HARARE — Diversified financial services conglomerate CBZ Holdings Limited has posted a ZWG 1.12 billion profit after tax for its latest quarterly reporting period, reinforcing its position as Zimbabwe’s largest banking group by balance sheet and earnings scale.

The strong bottom-line performance reflects sustained operational momentum following a first quarter in which the Zimbabwe Stock Exchange-listed group recorded a ZWG 361.34 million profit after tax. Management attributed the accelerated earnings trajectory to disciplined expense management, steady customer activity across its banking and non-banking subsidiaries, and ongoing investments in digital service delivery.

In a statement accompanying the trading update, CBZ Holdings Group Chief Governance Officer Rumbidzayi Jakanani noted that expanding market share and deepening customer reach remain central to the conglomerate’s near-term execution. She emphasized that rigorous cost containment and digital transformation will continue to anchor improvements in operating efficiency as the group scales its product offerings.

Operating across four primary business clusters—banking, insurance, asset management, and agribusiness—CBZ Holdings has consistently leveraged its diversified revenue model to cushion against tight domestic liquidity and shifting monetary conditions. Earlier in the 2026 financial year, the group reported total assets exceeding ZWG 40.81 billion and customer deposits of ZWG 27.83 billion, highlighting strong institutional and retail depositor confidence.

For market analysts, CBZ’s latest earnings release signals resilience within Zimbabwe’s top-tier banking sector. As financial institutions navigate a disciplined monetary environment, large-cap lenders with established digital ecosystems and diversified non-funded income streams continue to outpace smaller rivals in both balance sheet growth and profitability.

With management prioritizing market development and technological upgrades heading into the final stretch of the financial year, shareholders will be watching closely to see how the group’s efficiency gains translate into full-year dividend capacity and sustained return on equity.

Sable Chemical Industries has restarted ammonium nitrate production at its Kwekwe plant, according to a Fertilizer Daily report of 27 May 2026. Chief executive Harrison Shumba has said the company is targeting up to 240,000 tonnes a year once fully operational. A capital injection from the Mutapa Investment Fund made the restart possible.

Background

Sable made ammonia by electrolysis from 1972 to 2015, according to Equity Axis. The plant stopped producing in about 2023 because of high energy costs, financial constraints and operational difficulties. Equity Axis reports that the cost of electricity rose from about US$30 to US$90 per megawatt-hour.

A 2015 Sunday News report shows the 240,000-tonne figure is long-standing: it was the plant’s installed capacity then, when Sable was producing about 75,000 tonnes a year and aimed for 100,000. The target is a capacity figure, not a record of past output.

Key developments

Funding. In April, Mutapa Investment Fund chief executive John Mangudya told Parliament the fund had committed more than US$153m across the fertiliser sector, of which US$13.3m was for Sable. The same package covered Dorowa Mine (US$5.3m), ZimPhos (US$3m) and a US$30m working capital facility for Zimbabwe Fertiliser Company, with a further US$75m facility planned. African Trade Chamber reported that Sable’s ownership is also being restructured to give the government more control.

Cost structure. Sable currently imports ammonia, which Shumba said accounts for almost 80% of its costs. The company puts the import lead time at 30 to 45 days. The long-term plan is to produce ammonia locally.

Price claim. The Herald reported Shumba as saying the decrease in prices “will greatly benefit local farmers.” Fertiliser at US$36 to US$50 a bag is expected to fall to US$17 to US$22 a bag. The report does not say which product or bag size this refers to but its most likely a 50kg bag.

Business implications

Import bill. Ammonium nitrate imports were US$87.9m in 2023, US$51.9m in 2024 and US$63.6m in 2025, according to Equity Axis. May 2026 imports reached US$22.8m, a record month, and January to May totalled US$53.7m. Equity Axis estimates that Sable at full capacity could cut the bill by US$50m to US$60m a year. That is the publication’s calculation, not a company figure.

Global prices. Fertilizer Daily says global nitrogen prices rose sharply in 2026, which it attributes to the Strait of Hormuz closure constraining Middle East supply. Local production reduces exposure to that kind of shock, although Sable still imports ammonia.

Farmers and food security. National ammonium nitrate need is about 380,000 tonnes a year, per Equity Axis, including top-dressing for Pfumvudza households and winter wheat. Winter wheat covered 128,459 hectares in 2026, according to Equity Axis, citing a 23 June Cabinet statement. Local supply helps only if the product arrives on time and priced competitively with imports.

Industry analysis

Sable is one piece of a wider import-substitution push. In June, a Cabinet committee was reported to be driving local fertiliser production, with procurement rules favouring local suppliers (Herald). Equity Axis reports a planned US$200m Chinese-backed nitrogen plant, Xintai, with construction starting in June 2026 and operations expected in 2027. It says Xintai plus Sable would exceed national need.

The risks are practical. Ammonia import dependence and electricity costs are the plant’s main weak points. In June, Agriculture Minister Anxious Masuka was reported as describing a plan to refurbish Sable with an initial output goal of only 20,000 tonnes. That is far below the 240,000-tonne target. Equity Axis calls 120,000 to 150,000 tonnes for 2026/27 “plausible but unconfirmed.”

Outlook

The first test is how quickly output rises from the restart. The second is whether the cost of ammonia and power allows Sable to price below imports. The third is whether the ownership restructuring and Mutapa financing give the company working capital for the next season. Farmers should watch for confirmed production figures before planning inputs around local supply.

