Audrey Galawu- Assistant Editor
Zimre Holdings Limited posted a robust financial performance for the year ended December 31, 2024, with profit soaring by 471% to US$10.33 million, up from US$1.81 million in the previous year, driven by a diversified portfolio, disciplined underwriting, and expansion into regional markets.
Chairman Desmond Matete in his statement, attributed the group’s success to strategic resilience and regional positioning.
"Despite macroeconomic and geopolitical challenges, ZHL remained resilient, leveraging its regional diversification strategy to mitigate risks, capture growth opportunities, and sustain profitability in a dynamic operating environment," Matete said.
The group’s insurance contract revenue increased by 24% to US$61.86 million, with key contributions from life and pension, local reinsurance, and Mozambique operations. Insurance service results jumped 166% to US$5.53 million, reflecting strong underwriting and cost control.
Total income rose 25% to US#88.02 million, with 87% of it denominated in USD. This followed ZHL’s adoption of the US dollar as its functional and reporting currency in January 2024, a move that aligned operations with regional business realities and reduced the impact of Zimbabwe’s exchange rate instability.
Total assets grew to US$208 million from US$182 million in 2023, while cash generated from operations climbed 51% to US$15.82 million. In line with its profitability, the Board declared a final dividend of US$750,000, marking a 25% increase from the prior year.
Looking ahead, ZHL plans to expand further across Sub-Saharan Africa, list Emeritus International on the Botswana Stock Exchange, and float its Eagle Real Estate Investment Trust in 2025.
The group also aims to enhance digital transformation and deepen its ESG impact through sustainable investments in renewable energy and inclusive financial products.
“With a history spanning over 40 years, ZHL remains steadfast in its commitment to provide security, growth, and profitability,” Matete added.
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