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Finance Manager Corporate (Harare)

<a href="https://www.pindula.co.zw/OK_Grand_Challenge/">OK Zimbabwe Limited</a>, a leading supermarket retailer listed on the Zimbabwe Stock Exchange, has reported a decrease in sales volumes, which have now fallen below the point at which they cover costs. This is due to increased expenses and an exchange rate system that has discouraged shoppers from visiting their stores, <a href="https://newzwire.live/crisis-worsens-for-ok-sales-have-now-fallen-severely-below-break-even-point/">newZWire</a> reported.
Sales volumes dropped by 21.6% in the first quarter and 23.9% in the second quarter. Overall, sales volumes are down by 22.6% for the year up to September, according to the company’s latest update to shareholders. Said the supermarket retailer:
<blockquote>
The formal retail channel experienced very weak consumer demand during the first half. The group operated at volumes that were severely below the business’ break-even point. Rapid informalisation ensued as consumers sought to stretch their limited USD$ incomes in channels that offer parallel market exchange rates.
</blockquote>
Shoppers are choosing to buy from informal traders called “tuckshops” because their goods are cheaper compared to supermarkets. This is because tuckshops use a different exchange rate to price their goods, known as the parallel market exchange rate. Supermarkets like OK, on the other hand, must use the formal exchange rate, making their goods more expensive.
Meanwhile, OK is facing increased costs, including stock shortages and higher expenses for property rentals, electricity, labour, security, and cleaning services. The company hopes for relief if the government removes the 10% exchange rate limit for formal retailers and drops a tax on bank card transactions, as suggested by the Reserve Bank of Zimbabwe (RBZ). Added OK Zimbabwe:
<blockquote>
Macroeconomic stability will be critical in helping the group recover lost volume base.
</blockquote>
Distributed Group Africa, which is a big supplier of consumer goods in Zimbabwe, recently stopped supplying formal retailers, according to newZWire. This is because informal traders offer better payment conditions. As a result, Pick n Pay SA, a South African supermarket chain, has also seen a significant decrease of 55.8% in its earnings from Zimbabwe in the past six months. This is due to losses from the exchange rate.
Street vendors and tuckshop traders are thriving, posing a threat to traditional supermarkets. The retail space is now dominated by foreigners, including Indians, Chinese, Pakistanis, Nigerians, Malawians, and Tanzanians. The influx of tuckshops has led to lower prices and increased competition, benefiting consumers. Tuckshops can offer lower prices due to lower overhead costs, sourcing products directly from wholesalers, and flexible pricing. However, big supermarket operators complain of unfair competition, citing tax evasion and informal trading practices.
About three weeks ago, Finance Secretary <a href="https://www.pindula.co.zw/George_Guvamatanga/">George Guvamatanga</a>, however, <a href="https://www.pindula.co.zw/2023/10/11/harare-city-council-accuses-building-owners-of-illegally-renting-tuckshops-to-foreigners/">questioned the complaints of big retailers who claim they cannot compete with tuckshops</a>. He stated that tuckshops actually face higher rental costs, operate on cash purchases, and lack access to cheaper foreign currency on the RBZ forex auction. He suggested that other factors may be affecting formal retailers. Economist Gift Mugano responded to Guvamatanga’s remarks, acknowledging the valid concerns of supermarkets. He highlighted the price disparities caused by different exchange rates between formal and informal markets. Mugano also emphasized the compliance burdens and financial challenges faced by formal businesses due to exchange rate fluctuations and inflation.

