TA Holdings, which has just completed its restructuring exercise to focus on business with high growth potential, high margins and currency hedging, saw its net profit soar by 861 percent in the first half of this year.
Zimnat Lion Insurance Company, another short term insurance firm, has decided to expand into the region to cushion itself against the present negative macro-economic environment, which it says is not expected to improve in the short term.
The strengthening of the South African rand against major currencies, particularly the United States dollar and the pound sterling, helped boost global insurance giant Old Mutual’s earnings in sterling during the first half of this year.
Premier Discount Company which started operations at the beginning of this year made a profit of $111million in the first half of this year, and it says despite the economic challenges the country is facing, prospects for the second half are encouraging.
Poor planning and empty promises by the government could derail the country’s agrarian reform as the country is currently short of seed for virtually all crops except soya beans.
The government has increased the producer price of wheat from $400 000 a tonne to $776 205 a tonne but farmers have said the price increase came too late.