TSL says it is set to change its functional currency to United States Dollars (US$) in the 2024 fiscal year to make its financials more understandable.
Late last year, companies listed on the Zimbabwe Stock Exchange were given the green light to report in either US$ or the local currency, indicating that the country’s economy is pushing strongly towards further dollarisation.
Presenting the group’s financial results for the year ended October 31, 2023, TSL’s chief executive, Derek Odoteye, said the Zim Dollar makes it difficult for the company to achieve the goal of making the financials understandable to the market.
The tobacco sales floor cumulatively handled 51,9 million kilograms (kgs) of tobacco for the year, a 125 percent increase on the prior year’s 23,1 million kgs.
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