THE country’s leading business weekly, the Zimbabwe Independent, will today announce the 2020 Annual Quoted Companies survey and awards winners.
The European Union (EU) ambassador to Zimbabwe, Timo Olkkonen will be guest of honour at the event in Harare.
The Zimbabwe Independent Quoted Companies Survey is an annual report, which measures the performance of firms listed on the Zimbabwe Stock Exchange (ZSE). This year’s edition is being sponsored by Nedbank Zimbabwe.
In the wake of the global Covid-19 pandemic, this year’s event will be physical for a few guests and largely virtual as the organisers take precautionary measures to prevent the spread of the virus.
The event comes at a time when companies are finding innovative ways to continue operations, amid a deepening economic crisis characterised by a crippling liquidity crunch, acute fuel and foreign currency shortages, currency volatility and runaway inflation, which is just below 800%.
The premier event, which will be held under the theme: Soaring Above Turmoil: Business Post-Covid-19, will celebrate the fortitude of companies operating in this turbulent period.
Lead analyst at Equity Axis, Respect Gwenzi, told the Independent that the distortive effect of hyperinflation and exchange rate depreciation compounded with legislative technicalities grossly made it very difficult to apply conventional models in analysing the performance of listed companies, as well as their share price performances within the same period.
“It is unsurprising that companies which scored better are those earnings foreign currency from their operations and among these are manufacturing companies. A liberalised and weakening exchange rate has helped locally manufactured finished goods fare better off in regional markets,” he said.
“However, a few of the companies that exploited the weaker currency to spur regional sales and cushion the domestic earnings have committed higher capital expenditure levels to modernise their plants and processes.”
Alpha Media Holdings (AMH) chief executive Kenias Mafukidze said the hosting of the event is testimony to the resilience of companies in the face of difficulties.
“As AMH we are once again excited about hosting this year’s Quoted Companies Survey. This really is testimony to the resilience of Zimbabwean companies, which continue to defy the odds and swim against the grain of pessimism and doom,” Mafukidze said.
“There is enough reason to give up and surrender. But these champions decided to soldier on and for this we salute you.”
He hailed Nedbank for sponsoring the event.
“We would also want to thank Nedbank for their now perennial sponsorship for the event. If there is anything Covid-19 has taught us, it is that we are stronger and safer together and through this sponsorship, Nedbank has paid tribute to the idea of supporting each other and showing light on our heroes,” Mafukidze noted.
“To the winning companies, I would like to recognise and salute your commitment to the economy. Through this, you have also become inspirational to other corporates as testimony that perseverance, innovation and creativity are the pillars of sustainable business.”
Diversified telecommunications group Econet Wireless Limited has topped the last two surveys. — Staff Writer.