At least four companies have deferred the publication of their full year results to the end of this month.
Previously, a number of listed companies on the local bourse failed to beat the extended deadline of up to the end of April this year of publishing their full year results after issuing notices of new publishing dates with the latest being at the end of last month.
Of those who pushed their publishing dates have put the blame on the coronavirus induced lockdowns. This was the same case last year. The first two months of 2021 were affected by lockdowns following a second wave of Covid-19 infections after the festive period.
In terms of rule 39 (1) of the Securities and Exchange (Zimbabwe Stock Exchange Listings Requirements) Rules, 2019, listed companies are required to publish audited financial statements not more than three months after the end of every company’s financial year.
ZBFH was unable to publish its audited financial statements by 30 April 2021 and was granted an extended period to 31 May 2021. The company said despite best efforts to ensure results were published by the 31 of May 2021, the group was unable to publish as the audit process is yet to be finalized.
“The group sought, and obtained the approval of the ZSE to defer the publication of the Audited financial statements for the year ended 31 December 2020 by no later than 30 June 2021,” it said.
In a notice, Zimre Holdings Limited (ZHL) advised shareholders that the publication of its results for the year ended 31 December 2021 has been postponed to 30 June 2021.
ZHL attributed the postponement in publication of results for the need for Insurance and Pension Commission of Zimbabwe (IPEC) approval of the restated 2018 and 2019 Fidelity Life Assurance of Zimbabwe Limited (FLA) financial statements following the separation of FLA’s Pooled Fund between policyholders and shareholders, which separation was in accordance with Insurance Act [Chapter 24:07].
The consolidation of FLA, for the first time as a subsidiary of ZHL in the ZHL Financial Statements, in accordance with prevailing International Accounting Standards and International Standard on Auditing 600.
“ZHL has therefore sought and been granted leave by the Zimbabwe Stock Exchange to publish its 2020 Financial Statement before 30 June 2021,” it said.
Cassava Smartech Zimbabwe notified shareholders and the investing public that due to Covid-19 induced circumstances, it will publish its annual audited financial statements on or before the 30th of June 2021. “The Company has been granted an extension approval by the ZSE for the delay. Any inconvenience caused to our valued stakeholders is sincerely regretted,” it said.
In the same vein, telecoms giant Econet Wireless Zimbabwe Limited advised shareholders and the investing public that due to Covid-19 induced circumstances, it will publish its results on or by 30 June 2021.
“The Company has been granted an extension approval by the ZSE for the delay. Any inconvenience caused to our valued stakeholders is sincerely regretted.”
Many experts consider 2020 to be one of the – if not the – worst years ever in recorded human history. Despite strong government support and a re-opening of the economy, most businesses cut their workforce and lost profits due to the Covid-19 pandemic – Harare