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Monday, November 28, 2022
HomeBusinessZSE Grants CBZ Reprieve After Missing Reporting Deadline

ZSE Grants CBZ Reprieve After Missing Reporting Deadline

Financial services group, CBZ Holdings Limited says it has been granted a reprieve of up to the 31st of May 2022 by the Zimbabwe Stock Exchange (ZSE) within which to publish its annual financial statement for the year ended 31 December 2021 after failing to meet the May 6 deadline.

According to the ZSE regulations, listed companies are supposed to publish their half or full year financial results, three months after the close of the reporting period.

In an update, Group Legal Corporate Secretary, Rumbidzayi Jakanani said the delay has been necessitated by the delayed conclusion of material transactions at CBZ Agro-Yield, a significant subsidiary of the Group.

“The Board of Directors (the “Board”) of CBZ Holdings Limited (the “Company”) wishes to advise its shareholders that the Company was not able to publish its Financial Statements for the year ended 31 December 2021 (the “Financial Statements”) on or before 31 March 2022.

“The Company will not be able to meet an approved extension to publish by 6 May 2022. The finalization of the Company’s financial statements has been delayed due to the delayed conclusion of material transactions at CBZ Agro-Yield, a significant subsidiary of the Group and the time required for the auditing of material corporate actions which were undertaken towards year end. This has inadvertently delayed the external audit review process and as such impacted on the publication timetable.”

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The Board further advised Shareholders that the Financial Statements will be published by no later than 31 May 2022 in line with the extension granted to the Company by the Zimbabwe Stock Exchange.

The group recorded a 36 percent decline in profit after tax to ZWL$ 2.4 billion for the half-year ended 30 June 2021 down from ZWL$ 3.7 billion in 2020.

Net interest income for the Group rose by 37 percent to ZWL$2.04 billion from ZWL$1.48 billion during the same period while total assets increased by 28 percent to ZWL$146 billion from ZWL$114.5 billion.

 

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