Business Diary Analysis

The 240,000-tonne figure describes what the plant could do, not what it has done. The story to watch is the gap between that capacity and actual deliveries. For farmers and agro-dealers, the practical question is price and timely supply this season. For policymakers, Sable shows that restarting an asset requires fixing its cost structure, especially power and ammonia, and not only funding it.

What’s next?

Watch for monthly production figures, Sable’s 2026/27 supply plans, the ammonia localisation plan, ownership restructuring details, and the progress of Xintai.

Sources

• Fertilizer Daily: Sable Chemical restarts ammonium nitrate production after three-year shutdown
• Equity Axis: How Zimbabwe’s food security push is rewriting the fertiliser equation
• The Herald: Mutapa funding enables Sable Chemicals to resume production
• African Trade Chamber: Zimbabwe injects $153m to revive fertiliser industry
• Zimbabwe Situation: Govt accelerates local fertiliser production
• BC Insight: Sable to resume AN production after 3-year closure
• The Sunday News: Sable Chemicals seeks to meet fertiliser target (2015)

Dairibord Holdings reported revenue of US$82.56m for the six months to 30 June 2026, up from US$64.32m a year earlier. Sales volumes rose 26% to 78.3 million litres. Beverages supplied 52.8 million litres, about two-thirds of the total. Profit for the period rose 169% to US$3.25m.

Background

Dairibord spent over US$10m on plant and equipment in 2025. Projects included extra Cascade capacity at Simon Mazorodze, a maheu expansion at Chitungwiza, and a Steri Milk plant in Chipinge commissioned in December. The company reported full-year 2025 revenue of US$137.4m, up 8%, on volume growth of 12% (Newsday summary of the FY2025 results). The 2026 first half is the first period to show the full effect of that capacity.

Key developments

Beverages (52.8m litres, +33%). Quench cordial rose 82%, bottled Cascade 68%, Fun n Fresh 56% and Pfuko maheu 43%.

Foods (7.3m litres, +30%). Bulk ice cream rose 80%, salad cream 72%, Yogie drinking yoghurt 42%.

Liquid milks (18.2m litres, +8%). Steri Milk rose 72%, helped by the Chipinge plant. Raw milk use was flat at 20.4m litres.

Margins. Gross margin rose from about 24.5% to 26.3%. Operating profit rose from US$2.76m to US$5.54m, lifting operating margin from about 4.3% to 6.7%. Revenue per litre rose only about 1.7%. Growth came from volume, not price.

Costs and debt. Administration expenses rose 35% to US$6.03m. Finance costs rose to US$1.15m. Interest-bearing borrowings went from US$11.63m at end-2025 to US$13.83m. Interest cover improved to about 4.8 times. Operating cash flow was US$4.38m, against a small outflow a year earlier.

Dividend. The board declared 0.22 US cents per share, about US$774,000.

Business implications

Volume over price. With prices roughly flat, Dairibord is winning on availability and capacity. That suits a market where many consumers weigh price closely. It also means margin gains depend on keeping plants full and costs controlled.

Exports fell 30%. The company redirected product to the domestic market, where demand was strong. This lifts local supply, but exports bring foreign currency, and the group says growing its foreign currency earnings is a strategic goal. South African revenue was US$0.72m, under 1% of the group.

Dairy supply is the limit. Liquid milks grew far more slowly than beverages. Equity Axis notes that category expansion was constrained by raw milk supply. The FY2025 coverage put national milk demand at about 190 million litres against supply of just under 122 million. Beverages carry the growth in the meantime, but dairy is the company’s heritage and its supply problem is structural.

Working capital. Prepayments rose from US$2.38m to US$8.37m, and receivables rose 31% to US$9.35m. Both tie up cash.

Industry analysis

Dairibord’s AGM trade update on 28 September said growth continued into Q3 at a more moderate pace, which it attributes to a higher base. A cold July reduced beverage sales, and August recovered. It cited Iran-related tension raising plastic packaging and distribution costs. It also reported a relatively stable exchange rate and inflation, more fault-related power outages, and softening interest rates. Capital expenditure is expected at about US$9m by end-2026.

Outlook

Management expects growth to continue through the year. The things to watch are the Q3 trading update, packaging and fuel costs, the El Niño risk to raw milk and cereal supply, and the debt build-up.

Possible control change. Equity Axis reports that three shareholders holding over 51% combined have told the board they are negotiating over a controlling block with an unnamed third party. No price or terms have been disclosed.

Business Diary Analysis

The first half shows that capacity spending can convert demand into profit. The harder questions are second-half costs and whether a dairy-rooted business can keep growing while raw milk supply stays short. For SMEs in the supply chain, rising Dairibord volumes mean more demand for packaging, transport and agricultural inputs. For investors, a control deal could change strategy, and shareholders will want the terms.

What’s next?

Watch for the Q3 trading update, the full-year results, any announcement on the control negotiations, and whether export volumes recover.

Sources

• Dairy Business MEA: Dairibord reports revenue of US$82.6M in H1 2026
• Equity Axis: Dairibord’s capacity investment starts paying ahead of potential control deal
• Dairibord: Holdings AGM trade update, September 2026
• Newsday: Dairibord expansion, volume growth, margin compression
• Zimbabwe Now: Dairibord volumes jump 26% in Q1
• StockAnalysis: Dairibord revenue history