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CFI expansion drive 'in full swing'

Thu, 16 Feb 2012 12:00:00

CFI Holdings has embarked on a massive expansion programme designed to improve capacity and efficiency of the group's operations. In an update of its operations yesterday, chief executive Mr Steve Kuipa said the expansion programme was "in full swing". It consisted of the installation of four environmentally-controlled housing for broilers at its Glenara Estates and the refurbishment of Victoria Foods. Commissioning of the environmentally-controlled houses at the 2 000-hectare estate...

New units boost Phoenix revenues

Wed, 1 Feb 2012 00:00:00

Phoenix Consolidated Industries two new units, Precision Grinders and McMeekan, contributed $1,5 million to the groups turnover of $11,58 million for the year ended October 31 2011. The two units were acquired from Apex in 2011. The group recorded a retained profit of $148 000 after depreciation, finance costs and taxation while the trading profit was up to $904 000 compared to $680 000 the previous year. Fixed assets for the group were at $6,5 million while current assets exceeded...

CFI Holdings releases audited financial report to 30 September 2011

Tue, 31 Jan 2012 12:00:00

The Directors of CFI Holdings Limited announce the release of the Group' s audited financial report for the year ended 30 September 2011. Below is an extract of the overview of the Group's operations and performance from the Chairman's Report. Overview of the Group's operations and performance The period under review was challenging for the Group. The Group did not manage to complete its recapitalisation during the period. While efforts to grow revenues were reasonably...

PHOENIX releases audited results to 31 October 2011

Tue, 31 Jan 2012 12:00:00

The Directors of Phoenix Consolidated Industries Limited have released the Company's audited results for the year ended 31 October 2011. Below is an extract from the commentary of the results. COMMENTARY Phoenix achieved a trading profit of $904 000 compared to $680 000 in the prior year. This translated to a retained profit of $148 000 after depreciation, finance costs and taxation. Profitability Turnover increased by $3.5 million of which the new units, McMeekan and Precision...

CFI Holdings: Cautionary statement

Mon, 23 Jan 2012 12:00:00

The Directors of CFI Holdings Limited wish to advise all shareholders that the company is currently engaged in discussions that may result in a series of transactions that may have an impact on the value of the Company's shares. Specifically, shareholders are advised that the Company is engaged in negotiations with potential strategic partners regarding investments in Victoria Foods (Private) Limited and Crest Poultry Group (Private) Limited. Non-disclosure agreements have been executed...

CFI Holdings Limited launches new interactive website

Wed, 21 Dec 2011 12:00:00

"Over the past 100 years our brands have grown to be part and parcel of life for many thousands of Zimbabwean families. As our economy grows and as technology is used more and more to communicate, its important for our customers to be able to communicate with us effectively and be fully informed of what our products and services have to offer. Our new CFI Holdings Limited group website on www.cfigroup.co.zw is our next step to improving our communications practices both to and from our...

NITL releases 2011 annual report

Mon, 5 Dec 2011 12:00:00

The Directors of National Investment Trust Limited are pleased to announce the release of their 2011 annual report for the year ended 30 September 2011. Below are some extracts from the 2011 annual report. Fund Manager's Report Review of the Year The Malawi equity market remained stubbornly bearish throughout the period under review. As anticipated, foreign investment sentiment remains negative, largely on the basis of perceived macroeconomic risk. It was, however,...

FBC: Banking sector stability possible

Mon, 28 Nov 2011 12:00:00

FBC Holdings CEO John Mushayavanhu says banking stability is possible in an environment where there is good corporate governance, experienced and professional management (preferably not owner-managers), strong internal controls, sound liquidity management, sound credit policies and credit discipline. He was speaking at the Zimbabwe Independent's 2011 Banks and Banking Survey, whose theme was Banking on Stability, "Ever since its formation in 1997, FBC has lived up to this theme....

NITL Releases FY2011 financial results

Tue, 15 Nov 2011 12:00:00

The Board of NITL Malawi is pleased to announce the release of the 2011 abridged financial results for the year ended 30 September 2011. Below are some extracts from the report. Overview of results Our portfolio showed marginal capital growth with an overall net fair value gain of K30million representing 1.2% of the opening portfolio valuation, broadly in line with the movement in the MSE domestic share index over the same period. With interest income, despite declining yields, remaining...

