Strong demand for products of Cairns Holdings saw the company’s sales increase more than four-fold while net profit increased nearly ten-fold during the year ending August but volumes only increased by 1 percent.
Intermarket Building Society, which has taken over the former Founders Building Society, has taken advantage of the booming property business by launching a facility for Zimbabweans living abroad, who most people believe have pushed property prices up because of the weakening Zimbabwe dollar.
Price controls, which kept the price of seed maize at pre-June 2001 levels, saw the net profit of SeedCo, one of the country’s biggest seed producers, plummet by 63 percent from $385.2 million to $142.9 million.
Food shortages and the threat of starvation for the less privileged members of the community have forced many people to redirect their meagre resources towards food purchases rather than clothing but Edgars Stores still managed to post a 254 percent net profit increase in the six months to 6 July.
Zimbabwe has imported 647 000 tonnes of maize and at the current rate of imports of 99 500 tonnes a month it could import a further 650 000 tonnes before the end of the current marketing season that ends in March.
The expulsion of Munyaradzi Gwisai from the Movement for Democratic Change made headlines in almost every local newspaper, the Sunday papers- both pro-government and privately-owned, the dailies papers- all four of them- and the weekly papers as well.