By Kudzaishe Chimonera
The Zimbabwe Stock Exchange (ZSE) Group recorded a sharp rise in profits in the first half of 2026 with profit after tax jumping 275.8% as trading activity and revenues increased.
Group board chairperson Caroline Sandura said the strong performance reflected significant growth on both the Zimbabwe Stock Exchange and the Victoria Falls Stock Exchange (VFEX).
In her statement accompanying the group’s interim financial results for the six months to 30 June, Ms Sandura said the ZSE had emerged as one of the region’s stronger-performing markets.
“The Zimbabwe Stock Exchange surged, establishing itself among the region’s leading performers. Concurrently, the Victoria Falls Stock Exchange (VFEX) sustained its momentum, driven by additional listings and an index that nearly doubled,” she said.
Group revenue increased by 39.6% compared with the same period last year, while operating expenses rose by 5.6%.
The stronger revenue performance helped drive a 196.9% increase in earnings before interest, tax, depreciation and amortisation (EBITDA).
Profit after tax rose by 275.8%, while the group’s total asset base expanded by 57.4%.
“Furthermore, Profit After Tax achieved a remarkable 275.8% increase, supported by a 57.4% expansion in the total asset base,” Ms Sandura said.
Trading on the ZSE also accelerated during the period.
The ZSE All Share Index closed at 417.81 points on 30 June, representing a 50% gain since the start of the year and a 40.65% increase compared with June 2025.
Turnover reached ZWG7.6bn in the first six months of 2026, more than three times the ZWG2.5bn recorded during the corresponding period last year.
VFEX also recorded strong growth, with its All Share Index closing at 254.12 points.
The index gained 43.47% year-to-date and was 137.03% higher than its June 2025 level.
Turnover on the US dollar-denominated exchange rose to US$166.4m, up 126.42% from US$73.51m recorded during the same period last year.
The Group is now looking to build on the momentum in the second half of the year, following the launch of the Zimbabwe Entrepreneurship Exchange (ZEEX) in July.
The platform is designed to give small and medium-sized enterprises and high-growth businesses a structured route to formal capital markets.
“Our principal focus for the second half of 2026 is the crystallisation of a strong ZEEX issue pipeline, and the work is already under way,” Ms Sandura said.
VFEX is also targeting further growth after securing five new listings during the year.
The exchange expects at least three additional listings before the end of 2026.
“Our outlook remains firmly optimistic, supported by a strong pipeline of new listings. We expect to add at least three more listings before year-end, which should further deepen liquidity and broaden the investment opportunities available on the Exchange,” Ms Sandura said.
The Group approved an interim dividend of US$339,921.80, equivalent to 0.33 US cents per share.
Ms Sandura said increased interest from foreign investors and the operationalisation of the Victoria Falls Financial Services Centre were likely to create further opportunities for investment and cross-border financial services.
“We are also encouraged by the growing interest from foreign investors, which we expect to strengthen as the market continues to expand. Importantly, the operationalisation of the Victoria Falls Financial Services Centre (VFIFC) is unlocking new opportunities for investment, capital mobilisation and cross-border financial services. VFEX is strategically positioned to play a key role in this emerging international financial services ecosystem,” she said.