Pindula News

OK Zimbabwe Limited Reports Decrease In Sales Volumes Below Break-Even Point

Retailers in Harare are said to be banning customers from taking pictures of commodity prices, with some shoppers even being forced to delete photos of prices. The retailers’ decision comes amidst fears of a government crackdown on businesses over ever-rising prices.
The government has accused businesses of distorting prices and fuelling inflation, while the Reserve Bank of Zimbabwe (RBZ) has frozen bank accounts of at least 12 suppliers and retailers who were allegedly rejecting payments in local currency and manipulating the official exchange rate.
President Emmerson Mnangagwa has also threatened to withdraw the licences of businesses which were hiking prices. Addressing a ZANU PF politburo meeting earlier this week, Mnangagwa described business people who were hiking prices as “detractors” who were sabotaging him ahead of the August 23 elections. He said:
<blockquote>
As we convene today and focus on the elections, the usual machinations and heinous acts of our country’s detractors to reverse our development agenda are glaring.
This is evidenced by their antics and asymmetrical warfare tactics, which include the attack on our currency and the wanton increase in prices of basic commodities. Vakanyangira yaona (we are fully aware). They will never succeed and perpetrators are being brought to book.
</blockquote>
Most retailers have pegged prices in United States dollars, while others have deactivated point-of-sale machines as a strategy to reject the local currency.
The Zimbabwe dollar was yesterday officially trading at $6,713, while on the parallel market, it was exchanging at $10,000 to the greenback.
Consumers have been sharing pictures on social media of high commodity prices, with some prices being shockingly high, such as a loaf of bread for $12,000. NewsDay Weekender reported shoppers being forced to delete pictures of prices they had taken in a leading retail shop in Harare.
According to Denford Mutashu, the Confederation of Zimbabwe Retailers’ President, “formal retail is currently struggling as the exchange rate situation and challenges created by excessive money supply and other policy missteps are now being shoved back at business doorsteps.”
Meanwhile, economist Gift Mugano opines that it is now too late for the Zimbabwean government to liberalise the foreign exchange rate, given the high inflation rates. Mugano suggests that the only option left is to bury the Zimbabwean dollar and deal with its ghost in the form of the US dollar. 
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Harare Retailers Ban Price Photos, Fearing Govt Crackdown On Prices

On Wednesday, Pindula News visited <a class="MarkdownLink_linkifiedLink__KxC9G">OK Zimbabwe</a> to check the prices of basic commodities. While the prices observed in one supermarket cannot be generalised to all shops, they can still be useful as an indication of the price range of basic commodities in Zimbabwe. OK Zimbabwe, being one of the biggest supermarket chains in the country, can provide a good representation of prices in similar retail outlets. However, it is important to recognize that prices may vary based on factors such as location, availability, and seasonality. Therefore, it is always best to use such information as a guide and not as definitive pricing information for all retailers in Zimbabwe. The prices are listed below.
– Pampers (68 pieces) – $27 500 
– Colgate 100ml – $2 319 
– body wash – $10 139 
– LED – US $6.5 
– Russian Bear – $18 999 
– Viceroy – $246,330 
– Shoe polish – $2 000 
– Sunlight Dishwash – $4 880 
– Lux Soap case (12 pack) – $13 400 
– Surf 2kg – $7 950 
– Sta-soft 2 litres – $10 649 
– Perfection soap bar – $2 599.99
<img alt="" class="size-full wp-image-257140 aligncenter" decoding="async" height="1200" loading="lazy" sizes="(max-width: 1600px) 100vw, 1600px" src="https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-CHICKEN.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-CHICKEN.jpg 1600w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-CHICKEN-300x225.jpg 300w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-CHICKEN-1024x768.jpg 1024w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-CHICKEN-768x576.jpg 768w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-CHICKEN-1536x1152.jpg 1536w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-CHICKEN-1320x990.jpg 1320w" width="1600"/> 
– Whole chicken large – $14728.35 
– Mince 1kg – $10 800
<img alt="" class="size-full wp-image-257134 aligncenter" decoding="async" height="957" loading="lazy" sizes="(max-width: 1600px) 100vw, 1600px" src="https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-BEEF.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-BEEF.jpg 1600w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-BEEF-300x179.jpg 300w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-BEEF-1024x612.jpg 1024w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-BEEF-768x459.jpg 768w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-BEEF-1536x919.jpg 1536w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-BEEF-1320x790.jpg 1320w" width="1600"/> 
– Super beef 1kg – $18 990 
– Masusu Byles 1kg – $3 070 
– Chakalaka Boerwors 1kg – $8 990 
– Tissue Paper 2-ply 18s – $52 999
<img alt="" class="size-full wp-image-257135 aligncenter" decoding="async" height="1600" loading="lazy" sizes="(max-width: 1200px) 100vw, 1200px" src="https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-TISSUE.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-TISSUE.jpg 1200w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-TISSUE-225x300.jpg 225w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-TISSUE-768x1024.jpg 768w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-TISSUE-1152x1536.jpg 1152w" width="1200"/> 
– Loose Quality 500g – $2 799
<img alt="" class="alignnone size-full wp-image-257136" decoding="async" height="1200" loading="lazy" sizes="(max-width: 1600px) 100vw, 1600px" src="https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-LAYS.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-LAYS.jpg 1600w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-LAYS-300x225.jpg 300w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-LAYS-1024x768.jpg 1024w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-LAYS-768x576.jpg 768w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-LAYS-1536x1152.jpg 1536w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-LAYS-1320x990.jpg 1320w" width="1600"/> 
– Lays chips 105g – $3 199 
– Quench Mango cordial 2 litres – $4 999
<img alt="" class="alignnone size-full wp-image-257137" decoding="async" height="1200" loading="lazy" sizes="(max-width: 1600px) 100vw, 1600px" src="https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-Quench-.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-Quench-.jpg 1600w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-Quench--300x225.jpg 300w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-Quench--1024x768.jpg 1024w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-Quench--768x576.jpg 768w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-Quench--1536x1152.jpg 1536w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-Quench--1320x990.jpg 1320w" width="1600"/> 
– Cerevita 750g – $11 399 
– Dendairy Milk – $3 900 
– Cremora Powdered milk 1kg – $7 999 
– Tips tea bags 250g – $5 400 
– Knorr Soup – $1 699 
– Cashel Valley baked beans – $3 079 
– Willards Peanut Butter 375ml – $8 139 
– Sum Mixed Jam 900G – $6 099 
– Self-raising flour 2kg – $5990
– Par-boiled Rice 2kgs – $7 420
<img alt="" class="alignnone size-full wp-image-257138" decoding="async" height="1600" loading="lazy" sizes="(max-width: 1535px) 100vw, 1535px" src="https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-SUGAR.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-SUGAR.jpg 1535w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-SUGAR-288x300.jpg 288w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-SUGAR-982x1024.jpg 982w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-SUGAR-768x801.jpg 768w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-SUGAR-1474x1536.jpg 1474w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-SUGAR-1320x1376.jpg 1320w" width="1535"/> 
– Brown Sugar 1kg – $3 149 
– Rd Seal Maize meal – $ 16 190 
– Salt – $2 029 
– A4 Counter Book 176 pages – $4 999
<img alt="" class="alignnone size-full wp-image-257139" decoding="async" height="1600" loading="lazy" sizes="(max-width: 1200px) 100vw, 1200px" src="https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-COOKING-OIL.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-COOKING-OIL.jpg 1200w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-COOKING-OIL-225x300.jpg 225w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-COOKING-OIL-768x1024.jpg 768w, https://news.pindula.co.zw/wp-content/uploads/2023/05/OK-COOKING-OIL-1152x1536.jpg 1152w" width="1200"/>
– D-lite Cooking 2 litres – $9 100 
– School writing book – $899 
– School Maths book – $799
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

