BSE, ZSE rave up cross-listing plan

From A1 cross-listing plan

286% annual inflation and relentless exchange rate fragilities have toppled many firms, the firm’s model has seen it expand volumes in a market where spending power has been battered by tepid demand.

“Delta has remained a market leader not only for its industry but for the Zimbabwe Stock Exchange as a whole,” the adjudicators said.

“e scale of investment in its capacity, market share recovery and innovation is unmatched. e company has weathered the storm to report its best volume performance in history achieving the highest revenue for any listed company, under a very volatile macroeconomic environment,” the statement said.

Simbisa, which was voted first runner up, has under its stewardship a string of mass and high end fast food outlets across African markets. e firm has defied pandemic headwinds to scale up its regional ambition, and expanding its footprint on a continent hardest hit by hard lockdowns as arrivals tumbled between 2020 and 2021.

Last week, Simbisa told the Zimbabwe Independent that it is to roll out 72 new outlets across Zimbabwe by June 2023, as it builds momentum towards networking all strategic markets.

In an interview, Simbisa managing director Warren Meares said the firm would be spending about US$21,7 million in the expansion plan.

“Simbisa has shown great resilience and innovation in a turbulent time, characteristised by Covid-19 and global geopolitical tensions, particularly the Russia-Ukraine war and the attendant challenges of supply chain disruptions and reduced operation hours,” the judging panel said.

“Despite these challenges, the company has continued to grow its store count across the region, innovated around delivery and offered value to customers, in turn spurring its earnings,” it added.

e panel said an extensive infrastructure revamp initiated by President Emmerson Mnangagwa’s government under the Emergence Road Rehabilitation Programme had boosted operations at the listed construction outfit, Masimba – one of about five major companies revamping the 580 kilometre Harare-Masvingo-Beitbridge highway.

“e company has largely maintained a stable growth performance over the years anchored on a diversified order book and strong balance sheet enabling it to fulfil its firming order book across varied sectors. In the year under review, the company's profitability significantly improved, anchored on a strong order book. It is exactly 10 years since a major shift at the company, which saw a change in shareholders, management and company name, but to date the company has shown not only ability to survive but grow through value unlocking and expansion,” the panel added.