Though volumes declined by 6 percent and exports by 21 percent, British American Tobacco (BAT) Zimbabwe Holdings still saw its turnover increase from $10.1 billion in 2002 to $65.4 billion last year with net profit soaring from $1.9 billion to $15.5 billion.
The Southern African Reinsurance Company (SARE) had positive results for the year ending December despite negative fundamentals.
Sugar production at Anglo-American- owned Hippo Valley dropped by 17 percent from 284 109 tonnes in 2002 to 236 116 tonnes last year but revenue for the company shot up from $19.3 billion to $101.7 billion.
Increased demand for stainless steel products in China, one of the world’s fastest expanding economies, helped boost profits for Bindura Nickel Corporation, once owned by the giant Anglo-American Corporation but now under an indigenous consortium which includes Zimbabwean and Congolese businessmen.
Portland Holdings’s cement sales dropped by almost half in the six months ending March as the situation in Zimbabwe continued to deteriorate with the economy struggling with both hyperinflation and a shortage of foreign currency.
Zimbabwe’s food saga has taken a new twist with one report saying that contrary to claims by the government that the country has enough food, this year’s harvest is going to be lower than last year’s, while another said cereal availability at national level will be less of a problem compared to last year.