NITL: Notice of Annual General Meeting

Tue, 15 Nov 2011 12:00:00

Notice is hereby given that the 10th annual general meeting of members of The National Investment Trust Limited will be held at Ryalls Hotel, Blantyre, Malawi on Thursday 15 December 2011 at 2.30pm to transact the following business: Minutes of previous annual general meeting To approve the minutes of the 9th annual general meeting held on 16 December 2010. Financial Statements To receive and adopt the audited financial statements for the...

Delta releases HY2011 financial results

Thu, 10 Nov 2011 12:00:00

The Directors of Delta Corporation Limited are pleased to announce the release of the Group's unaudited financial results for the half year ended 30 September 2011. Salient features: Earnings per share - Increased by 46% to 2,9 cents Attributable income - Up by 47% to $29,5 million Operating income - Grew by 48% to $40,4 million Revenue - Increased by 41% to $254,8 million Dividend per share - Interim dividend per share declared - 0,83 cents up 66% on prior year Investment...

INNSCOR: Notice of Annual General Meeting

Thu, 3 Nov 2011 12:00:00

NOTICE IS HEREBY GIVEN that the fifteenth Annual General Meeting of members will be held at the Royal Harare Golf Club, 5th Street extension, Harare, on Friday 25th November 2011 at 08h15, for the purpose of transacting the following business: Ordinary Business To receive and consider the financial statements for the year ended 30 June 2011 together with the reports of the Directors and Auditors thereon. To elect Directors: Mr. J Koumides and Mr. T N Sibanda who retire by...

TRUWORTHS: Release of 2011 annual report

Thu, 3 Nov 2011 12:00:00

The Board of directors of Truworths Limited is pleased to announce the release of the 2011 annual report for the year ended 10 July 2011. Below are some extracts from the report. CHAIRMAN'S STATEMENT RESULTS FOR THE YEAR I have great pleasure in reporting on a successful year in our operations with retail sales increasing by 71% driven by an increase in credit terms. Profit after tax increased by 142% resulting in headline earnings per share of 0.47 cents from last year’s 0.19...

TRUWORTHS: Notice of 54th Annual General Meeting

Tue, 1 Nov 2011 12:00:00

Notice is hereby given that the Fifty-fourth Annual General Meeting of Shareholders of Truworths Limited will be held in the Boardroom, Truworths Limited, Prospect Park, Stand 808, Seke Road, Harare on Thursday November 24 2011 at 9.00am to transact the following business: ORDINARY BUSINESS To approve Minutes of the Annual General Meeting held on November 25 2010. To receive and adopt the Financial Statements and Reports of the Directors and Auditors for the year...

National Foods: Acquisition timely boost

Wed, 26 Oct 2011 00:00:00

THE recent acquisition of 11,7 percent stake in Zimbabwe Stock Exchange listed National Foods by an unidentified foreign investor was a bold stamp of approval in the firm's operations and the economy in general. The transaction can be interpreted in three different ways. Firstly, it represented investor confidence in a company that has done well without bothering shareholders for huge funding. Secondly, it points to returning confidence in the local economy as foreign investors had,...

NATFOODS: Notice of Annual General Meeting

Thu, 20 Oct 2011 12:00:00

Notice is hereby given that the forty-second Annual General Meeting of National Foods Holdings Limited is to be held at the registered office, Gloria House, 10 Stirling Road, Workington, Harare on 15 November 2011 at 8.30am, to conduct the following business:- Ordinary Business To receive, approve and adopt the Financial Statements and Reports of the Directors and Auditors, for the Financial year ended 30 June 2011. To elect the following Directors, Messrs L. T. Murimwa...

Truworths records 204 % operating profit surge

Mon, 10 Oct 2011 12:00:00

CLOTHING manufacturer and retailer, Truworths' operating profit grew by 204% in the 53 weeks ending July 10 2011 from the comparable period, spurred by an increase in credit time period extended to customers. "We are coming off a low base where we were selling on credit for three months but we have improved to six months. Volumes consequently went up," said Themba Ndebele, the group's CEO. Gross margins went up to 52% during the period under review from the same period last year....

