Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News

News :

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
The feature you requested does not exist. However, we suggest the following feature:

ZB Financial : eyes $20m export facility

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/19/2018 | 05:18am CET

ZB Financial Holdings Limited is close to finalising a $20 million export facility from a regional institution aimed at supporting exporters.

BY TATIRA ZWINOIRA

Speaking to NewsDay after the ZB Financial Holdings analysts’ briefing for the year ending December 31, 2017 last week in Harare, ZB group chief executive officer, Ronald Mutandagayi, said this followed the securing of a $10 million facility for the energy sector.

“We have been able to get a $10 million credit line, which is going to the energy sector, from a regional bank and we are in the process of disbursing that to the energy sector. We are close to finalising a $20 million export facility from regional institution,” he said.

“The idea behind that is because of the foreign currency shortages we are facing, we must encourage exporters so the only way to encourage them is to provide funding that is competitive. So we have got this facility that will be targeted at exporters, who could be horticulture or vegetable exporters as well as import substitution sectors because then that will assist us in the demand for foreign exchange.”

Last year, sanctions against the bank were lifted enabling the group to have accounts with correspondent banks outside the country.

A week ago, ZB met with a German bank that indicated that they would open another euro account. ZB already has a euro account on top of South African rand, dollar and British pound accounts.

“The first step to getting credit lines, because, when you get the money you it needs to put it into a nostro account, so we are pleased that has happened,” Mutandagayi said.

The credit facilities are meant to grow the company’s portfolio as the group is targeting more technological solutions in 2018. Apart from revenue, increase in profitability was also attributed to investments in infrastructure and better managing the group’s expenses.

ZB experienced a 35,7% increase in profit after tax to $15,51 million for the year ending December 31, 2017 from the $11,43 million realised in the same period in 2016.

Total income improved by 12% to $72,69 million during the period under review from 2016’s $65,07 million. The net profit margin was 21,34% showing the company was in a profitable position.

However, of concern was the company increasing its Treasury Bill stock by 31% to $155,94 million for the period under review from $118,63 million earned at the end of 2016.

Analysts warned that this was contributing in creating too much money in the economy leading to inflation fears.

Mutandagayi said, however, that government had not defaulted on the Treasury Bills repayments and this was a safe bet.

(c) 2018 NewsDay. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
02/18ZB FINANCIAL : eyes $20m export facility
AQ
02/18DOHA BANK QPSC : Sril Lanka honours Doha Bank CEO
AQ
02/18NEWS HIGHLIGHTS : Top Company News of the Day
DJ
02/18YARA INTERNATIONAL : QAFCO, Hassad Food & Yara in deal to boost food production
AQ
02/18NEWS HIGHLIGHTS : Top Global Markets News of the Day
DJ
02/18Japan exports grow, manufacturers mood sours as yen rise clouds outlook
RE
02/18Dollar finds footing after steep fall, holds above three-year lows
RE
02/18DEPARTMENT OF TREASURY AUSTRALIAN GOVERNMENT : Further consultation on revised Asia Region Funds Passport legislation
PU
02/18TOKIO MARINE : Chairman Shuzo Sumi named to the Insurance Hall of Fame
PU
02/18For timing of Aramco IPO, watch forward oil price curve
RE
Latest news
Advertisement