Bindura FY17 results

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Bindura released its results for the year ended 31 March 2017 showing an increase in turnover to $45.1 mln from $42.2 mln and flat profit after tax at $609,961 from $649,070 prior year. Nickel production increased to 6,762 tonnes from 6,621 tonnes while sales increased to 6, 705 tonnes from 6,613 tonnes. There was a 3% decline in the average nickel price achieved of $6,519 per tonne down from $6,737 per tonne prior year comparative. – The Herald, 30 June 2017

Starafricacorporation says its revenue for the year ended 31 March 2017 increased $32.6 mln from $18.6 mln. Loss for the period came down to $5.8 mln from $10.2 mln. The Group recorded its first positive EBITDA since dollarisation. EBITDA amounted to $1.6 mln. – The Herald, 30 June 2017

FBC Holdings says it is awaiting central bank approval to open a reinsurance unit  offshore to service its foreign insurance business to avert delays in settling external claims. Zimbabwe is battling an acute shortage of dollars, leading to delays in foreign payments.   FBC, which operates a commercial banking and a short-term insurance business, also runs a reinsurance business which services Zambia, Malawi, Kenya, Uganda and Sudan among other countries in the region. Chief executive John Mushayavanhu on Wednesday told shareholders at the company’s annual general meeting , that the company was under fire from foreign clients because of delays in paying claims. – Source (Online)

A row has erupted between local financial institutions and Government over the bankability of 99-year leases which had been primed as the solution for farmers to unlock credit from banks. This comes as the Reserve Bank of Zimbabwe (RBZ) says its interactions with banks show that they will not accept 99-year leases until “some aspects” have been included in the documents. RBZ deputy director (Economic Research) Samuel Tarinda said the major bone of contention is the 99-year leases which are being perfected to incorporate the aspects that banks would want so that they (farmers) use them as collateral. However, Lands and Resettlement Minister Douglas Mombeshora expressed concern at the attitude by banks saying the amendments done on the 99-year leases recently were suggested by financial institutions. – The Herald, 30 June 2017

By |June 30th, 2017|Categories: Headlines|

About the Author:

Kudzanai’s background in financial journalism with ZFN, combined with a continuing education in financial management, provide a solid grounding for his work in the research department.