HomeBusinessMixed fortunes for companies

Mixed fortunes for companies

The financial sector last week received both negative and positive sets of results, with some companies attributing their poor performance to the current economic challenges, while others have managed to break even despite the economic outlook.

BY TARISAI MANDIZHA

stanbic

Zimre Holdings Limited posted a gross premium written (GPW) of $72 million for the year ended December 31 2015, which is 3% below what was achieved in 2014. In the period under review, the group domestic insurance and reinsurance operations contributed $38 million of the GPW — which was 51% of the total premium.

Metbank recorded a decline in net interest income from $14 million in 2014 to $4,3 million for the year ended December 31 2015 as a result of a reduced credit portfolio, earnings from other trading activities coupled with cost containment measures.

The bank reported an after-tax profit of $259 510 during the period under review from a loss position recorded in 2014.

Dawn Properties Limited recorded a turnover of $3,4 million for the nine months ended December 31 2015 compared to $5,2 million for the 12 months ended March 31 2015 .

In the period under review, operating expenses were $3,6 million.

Stanbic Bank recorded a 15% increase in its profit for the year to $23,9 million despite the increasingly challenging economic environment at the end of December 2015.

The 15% increase in Stanbic Bank’s profit was from $20,7 million recorded in the previous year.

Standard Chartered Bank of Zimbabwe Limited recorded an after profit tax of $4 million for the year ended December 31 2015 compared to $6,6 million for the same period in 2014.

Year-on-year revenues remained flat due to the continuing economic headwinds and the group’s deliberate strategy to focus on improving control environment.

Padenga Holdings Limited recorded a profit of $7,1 million for the year ended December 2015 compared to $6,5 million in 2014 due to a consequence of achieving the crocodile raw skin sales volume, further improving skin quality grades, producing the skin size profile requested by the customer, as well as stringent cost management in a challenging local environment.

The group recorded an operating profit before depreciation, amortisation and fair value adjustment of $9 million from $8,9 million in 2014. Revenue declined to $27,5 million from $27,9 million in 2014.

BancABC posted a net interest income of $95,8 million for the year ended December 31 2015 compared to $102 million the previous year due to the marginal decline in loans and advances as well as currency depreciation.

Zimplow Holdings Limited recorded a 15% decline in revenue to $30,5 million for the year ended December 31 2015 compared to the $35,8 million recorded the previous year, largely as a result of low demand at Mealie Brand.

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