Cable company, BiccCafca had a successful year in which it saw its profit attributable to shareholder increase from just $1 million to $23 million and it has declared a dividend of 30 cents per share for the year.
The Zimbabwe Reinsurance Corporation (Zimre), which dominates the reinsurance business in the country, although there are six other operators in the country, is coming on to the market although it will initially trade over the counter.
Schweppes Zimbabwe Limited, which is still assessing the impact of the global sale of Schweppes brands to Coca Cola outside the United States, France and South Africa, had satisfactory results for the year ending January 2, 1999 which saw turnover increase by 44.7 percent from $194 million to $280.8 million and net profit increase by 51.2 percent from $15.6 million to $23.5 million.
Watching Herald editor Bornwell Chakaodza make a spectacle of himself during the televised interview of President Mugabe on the eve of his 75th birthday, those who have been reading his editorials of late must have heaved a sigh of relief.
Packaging giant, Hunyani Holdings, saw its earnings attributable to shareholders increase by 39 percent from $84.3 million for the year ending October 1997 to $117.1 million last year but it says the ongoing fiscal indiscipline by the authorities will cause interest and inflation rates to remain high for most of this year.
Mining group Rio Tinto Zimbabwe’s net profit nearly quadrupled from $57.8 million in 1997 to $208.2 million last year, largely because of the devaluation of the Zimbabwe dollar but the company says the short term outlook for the gold price remains poor with international prices likely to continue around current levels and the local price likely to weaken as measures implemented to reduce imports bring a degree of revaluation to the dollar.