ZB Financial Holdings (ZB) says local procurement increased 447,59 percent to $32,63 billion in 2022 compared to $5,96 billion in 2021 amid commitment to sustainable procurement policies by the group.
The diversified group spent $39,63 billion on both local and foreign suppliers in 2022, representing a 513,77 percent increase from the $6,45 billion recorded in 2021.
During the year, ZB spent $7 billion on foreign suppliers, a 1 305,94 percent increase from $497,89 million recorded the prior period.
“We have embedded sustainability in all our procedures including in procurement where we abide by sustainable procurement policies. Through sustainable procurement practices, we aim to engage only those suppliers with proven records on adherence to environmental regulations, and societal values and norms,” ZB said in its 2022 annual report.
“Responsible sourcing of products and services from both local and international suppliers significantly contributes to our internal sustainability goals.”
The number of suppliers increased to 325 in 2022 from 293 in 2021. In 2020, the number stood at 276. For the period under review, the group recorded a 75 percent increase in total income from $40,3 billion in 2021 to $70,5 billion.
“This positive outturn was achieved on the back of a significant rise in trading income and fair value credits.
“The growth in the loans and advances book underpinned the performance.
“Gross loan impairment charges to the income statement surged by 229 percent, from $2,136 billion in 2021 to $7,035 billion in 2022,” chief executive of ZB, Shepherd Fungura, said.
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