in rural schools and health centers. She suggested hosting hackathons to foster innovation in areas such as Smart Agriculture and E-health. “Hosting hackathons at the district or provincial level would be a great initiative,” she said. While delivering his remarks on the same event, POTRAZ Board Chairman, MR. Zvobgo Zvobgo, said the Regulator must ensure strategic projects are completed effectively, service is excellent, and the organization adapts quickly to market changes—agility is crucial for our industry's survival. “Our focus moving forward must be on enhancing regulatory efficiency, fostering inclusive digital growth, and embracing innovative solutions to shape the future of our industry. We expect management to deliver on strategic projects with precision, uphold a high standard of service delivery, and remain agile in responding to market shifts. Agility is not a luxury in our field; it is a necessity,” he said.
Masimba delivers strong Q3 performance, cautious outlook By Business Reporter Masimba Holdings Limited, a leading infrastructure group, has reported a solid performance for the third quarter ended 30 September 2024. Revenue for the nine-month period grew by 10% to USD45.8 million, driven by a robust order book in the Mining and Housing Infrastructure segments. However, liquidity constraints in the market tempered growth. Despite the challenging operating environment, the Group maintained profitability through cost containment strategies and improved profit margins. The liquidity position strengthened due to enhanced working capital management. The Group's commitment to safety, health, environment, and quality management systems resulted in zero accidents reported in the quarter and year to date. The third quarter saw moderating inflationary pressures initially, driven by the introduction of the Zimbabwe Gold. However, the devaluation of the Zimbabwe Gold in late September led
Zimre delivers strong third-quarter performance By Allan Mbotshwa Zimre Holdings Limited (ZHL), a diversified financial services group, reported robust third-quarter results. Insurance contract revenue grew 8% to USD43.5 million, driven by new business and market expansion. Total income increased 7% to USD 22.6 million, fueled by insurance contract revenue growth, non-insurance income, and positive investment income. Profit for the period surged 56% to USD 9.8 million, driven by top-line growth and investment income. Total assets rose 14% to USD193.2 million, and net cash generated from operations soared 177% to USD16.3 million. Key Operational Highlights: Reinsurance and Reassurance: Recorded 5% growth in contract revenue, driven by new business and regional expansion. Short-term Insurance: Delivered impressive 41% growth, fueled by a strategic shift towards core direct business. Property: Generated 16% growth in total income, driven by strong occupancy rates. Insurance
‘Life insurance’ focusing on developing nations By Allan Mbotshwa Life insurance, a cornerstone of financial planning, has gained significant traction in recent years. While its importance is universally acknowledged, the landscape of life insurance varies significantly across different regions, particularly in developing nations. This article delves into a comparative analysis of African life insurance, highlighting its significance and available diverse offerings. Africa, a continent marked by its rich cultural tapestry and diverse economic landscape, presents a unique context for life insurance. “With a growing middle class and increasing awareness of financial security, the demand for life insurance products has increased. However, challenges such as limited financial literacy, infrastructure constraints, and regulatory hurdles persist,” said economic analyst, Mr Polite Mawire. One of the primary reasons for the growing popularity of life insurance in Africa is its abilit
Seed Co's resilience shines despite drought By Allan Mbotshwa SeedCo Limited, a leading seed producer, has weathered the storm of drought and economic challenges to deliver a strong financial performance. Despite a decline in volumes due to the El Niño-induced drought, the company's profit after tax (PAT) surged by 20%. The increase in profitability was primarily driven by other income, including USD-denominated royalties and exchange gains. This demonstrates SeedCo's ability to diversify its revenue streams and mitigate risks. While the drought significantly impacted demand, SeedCo remained committed to quality and product availability. The company's ongoing investments in continuous quality improvement initiatives ensured consistent supply to customers. The year 2024 was marked by economic instability and exchange rate volatility, posing substantial challenges for businesses. However, SeedCo's resilience and strategic approach have enabled it to navigate these difficulties successfully. The company's strong financial performance and unwavering commitment to quality position it as a trusted leader in the seed industry. As SeedCo continues to invest in research and development, it is well-equipped to address future challenges and capitalize on emerging opportunities.
IDBZ Partners with Private Sector for $2.8 Million Housing Project By Nomagugu Konke Harare, Zimbabwe – The Infrastructure Development Bank of Zimbabwe (IDBZ) has partnered with Armtrust Construction and the Mabuto family to launch a $2.8 million housing project, Mabuto Villas, in Hatfield, Harare. The project, which includes 20 new housing units, was commissioned last Friday. According to IDBZ Chairperson Kupukile Mlambo the project is a testament to the power of collaboration between the public and private sectors. “This project is more than just a residential development; it’s an embodiment of how strategic partnerships can foster community growth and stimulate economic progress,” "Today, we celebrate not just the unveiling of 20 units, but also the realization of IDBZ's shared commitment to deliver sustainable and quality housing to Zimbabweans," "The Infrastructure Development Bank of Zimbabwe recognizes the importance of access to quality, equitable, and inclusive housing in the attainment of Vision 2030," Mlambo said during the project's commissioning. Mlambo also explained that the project may seem isn't just about houses; it shows how the government and businesses can work together to build strong communities, create jobs, and improve people's lives. Armtrust Projects Director Isaiah Chakuchichi outlined the company's vision for the project. "Our aim as an organization is to bring to our community infrastructure and housing that is sustainable and that will help us in keeping in tune with what's happening in the future," he said. Chakuchichi emphasized the importance of local involvement and the company's commitment to inclusivity. "As we embarked on this project, one thing was to get local suppliers and constructors to be the ones to bring the material and the jobs to this place because we think if we do that, we are creating jobs and contributing to the economy." "We also made sure that our staff was inclusive of women and the youth, from managerial positions downwards." Regarding the project's progress, Chakuchichi shared that Mabuto Villas is currently 30% complete and 100% procured, meaning all building materials have been paid for. Dr Morgan Mabuto, a partner in the project, shared his experience. "After living here for nearly 25 years, I realized that this large piece of land could be used for more than just a family home,” “We wanted to create something that would benefit the community. We considered several developers, but ultimately chose Armtrust Construction,” “This meant saying goodbye to the home I'd lived in for 25 years, but it was a necessary step towards a brighter future." He said. Each unit at Mabuto Villas is priced at $135,000, and over half of the units have already been sold.
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