TRUWORTHS releases 2011 abridged results

Thu, 6 Oct 2011 12:00:00

The Directors of Truworths Limited are pleased to announce the release of the Group's 2011 abridged results for the 53 weeks ended 10 July 2011. Below is a brief extract from the results. Financial Performance Operating profit was 204% above the period ended 04 July 2010 (the prior period), with an improvement in gross margin from 51% to 52%. Trading expense growth was 61% compared to a sales growth of 71%. Merchandise Management Retail sales for the 53 weeks increased by 71% to...

Delta: Zimbabwe's beer market poised for growth, says Renaissance

Mon, 12 Sep 2011 12:00:00

Renaissance Capital is bullish about the future of the beer industry in Zimbabwe, and has advised investors to buy the shares of Delta Corporation, the country’s largest brewer. “Zimbabwe is a beer drinking nation,” noted the investment bank in a recent report. According to Renaissance, Zimbabweans currently consume an average of 14 litres of beer per person a year. This is more than the Sub-Saharan Africa average of 10 litres, but “well below what we view as its...

FBCH HY2011 financials and trading update

Mon, 5 Sep 2011 12:00:00

The Board of Directors of FBC Holdings has released the interim financials and trading update for the half year ended 30 June 2011. Below are a few financial highlights: Financial highlights Total Income: Up by 39% at 24. 4mil vs 17.5mil PBT: Grew by 129% at 6.4mil vs 2.8mil PAT: Increased by 135% at 4.9mil vs 2.1mil EPS: Went up by 113% at 0.66 vs 0.31 Balance Sheet size: Up by 12% at 264,7mil Div Declared: 0.169c To download the full 2011 interim...

Suncrest: New Branding on Suncrest Trucks

Thu, 18 Aug 2011 12:00:00

Keep a look out for our newly branded Suncrest trucks. Its catchy, attractive and conveys the message clearly. You will not miss it on the roads.For healthy living, eat well and live well. So, with Suncrest Chicken, staying in good health will never be an uphill struggle.

DAIRIBORD releases HY2011 interim results

Thu, 11 Aug 2011 12:00:00

The Board of Directors of Dairibord Holdings Limited has released the interim financial results for the half year ended 30 June 2011. Below are a few excerpts from the Chairman's statement: CHAIRMAN'S STATEMENT OPERATING ENVIRONMENT In Zimbabwe, the relatively stable inflation at 2.5% year-on-year created a conducive platform for doing business during the period under review. However, the erratic supply of utilities and the shortage of coins continue to adversely impact on...

Riozim secures underwriter for rights issue

Thu, 4 Aug 2011 12:00:00

RESOURCES firm RioZim Limited says it has secured an underwriter for its proposed rights issue that should follow immediately after the company's debt restructuring exercise. Managing director Mr Josh Sachikonye confirmed the company would embark on a limited capital raising - and not the initial US$40 million - to fund growth projects at Cam & Motor gold mine and expansion at its Renco gold mine. He said after debt restructuring the company requires limited capita, without divulging...

Delta: Investors snap up delta shares

Thu, 4 Aug 2011 12:00:00

FOREIGN investors on the Zimbabwe Stock Exchange on Tuesday snapped up a block of 1,4 million Delta shares worth US$1,1 million on the back of improved first quarter performance. Investors have continued to show interest in the country's biggest company by market capitalisation given its strong financial performance, increased production and forecast. Delta recorded a 42 percent increase in revenue to US$144 million through to June from US$101 million a year earlier with April...

Phoenix buys two units

Mon, 1 Aug 2011 00:00:00

ZIMBABWE Stock Exchange-listed Phoenix Consolidated Industries Ltd has concluded the purchase of McMeekan Founders and Presicion Grinders from Apex Corporation. The divisions are expected to improve the profitability of the group, although not this will not happen in this year. "Whilst these units are profitable, they will not have a material effect on the year's results both in terms of earnings and the overall balance sheet," said Phoenix in a statement accompanying its results for...

