Ariston suffers 20% hit on revenue.
Horticultural giant, Ariston Holdings yesterday said it took a 20% hit on revenue during the year ended September 30, 2021 stemming out of Zimbabwe’s long drawn exchange rate crisis. The Zimbabwe Stock Exchange listed firm saw its inflation adjusted revenue rise to $1,2 billion during the review period, after ending at $939 million during the comparable period in 2020, according to an annual report filed with the bourse. “In the year under review, approximately 20% was lost from the revenue line as a result of the 40% Reserve Bank of Zimbabwe retention,” the firm said. “After considering fair value adjustments and the monetary loss, the group realized an inflation adjusted loss before interest and tax of $244 million, compared to a profit of $112 million for the prior comparative period. “Losses were made on fair value adjustments due to these being denominated in Zimbabwe Stock Exchange (USD) and the USD interbank rate lagging behind inflation index.
Fuel price hike sparks mayhem.
Seed Co expects its seed conditioning plant to dry 12 000 tones of wet seed maize this year, which will enable the company to supply the market with adequate seed maize. This means farmers will be the biggest beneficiaries as they will be able to obtain seed maize much earlier as well as plant on time, enhancing their planning for seasonal crop rotation. President Mnangagwa officially opened the state-of-the-art Seed Co seed maize conditioning plant in September last year. This modern technology plays a pivotal role by creating opportunities for double cropping resulting in higher returns per hectare, contributing towards sustainable agriculture. Over the years some growers would not be able to grow wheat because they would not have harvested their seed maize crop and land prepared in time for the winter crop. “However, our contracted seed growers have been presented with the opportunity to harvest and deliver their wet seed maize cobs, resulting in early land preparation for wheat, which also is an added advantage to the grower, and ultimately the nation.
The ZSE ASI continues trading in the red as sellers dominate the market.”
The ZSE ASI continued trading south, further plunging by 50 basis points as selling pressure continued directing the bourse. The amount of market activity significantly dropped, with $142.3 million in shares changing hands. Delta, the beverages giant, commanded the value aggregates with ZWL$64 million in trades (45% of the days trades), whilst Star Africa anchored volume aggregate dealing 0.93 million trades. Econet received $45.2 million and SeedCo $13.95 million in other notable exchanges. Market sentiment continue to be adversely biased, with 12 of the 34 equities rising, 14 falling, and 8 holding steady, as indicated by market breadth. African distillers continue on an upward momentum, surging 20 percent to close at $264, while CFI recovered from previous day losses adding 17.65 percent to $120.00. Hippo was up 16.33 percent, while Edgars, was up 12.64 percent to $6.00
On the other hand, Zimpapers slipped 17.98%, while the hoteliers African Sun continue trading in the negative direction, losing 9.61%. Econet lost steam trading in the red zone, subtracting 6.38 percent to settle at $120.42. CBZ stock dropped 5.03 percent, while Mash stock dropped 3.92 percent.
Meanwhile, on the ETF market the OMTT surged 55 basis points which is 104 basis points more than the Top 10 on which it is indexed on, whilst the DMCS ETF continued trading upwards surging by 672 basis points to close at ZWL184.62