• Wed. Sep 27th, 2023

TSL delays publication of results a second time

ByEconomic Times

Mar 2, 2023

By ETimes

TSL, a listed agro-logistics firm, has delayed the publication of its full-year results for a second time because the accounts must be signed off by PricewaterhouseCoopers Zimbabwe’s technical departments in South Africa.

The one problem for both listed and privately owned enterprises is the hassle of completing annual accounts in local currency under inflation accounting.

This comes as listed firms continually request extensions from the Zimbabwe Stock Exchange (ZSE) as their accounts are not ready to publish.

At the end of January this year, ZSE granted TSL a one-month extension period in which to publish its financial statements for the financial year ended 31 October 2022 after its external auditors encountered difficulties wrapping up their year-end audit.

The results were supposed to be made public on or before February 28, 2023.

However, the local bourse has granted TSL another one month extension after failing to meet the deadline.

“Notice is hereby given to Shareholders of the Company that the publication of the Audited Financials of the Company for the year ended 31 October 2022 has been further delayed due to the Company‚Äôs external auditors, PricewaterhouseCoopers Zimbabwe, being unable to obtain the necessary clearance from PricewaterhouseCoopers South Africa within the 30-day extension period granted by the ZSE,” the company said in a notice to shareholders.

“Consequently, the ZSE has granted an additional one-month extension to publish the FY2022 Financial Statements. TSL Limited will publish its financial statements for this period on or before 31 March 2023.”

Observers say the challenge may result from the fact that international accounting groups may have little experience of inflation accounting.

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TSL closed its last trading day at $62.05 per share on the ZSE, recording a 1.5% gain over its previous closing price of $61.1089. It began the year with a share price of $44.0047 and has since gained 41% on that price valuation, ranking it 23rd on the ZSE in terms of year-to-date performance.

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