Dairibord to open new plant in Chitungwiza

Wed, 13 Jul 2011 12:00:00

DAIRIBORD Holdings Limited is set to open a Nutriplus beverage plant in Chitungwiza during this quarter as part of its efforts to enhance productivity. The ZSE-listed milk processor and manufacturer of food and beverages has been producing the nutritious beverage at its Mutare and Gweru factories but on a lower scale. Without disclosing how much is to be spent on the investment, Dairibord Zimbabwe managing director Mr Thompson Mabika said in an interview the factory would start operating...

Ray Kaukonde set to acquire Spar license

Thu, 7 Jul 2011 00:00:00

ACQUISITIVE tycoon, Ray Kauk-onde, is within the cusp of acquiring the prized Spar license giving him control of Zimbabwe's western region in a deal likely to spread his tentacles in the country's cash-rich retail sector. Market sources indicated that Kaukonde, who last year splurged on several acquisitions and joint venture deals, had sealed an agreement for the take-over of Advance Wholesalers, the current owner of the Western Region Spar Distribution Centre (Western Guild), from...

Suncrest Protein

Wed, 6 Jul 2011 12:00:00

Chicken is today's recommendation for healthful living.It is a healthy form of protein for the entire family. Because Suncrest Chickens are bred and processed to keep you healthy, you need your generous intake at every meal. To live well, eat well and enjoy Suncrest Protein today!

FBCH releases 2010 annual report

Thu, 30 Jun 2011 12:00:00

The Directors of FBC Holdings Limited are pleased to announce the release of the Group's 2010 annual report for the year ended 31 December 2010. Below are some salient figures: Financial highlights: Profit before income tax - US$ 4.1m Voluntary retrenchment reduced profit before income tax by - US$ 3.5m Basic earnings per share - US 0.01cents Cost income ratio - 89% Total shareholders' equity - US$ 46.5m Total assets -...

Hubbard exports sales to increase

Tue, 28 Jun 2011 12:00:00

Diversified group CFI Holdings Limited plans to increase exports of its Hubbard brands, parent birds and hatching eggs into the Southern African region this year, an official has said.The company’s group chief executive officer Steve Kuipa told shareholders at an analysts briefing recently that export sales for Hubbard Zimbabwe Limited grew by 231% for the half-year ended March 31 2011. The export sales grew to $188 000 from the previous first six months performance of $56 000....

POWERSPEED: Release of 2011 interim financial results

Fri, 24 Jun 2011 12:00:00

The Board of Directors of Powerspeed Electrical Limited is pleased to announce the release of the financial results for the half year ended 31 March 2011. Below is a brief extract from the report: Introduction The business environment in Zimbabwe during the six months under review remained difficult. Levels of investment remained low and, related to this, liquidity was, and still is, extremely tight. This has left too many players chasing after a limited market and as a result, both...

CFI to raise U.S.$8 million from assets disposal

Fri, 24 Jun 2011 12:00:00

CFI Holdings Ltd intends to raise about US$8 million through disposal of non-core assets to retire expensive debts and finance working capital. Disposal of assets comes after the group shelved its proposed rights issue of between US$10 million and US$20 million. Shareholders refused to take up the rights offer saying the company shares are under-valued and feared this would negatively affect the company's net asset value. This means that most shareholders would not be able to follow...

CFI Holdings to Eliminate Debt

Thu, 23 Jun 2011 12:00:00

CFI Holdings Ltd will sell off noncore businesses to eliminate debt, CEO Steve Kuipa said, presenting the group's interim financial results to March 2011. Kuipa said CFI Holdings would dispose of a 14% stake in Windmill, a 10% local fertiliser manufacturer, a 10% Stake in Beira Grain Terminal, a 70% stake in irrigation equipment company Dore & Pitt, a 45% stake in property holding concern Maitland's Zimbabwe, Honey Dew Farm and other properties. Some US$8 million would...

CFI Holdings recapitalises

Thu, 23 Jun 2011 00:00:00

Diversified group CFI Holdings Limited, says it is in the process of recapitalising some of its subsidiary companies using funds accessed from the Preferential Trade Area (PTA) Bank and Zimbabwe Economic Trading Revival Facility (Zetref) as part of efforts to boost its operations. CFI Holdings group chief executive officer Steve Kuipa said the group had already accessed $3,8 million from PTA Bank and $600 000 through Zetref. He said $1,8 million had been invested in Hubbard Zimbabwe hatchery...