Update On Prices Of Basic Commodities In Zimbabwe

OK Zimbabwe, one of the biggest retailers in Zimbabwe, on Friday announced the acquisition of Food Lovers Market Zimbabwe, <a href="https://www.chronicle.co.zw/ok-zimbabwe-buys-food-lovers-market/">The Chronicle</a> reported.
In December, the business entity <a href="https://zero.pindula.co.zw/ok-zimbabwe-says-it-will-invest-us27-million-in-development-and-refurbishing-of-stores/">notified shareholders that negotiations were at an advanced stage</a> to acquire the Food Lovers Market business in Bulawayo, Borrowdale and Avondale.
Announcing the development, Company Secretary, Mrs Margaret Munyuru said:
<blockquote>
The Board and Management of OK Zimbabwe Limited formally announce the strategic acquisition of Food Lovers Market Zimbabwe.
The Company successfully concluded the acquisition of the assets and business of Talwant Investments (Private) Limited trading as Food Lovers Market in Harare’s Borrowdale and Avondale as well as Bradfield, Bulawayo. 
The transaction includes the grant of a Territorial License Agreement which endows OK Zimbabwe Limited with territorial exclusivity for the expansion of the Food Lovers Market Brand within the Zimbabwean market
</blockquote>
She indicated that the transaction excludes the Greendale store which remains independently owned.
OK Zimbabwe Limited Group Chief Executive Officer, Mr Max Karombo said: 
<blockquote>
The Group also welcomes access to promising supply chain synergies within the Food Lovers Market ecosystem and the rest of the OK Zimbabwe Limited Group. 
</blockquote>
He added that they expected to build economies of scale in supporting local farmers and food processors to serve a wider range of stores.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

