Simbisa wins Top Companies award

FAST food chain Simbisa Brands (Simbisa) last week won the Top Companies Survey 2019 award for best performing Zimbabwe Stock Exchange-listed company.
The survey, held under the theme “Reality Check ― Adapting to a New Normal’ ― was hosted by The Financial Gazette and sponsored by financial services giant Old Mutual Zimbabwe.
OK Zimbabwe, the country’s largest retailer, was the first runner-up, while pan African seed company, SeedCo ― which also won the environmental and social responsibility award ― was the second runner-up.
Ecobank was capped the best bank while Standard Chartered was the second runner- up.
Econet Wireless Zimbabwe’s EcoSure won the life insurance segment top award, with CBZ Life coming second, while Zimnat scooped the short term insurance award.
Simbisa has consistently been among the top-performing companies in Zimbabwe over the past two years and a top pick on the local bourse.
The company recorded a $16,5 million profit after tax in the half-year ended December 31, 2018, up from $7,9 million recorded in the previous corresponding period, despite the tough trading environment.
Its revenue for the period under review increased 44 percent to $143,2 million, with 40 percent of the growth coming from existing stores, while the rest came from 20 new stores opened during the half year.

The group’s operating profit was up 82 percent to $27,4 million, while profit attributable to the owners of Simbisa increased 99 percent to $16,2 million.
The best disclosure and investor relations award was won by Delta Corporation.
Crocodile skin producer Padenga Holdings won the best investor relations award, while the special mention award went to hospitality group, African Sun Limited.
Rwanda’s ambassador to Zimbabwe, James Musoni, who was the guest of honour at the event, said the prestigious Top Companies Survey “promotes a culture of competition and efficiency”.
“The economic challenges and sanctions imposed on Zimbabwe cause threats and setbacks but they also present opportunities for the private sector to think outside the box and produce more locally made goods. A culture of self-reliance should be created and sustained,” he said.
The envoy said the country should “continue to fight corruption and implement policies that improve the ease of doing business” in Zimbabwe.
“Corruption is a continuous fight which requires everybody,” he said.
Pilate Machadu, Modus Media ― the publishers of The Financial Gazette ― chief executive, added: “The Top Companies Survey promotes good corporate governance, ethical conduct and corporate social responsibility, while providing a platform for networking among industry captains and business leaders”.
Kennedy Mandevani, Old Mutual Investment Group’s chairman, concurred saying the survey “provides convenient insights into the country’s leading companies’ business operations”.
Simbiso Musa, chairperson of the judging panel, said during the period under review, companies were faced with a host of new challenges, which resulted in them slowing down and aligning to the new reality.
“Other matrix had to be introduced during the judging, while others were phased out. We looked at consistent and a positive financial position, sustainability of business model, healthy financial position and tangible returns to investors,” she said.
Judges and analysts ― independent of both The Financial Gazette and Old Mutual Zimbabwe ― came up with the judging criteria and categories for the top awards.
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