{"id":84136,"date":"2023-10-04T10:42:28","date_gmt":"2023-10-04T08:42:28","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimre-commends-inflation-measures-records-54-profit-growth"},"modified":"2023-10-04T14:56:04","modified_gmt":"2023-10-04T12:56:04","slug":"zimre-commends-inflation-measures-records-54-profit-growth","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/zimre-commends-inflation-measures-records-54-profit-growth","title":{"rendered":"\u00adZIMRE commends inflation measures, records 54% profit growth"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Zimbabwe. <\/strong><\/span>DIVERSIFIED financial services group, ZIMRE Holdings Limited has commended authorities for enacting timely measures which have gone a long way to ease inflation pressures in the economy on the back of the group\u2019s realization of a 54% profit growth.<\/p>\n<p>Presenting the group\u2019s performance for the half year period ended June 30 2023, ZIMRE chairman, Desmond Matete said while the Zimbabwean economic and business operating environment in the first half to 30 June 2023 was fraught with challenges, interventions by monetary authorities managed to ease the pressures.<\/p>\n<p>\u201cKey amongst the challenges was the increase in inflationary pressures and exchange rate volatility.<\/p>\n<p>\u201cFortunately, after interventions from the fiscal and monetary authorities in June 2023, the economy experienced some stabilisation on these aspects resulting in the Reserve Bank of Zimbabwe (RBZ) reforecasting the country\u2019s economic growth for 2023 from 2.83% to 5.3%,\u201d he said.<\/p>\n<p>The remarks come at a time when annual inflation rate tumbled to 18,36% in the month of September 2023 following the move by the Zimbabwe National Statistics Agency to adopt a calculation method which captures in price movements based on the dual impact currency impact of the dominant currency.<\/p>\n<p>Accordingly, official market trends confirm that 80% of the local transactions are undertaken in the US$ currency.<\/p>\n<p>\u00adMeanwhile during the period, the group\u2019s total income decreased by 25% from ZWL141,2 billion to ZWL105,8 billion in inflation-adjusted terms.<\/p>\n<p>There was notable growth in historical cost terms of 718% from ZWL21.5 billion to ZWL175.9 billion in the current period anchored by core business growth in the reinsurance and life and pensions businesses as well as fair value gains on foreign currency denominated assets.<\/p>\n<p>\u00ad\u201cThe group recorded steady growth in pro\u2010t for the period with an increase of 54% to ZWL167.6 billion recorded in the current period in inflation adjusted terms and a 671% growth under historical cost terms to ZWL155.8 billion.<\/p>\n<p>\u201cThe \u00ad positive growth in profitability is largely driven by foreign exchange gains on US$ denominated net monetary assets and revaluation gains on investment properties,\u201d said Matete.<\/p>\n<p>Going forward, the group maintains its strategic focus on growing and invigorating its core businesses as it continues to build on a rich 40-year legacy.<\/p>\n<p>The group aims to harvest its insurance value chain and broaden its ecosystem through Group synergies and various partnerships locally and across the African continent.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/zimbabwe\">Zimbabwe<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Zimbabwe. DIVERSIFIED financial services group, ZIMRE Holdings Limited has commended authorities for enacting timely measures which have gone a long way to ease inflation pressures in the economy on the back of the group\u2019s realization of a 54% profit growth. Presenting the group\u2019s performance for the half year period ended June 30 2023, [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":84135,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[1493,2189,19],"class_list":{"0":"post-84136","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-africa-press","10":"tag-africa-press-zimbabwe-2","11":"tag-zimbabwe"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.1 (Yoast SEO v24.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u00adZIMRE commends inflation measures, records 54% profit growth - zimbabwe<\/title>\n<meta name=\"description\" content=\"DIVERSIFIED financial services group, ZIMRE Holdings Limited has commended authorities for enacting timely measures whic ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimre-commends-inflation-measures-records-54-profit-growth\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u00adZIMRE commends inflation measures, records 54% profit growth\" \/>\n<meta property=\"og:description\" content=\"DIVERSIFIED financial services group, ZIMRE Holdings Limited has commended authorities for enacting timely measures whic ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimre-commends-inflation-measures-records-54-profit-growth\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-04T08:42:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-04T12:56:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/10\/sm_1696407693.672097.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimre-commends-inflation-measures-records-54-profit-growth\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimre-commends-inflation-measures-records-54-profit-growth\",\"name\":\"\u00adZIMRE commends inflation measures, records 54% profit growth - 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