Paul Nyakazeya, Group Digital Editor 
GOLD producer Falcon Gold Zimbabwe Limited (Falgold) and National Tyre Services (NTS) have delayed releasing financial results owing to challenges related to currency changes.
This comes as listed firms are still facing financial reporting headaches nearly six months after the re-introduction of the Zimbabwean dollar.
Zimbabwe reintroduced its domestic currency last year after a 10-year hiatus and banned the use of a multiple currency system that had been in use since 2009, a situation that has forced several firms to delay releasing their financial results.
Market experts say comparisons between financial results for the half year ended September 30, 2019 and the previous corresponding period have been distorted by the change in currency resulting in an accounting and planning nightmare for listed companies.
“The directors of Falcon Gold… wish to advise its stakeholders of the delay in the publication of audited financial results for the year ended 30 September 2019,” said Qubeka Nkomo, the gold miner’s company secretary.
“The audit for the financial statements is still being conducted and is expected to be finalised before 31 January 2020 and the abridged results will be published during the same period. Any inconvenience cause is sincerely regretted.”
Another listed firm, NTS also announced that it had been granted an extension by the Zimbabwe Stock Exchange to publish its results by end of month.
“National Tyre Services… has delayed the publication of the unaudited financial statements for the half year ended 30 September 2019. ,” Stewart Mandimika the company secretary said.
He said the company will present inflation-adjusted financial statements as its primary financial statements and these were still undergoing the necessary review processes.
“Those financial statements will now be published on or before 31 January 2020. The company has been granted an extension of time by the Zimbabwe Stock Exchange,” Mandimika said.
During the reporting period ending June 2019 Edgars Stores Limited, RioZim Limited, GetBucks and Simbisa delayed announcing their financial results citing reporting headaches after the re-introduction of the Zimbabwe dollar.
Meanwhile, Getbucks says it has delayed its annual general meeting which will now be held on the same day with its extraordinary general meeting.
“Shareholders are advised that holding of the 2019 annual general meeting (AGM) shall be delayed.
“The principal reason for the delay is the boards’ intention to hold the AGM and extraordinary general meeting on the same day.” Patrick Mashinga, Getbuck’s chief finance officer said.
“The latest date the annual general meeting will be held is 28 February 2020. The board is confident that the necessary approvals enabling both meeting to be held before this date would have been sought,” he said. newsdesk@fingaz.co.zw