CFI disposes of Dore and Pitt stake

Wed, 22 Jun 2011 12:00:00

Diversified conglomerate CFI Holdings is disposing of its entire shareholding in irrigation business Dore & Pitt. The disposal is for an undisclosed amount, but is intended to retire debts and achieve modest profits. Financial advisory company Corporate Excellence has been appointed to sell the business on behalf of the parent company. "Corporate Excellence has been retained by the current shareholders of Dore & Pitt Limited to dispose of 100 percent of the issued shares of the...

CFI Holdings restructures

Wed, 22 Jun 2011 12:00:00

HARARE - Agro-focused group CFI Holdings Limited (CFI) is disposing its irrigation business Dore & Pitt (Private) Limited (D&P) as part of the group’s restructuring exercise. “We are refocusing the group. Though it has been part of the group, D&P is non-core business,” group chief executive Steve Kuipa told businessdaily yesterday. CFI, quoted on the Zimbabwe Stock Exchange, holds a 70 percent stake in D&P and the remaining 30 percent is held by the Pitt...

CFI Holdings restructures

Wed, 22 Jun 2011 00:00:00

Agro-focused group CFI Holdings Limited (CFI) is disposing its irrigation business Dore & Pitt (Private) Limited (D&P) as part of the group’s restructuring exercise. “We are refocusing the group. Though it has been part of the group, D&P is non-core business,” group chief executive Steve Kuipa told businessdaily yesterday. CFI, quoted on the Zimbabwe Stock Exchange, holds a 70 percent stake in D&P and the remaining 30 percent is held by the Pitt family....

FSG:- Cheque donation to Bothakga Primary School, Lobatse

Mon, 20 Jun 2011 00:00:00

At FSG when we say “We care,” we mean it, FSG is continuing to penetrate the community as proof that it does not only ‘take’ from the community but also gives back. On April the 20th 2011 FSG extended a helping hand to a ‘special’ school in the Lobatse community of Woodhall. The school which caters for students with special needs, has been appealing for funds and FSG came to it’s’ rescue. A cheque of the sum of P6 000 was awarded to the school...

FBCH: Notice of Annual General Meeting

Tue, 7 Jun 2011 12:00:00

Notice is hereby given that the Seventh Annual General Meeting of Shareholders of FBC Holdings Limited will be held in the Auditorium, Charter House, 70 Samora Machel Avenue, Harare on Tuesday, 28 June 2011 at 1200 hours. Agenda To receive, consider and adopt the financial statements and the reports of the directors and auditors of the Company for the financial year ended 31 December 2010. To sanction the non-payment of a dividend. To elect Directors of the...

INNSCOR:- Trading update - Third Quarter (F2011)

Tue, 7 Jun 2011 00:00:00

INNSCOR AFRICA LIMITED TRADING UPDATE- THIRD QUARTER (F2011) ZIMBABWE OPERATIONS FMCG Businesses Milling and Manufacturing Silo Revenue for the third quarter at National Foods was marginally above that recorded in the second quarter; with just over 90,000 tonnes being processed in the period. Revised pricing strategies in certain lines, designed to improve market share, however resulted in a decline in overall profitability during the quarter as compared to quarter two. A major...

FBCH: Changes in Directorship and Executive team

Mon, 6 Jun 2011 12:00:00

The Chairman of the Board of Directors of FBC Holdings Limited, Mr Herbert Nkala, wishes to announce the following movements within the non executive boards of directors and the executive team of the FBC Group. Non-executive Directors David Birch – Non-Executive Chairman, FBC Reinsurance Limited We are pleased to announce the appointment of Mr David Birch as Chairman of FBC Reinsurance Limited with effect from 1 February 2011... Taka Mutunhu – Non-Executive Chairman, FBC...

RioZim Chairman's Statement to the Annual General Meeting

Tue, 24 May 2011 12:00:00

Good morning ladies and gentlemen and welcome to the 55th Annual General Meeting of your Company. I trust that shareholders have received the full annual report or an abridged version. However, any shareholder who has only received the abridged version but who wishes to have a copy of the full report can either contact the company secretary or view it on the company website. Your Company's operating performance improved in 2010 compared to the previous year but would have been even...

