Hyperinflation, which has led to consumptive spending, proved a major boost for African Distillers which saw its sales almost quadruple from $4.3 billion last year to $16.5 billion during the year ended June.
Increased emphasis on the truck tyre market, with its tie in to retreading, saw National Tyre Services’s volumes increase by 16 percent in the first half of this year, but overall volumes were down by 10 percent.
Intermarket Banking Corporation, which was granted a certificate by the Reserve bank of Zimbabwe to start operations in January, made a loss of $340million in the six months to June.
The national Economic Recovery Programme (NERP) has elements of market friendly measures that could usher a new economic dispensation but it needs bold implementation with the necessary adjustments and speed to match the severity of the problems that are threatening the stability of the country’s economy.
Intermarket Building Society had an excellent year following its rebranding from Founders Building Society and recorded a net profit growth of 458 percent.
CABS remained the country’s largest building society realising a surplus of $8.2 billion for the year ending June, almost double its nearest rival.