Fast food giant, Innscor, is operating below capacity because of a shortage of flour but its food division saw sales increase by 223 percent and the company as a whole had sales of $23.8 billion in the six months to December, $5 billion more than the total sales for the year ending June when its turnover was $18.4 billion.
The purchasing power of the Zimbabwe dollar fell by nearly two-thirds last year and today’s dollar is less than one cent its value in 1990, NMBZ Holdings says in its latest report.
One of the country’s leading stockbroking firms has expressed dismay at the results that are being released by most listed companies.
Genesis Investment Bank which was placed under curatorship for six months from July to December still managed to make a profit of $154 million up from $121.3 million the previous year.
Zimbabwe Financial Holdings (Finhold) had a lacklustre performance with net profit doubling from $501.5 million to $1.2 billion but it says with a stable macro-economic environment, it should realise real growth in profit in the current financial year.
Insurance and financial services group, Old Mutual is upbeat about its results for 2002, though operating profit was down 15 percent in pounds sterling but up 8 percent in rand.