{"id":95897,"date":"2024-06-28T08:44:16","date_gmt":"2024-06-28T06:44:16","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/ok-sees-increased-zwg-collections"},"modified":"2024-06-28T11:07:08","modified_gmt":"2024-06-28T09:07:08","slug":"ok-sees-increased-zwg-collections","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/ok-sees-increased-zwg-collections","title":{"rendered":"OK sees increased ZWG collections"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>RETAILER, OK Zimbabwe (OK) has seen a drop in its foreign currency sales in favour of Zimbabwe Gold (ZWG) trades since the local tender\u2019s introduction in April, it has been revealed.<\/p>\n

After Zimbabwe\u2019s former local currency, Zimdollar (ZWL), had massively depreciated since its reintroduction into the market in June 2019, it was finally scrapped on April 5 for the ZiG, which is now being recognised internationally as ZWG.<\/p>\n

The Reserve Bank of Zimbabwe moved to defend the ZWG in the market by arresting all parallel forex market dealers and fining companies using alternative foreign currency exchange rates.<\/p>\n

The bank also instructed local financial institutions to increase their \u201cknow your client\u201d practices to ensure they do not over-supply ZWG into the market.<\/p>\n

Treasury also mandated that only when specified, all taxes are to be paid in both ZWG and foreign currency at a 50\/50 split.<\/p>\n

Thus, several businesses are starting to see an increase in ZWG collections as sourcing foreign currency has become more difficult, with OK being no exception.<\/p>\n

\u201cSubsequent to the end of the financial year, the authorities introduced a new currency, Zimbabwe Gold (ZiG). While the full impact of the introduction of the new currency are still being assessed, the group\u2019s foreign currency collection have declined in favour of ZiG,\u201d OK chairman Hebert Nkala said in the group\u2019s financial statement for the year ended March 31, 2024, released on Thursday.<\/p>\n

\u201cThe group continued to implement its volume recovery strategies and is looking forward to volume growth in the coming financial year.<\/p>\n

\u201cThe business intends to sustain this volume growth trajectory through consistent availability of product, continuance of the fair price campaigns and other key volume recovery initiatives implemented by the business.\u201d<\/p>\n

He said the group remained optimistic about the business landscape and resolute in weathering any challenges.<\/p>\n

\u201cThe group is committed to sustaining this momentum, fostering innovation and creating long-term value for our stakeholders,\u201d Nkala added.<\/p>\n

While group revenue grew by 29,4% to ZWL$12,4 trillion in the period under review, from a 2023 comparative of ZWL$9,5 trillion, Nkala called this muted.<\/p>\n

Before the introduction of the ZWG, foreign currency transactions nationally made up 80% of the market with the remainder being ZWL$.<\/p>\n

\u201cRevenue growth was muted, which in the face of imposed market pricing distortions, reflects the resilience of the business model and the loyalty of our valued customers,\u201d Nkala said.<\/p>\n

\u201cOur strategic initiatives to enhance product offerings, optimise supply chain efficiencies and to expand our digital presence have yielded positive results and positioned the group well for future growth.\u201d<\/p>\n

He said that operating costs increased by 107% from ZWL$1,67 trillion to ZWL$3,44 trillion during the financial year driven by significant increases in energy costs, utilities and property operating costs.<\/p>\n

\u201cUtilities providers such as Zesa and the local municipal authorities increased tariffs for electricity, water and rates in an unsustainable manner, further increasing the cost of doing business,\u201d Nkala said.<\/p>\n

\u201cIn addition, erratic power supply resulted in reliance on generators, which further drove energy costs higher.\u201d<\/p>\n

However, despite the costs, profit after tax grew by 482,4% to ZWL$931 billion in the period under review, from the prior year comparative, buoyed by a net monetary gain of ZWL$2,94 trillion.<\/p>\n

OK was adequately capitalised having ZWL$1,15 to every dollar of debt at the end of the period under review.<\/p>\n

Total assets were recorded at ZWL$4,56 trillion during the period, up from ZWL$4,1 trillion in the prior year.<\/p>\n

For More News And Analysis About Zimbabwe Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. RETAILER, OK Zimbabwe (OK) has seen a drop in its foreign currency sales in favour of Zimbabwe Gold (ZWG) trades since the local tender\u2019s introduction in April, it has been revealed. After Zimbabwe\u2019s former local currency, Zimdollar (ZWL), had massively depreciated since its reintroduction into the market in June 2019, it was […]<\/p>\n","protected":false},"author":84,"featured_media":95896,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[19],"class_list":{"0":"post-95897","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-zimbabwe"},"yoast_head":"\nOK sees increased ZWG collections - zimbabwe<\/title>\n<meta name=\"description\" content=\"RETAILER, OK Zimbabwe (OK) has seen a drop in its foreign currency sales in favour of Zimbabwe Gold (ZWG) trades since t ...\" \/>\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\/ok-sees-increased-zwg-collections\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OK sees increased ZWG collections\" \/>\n<meta property=\"og:description\" content=\"RETAILER, OK Zimbabwe (OK) has seen a drop in its foreign currency sales in favour of Zimbabwe Gold (ZWG) trades since t ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/ok-sees-increased-zwg-collections\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-28T06:44:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-28T09:07:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/06\/sm_1719552681.543217.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\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=\"3 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\/ok-sees-increased-zwg-collections\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/ok-sees-increased-zwg-collections\",\"name\":\"OK sees increased ZWG collections - 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