BizDay Zimbabwe

CBZ Holdings, Zimbabwe’s largest local financial group on Thursday reported a 32 percent drop in profit after tax to $23,7 million in the full year to December from $35,2 million last year and its Treasury Bills holdings doubled to $766 million.
Presenting company results on Thursday, finance director Colin Chimutsa said non interest income had contributed 43,4 percent to group revenue up from 34,3 percent in 2015 as the group tries to absorb the effect of reduced interest rates....

The central bank says it is putting in place a $70 million nostro stabilisation facility to quicken the processing of outgoing payments by banks after the amount held in offshore accounts dropped by two thirds as the country deals with persistent cash...

More than a tenth of Zimbabwe’s current maize crop is under threat from a fall armyworm infestation that has affected at least seven countries in the southern African region, the United Nations’ Food and Agricultural Organisation has said.
Zimbabwe, a regional bread basket turned perennial food importer, has planted 1.2 million hectares of the staple maize in the 2016/17 farming season, with the country receiving above normal rains. But hopes of a return to surplus are under serious threat...

Zimbabweans are now consuming more and more spirits, wines and ciders, with ZSE listed African Distillers (Afdis), in which South Africa’s Distell has shares, saying revenues have risen 10% to $14 million on the back of increased consumption.
The revenue increase by Afdis comes against the background of revenue and profit declines by Delta Corporation, which manufactures lager beer brands and Chibuku. Delta, a division of the merged SABMiller and AB InBev entity also jointly controls Afdis...