Though there was a sharp fall in cotton production due to the drought, the Cotton Company of Zimbabwe (Cottco) still managed to increase sales by 51 percent from $7.1 billion to $10.7 billion.
A change in focus from a dwindling Zimbabwean market to an expending regional one saw newly listed Amalgamated Regional Trading (ART) almost treble its sales from $4.5 billion to $12.4 billion during the year ended September.
Hyperinflation and the country’s inability to generate foreign currency has had a disastrous effect on medical inflation with claims costs going up by three to four times the rate of inflation, one of the country’s largest medical aid societies, CIMAS, says in its annual report for June.
TZI, which has transformed itself into an investment company leaving management to the boards that are running its investments, had a turnover of $22.6 billion in the year ended September.
Despite a difficult agricultural year marred by an industrial strike in December 2001 and poor rains, Tanganda Tea managed to produce a record crop of 11 011 tonnes.
Tetrad Securities had a mediocre performance during the year ending September but it says profitability improved significantly during the second half because of increased volatility in the market which was largely premised on speculation that the government might revise its monetary policy which has seen negative interests rates since January 2001.