NITL: 2011 Interim financial results

Fri, 20 May 2011 12:00:00

The Board of NITL Malawi is pleased to announce the release of the 2011 Interim financial results for the period ended 31 March 2011. Below are some extracts from the report. Overview of Results Strong underlying investment performance has seen a 12% increase in dividend income from K36.52 million to K40.97 million. An 8.2% increase in expenditure is broadly in line with expectations. The Malawi Domestic share index declined by 1.48% during the six month period but our equity portfolio...

NITL: Notice of dividend declaration

Fri, 20 May 2011 12:00:00

The Directors of NITL Malawi have approved an interim dividend of 27 tambala (2010 interim: 25 tambala per share) payable on 24 June 2011 to shareholders appearing in the register at the close of business on 17 June 2011. The register of members will be closed from 20 June to 24 June 2011.

RioZim Press Release

Tue, 17 May 2011 12:00:00

Following the recent articles in the press regarding the debt situation at RioZim Limited and its possible impact on the banking sector, the Company would like to advise the market as follows: RioZim Limited, as is the case with most other companies in Zimbabwe, was negatively affected by the economic difficulties over the last few years and sought support from its shareholders through a combination of a rights issue and a private placement. In this regard, the Company confirms that the...

Delta Zimbabwe anticipated to build sparkling-drinking plant in Harare

Mon, 16 May 2011 12:00:00

Delta Corp. Ltd., Zimbabwe's leading brewer and soft-drink maker, plans to expend $14 milion building an innovative carbonate beverages plant by the end of July, Finance Director Rob Maunsell explained. The 42,000-bottle an hour plant, made by Germany's Krones AG (KRN), is going to ease tense capacity in Zimbabwe's sparkling drinks market, he also elaborated in an e-mail yesterday. Sales of sparkling beverages, as well as Coca-Cola Co. (KO) brands, jumped 53% during the 12...

Zimbabwe's Delta Corporation posts US$54 million profits on rising sales

Fri, 13 May 2011 12:00:00

Delta Corporation Chairman Canaan Dube said volumes rose 15 percent driven by strong demand for lager beer and soft drinks, boosting revenue 45 percent and spinning off US$98 million in taxes to the Treasury. Some sectors of Zimbabwe's economy may continue to lag, but Zimbabweans have more money to spend on beer gauging from results posted by beverage manufacturer Delta Corporation, which earned US$54 million for its 2010-2011 financial year. Group Chairman Canaan Dube said volumes...

Delta releases FY2011 abridged results

Thu, 12 May 2011 12:00:00

The Directors of Delta Corporation Limited are pleased to announce the release of the Group's audited financial results for the year ended 31 March 2011. Salient Features: - Revenue increased by 45% to US$ 408 million - EBIDTA up by 67% to US$ 81.7 million - Operating income grew by 76% to US$ 68.2 million Revenues Revenue is up 45% due to the increased total volume, the higher contribution from premium products and small price increases effected largely at the tail end of the...

Delta: Notice of dividend declaration

Thu, 12 May 2011 12:00:00

NOTICE is hereby given that on 6 May 2011, the Board of Directors declared a final dividend, number 102, of US$0.01 (one US cent) per share payable out of the profits of the Company for the year ended 31 March 2011. The dividend will be payable in United States Dollars to Shareholders registered in the books of the Company at the close of business on 3 June 2011. Dividend warrants will be posted or direct payments made on or about 8 June 2011. The share register of the Company will be...

Delta's recapitalisation pays back

Thu, 5 May 2011 12:00:00

GIANT beverages concern, Delta Corporation, which is understood to have invested over US$40 million as part of its recapitalisation program, is exhibiting a range of its products at ZITF 2011. The huge investment has positioned the beverages manufacturer way above its competitors, at the same time improving its capacity to satisfy the market. Delta is showcasing Castle, Lion, Black Label and Eagle Lager, its main brands; Pilsner, Zambezi, Zambezi Lite and Bohlingers – the premium...