OK Zimbabwe Completes Acquisition Of Food Lovers Market Zimbabwe

<a href="https://www.pindula.co.zw/OK_Grand_Challenge">OK Zimbabwe</a> has said it will invest US$27 million in the development of new stores and refurbishing existing ones in order to grow market share and improve customer experience.
The company had not progressed on refurbishments awaiting approval of the Food Lovers Market franchise acquisition, BH24 reported quoting the group’s chief executive, Mr Maxen Karombo. Speaking during an analyst briefing recently, Karombo said:
<blockquote>
We will be investing in this brand going forward, creating new stores and revamping existing ones.
By the second half we will roll out numerous stores and in due course will come to market introducing our revamped rebranding across the Group.
</blockquote>
According to Mr Karombo, the company will have the Food Lovers territorial rights for the whole country except for the Greendale branch, which is under a different franchise arrangement.
While presenting the group’s half-year financials for the period ended September 30, 2022, Karombo said:
<blockquote>
In our last report, we had a cautionary statement on an investment the group was making, and today we announce the acquisition of Food Lovers Market for Zimbabwe.
Food Lovers, now part of the group and what we have is Food Lovers Borrowdale, Avondale and in Bulawayo. It excludes the Greendale shop because it is under a different franchise arrangement.
</blockquote>
 Karombo said the franchise gives OK Zimbabwe a good space to grow in super-premium retail and from the services and products that it will offer.
He noted that Zimbabwe is one of the growth areas of Food Lovers, which has 110 stores, six eateries and 246 coffee outlets throughout the region servicing in excess of 380 000 customers per day.
During the period under review, OK Zimbabwe operated through 68 stores. 
The Group’s revenue for the half year to September 30, 2022, grew to $129 billion from $95.6 billion in the comparative period.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

OK Zimbabwe Says It Will Invest US$27 million In Development And Refurbishing Of Stores

NewsDay Zimbabwe has reported that OK Zimbabwe shall provide transport to and from the OK Grand Challenge Race Day. The NewsDay said:
<blockquote>$1 transport from OK HARARE BRANCHES. To help ease your transportation to the OK Grand Challenge Race Day, there will be buses to ferry you to Borrowdale Race Course and the same will be available after the main draw at 18:00hrs.</blockquote>
See the post below:
<blockquote class="twitter-tweet" data-dnt="true" data-width="550">
$1 transport from OK HARARE BRANCHES. To help ease your transportation to the OK Grand Challenge Race Day, there will be buses to ferry you to Borrowdale Race Course and the same will be available after the main draw at 18:00hrs. <a href="https://t.co/oJop6dsNUD">pic.twitter.com/oJop6dsNUD</a>
— NewsDay Zimbabwe (@NewsDayZimbabwe) <a href="https://twitter.com/NewsDayZimbabwe/status/1134012192704139265?ref_src=twsrc%5Etfw">May 30, 2019</a></blockquote>
<script async="" charset="utf-8" src="https://platform.twitter.com/widgets.js"></script>
More: <a href="https://twitter.com/NewsDayZimbabwe/status/1134012192704139265" rel="noopener noreferrer" target="_blank">NewsDay Zimbabwe</a>

OK Harare Branches To Provide Transport To & From Grand Challenge Race Day

Leading supermarket retailer OK Zimbabwe Limited has been named the best performing company on the Zimbabwe Stock Exchange by The Financial Gazette’s Top Companies Survey. The survey is bankrolled by Old Mutual Zimbabwe.
OK Zimbabwe Limited’s revenues grew 23,4 percent to $582,9 million for the year ended March 2018. Profit after tax grew 174.6 percent to $16.6 million.
Beverage processor Delta Corporation was the first runner-up while Padenga Holdings, which produces and sells crocodile skins and meat, was crowned second runner-up. Last year Delta was first while Padenga Holdings was third.
Ecobank was voted the best bank with Standard Chartered Bank Zimbabwe taking the runner-up position.
Nyaradzo Life Assurance was crowned the Best Life Assurer with Zimnat Life Assurance Company taking the runner-up position.
Zimnat General Insurance was voted the best short-term insurer, while FBC Insurance was the runner-up.
More: <a href="https://www.financialgazette.co.zw/ok-zimbabwe-crowned-top-company/" rel="noopener" target="_blank">Financial Gazette</a>

OK Zimbabwe Named Best Performing Company On The Stock Exchange

<a href="http://www.pindula.co.zw/OK_Zimbabwe_Limited" target="_blank">OK Zimbabwe Limited</a>, saw profit-after-tax increasing by 87,1% during the six months ending September 30, 2016.  The retailer posted a profit-after-tax of $2,3 million from $1,2m in the same period last year.  OK Zimbabwe board chairperson <a href="http://www.pindula.co.zw/David_Lake">David Lake</a> attributed the boost in profits to the cost-cutting measures implemented by the group.
In a statement Mr Lake said:
<blockquote>Overheads decreased to $33m from $34,2m in the previous year as groupwide initiatives to contain costs continued. Controls over shrinkage were effective and will continue to be enhanced</blockquote>
More:<a href="https://www.newsday.co.zw/2016/11/07/ok-zimbabwe-profit-cost-cutting-measures/" target="_blank"> Newsday</a>

OK Zimbabwe half year profit after tax increases by 87%

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