Simbisa postpones results publication

Africa Business

Ndaka Majaka

FAST foods giant, Simbisa Brands Limited (Simbisa), says it will delay publishing its audited financial statements for the financial year ended June 30 2019, on the back of functional and reporting currency changes in Zimbabwe.

In a circular released on Thursday, Simbisa said the results – due for release at the end of September 2019 – will now be published on or before October 15 2019.

This follows an extension granted to the company by the Zimbabwe Stock Exchange.

“The delay has arisen due to matters and issues arising out of the change in the functional and reporting currency in Zimbabwe, that has necessitated adjustments and revaluations of the results, which requires more time to complete,” the note, issued by Simbisa’s company secretary, Prometheus Corporate Services, read.

Functional and reporting currency was changed from US Dollars to Zimbabwe Dollars in February 2019.

The consumer-facing counter – whose management has indicated that it will continuously intensify strategies to boost regional business operations as the local trading environment remains relatively unstable in comparison to regional peers – reported a 10 percent improvement in regional operational operations, which contributed $34,6 million in hard currency in the first half of 2019.

The restaurateur has opened eight new outlets in Zimbabwe, and 11 more eateries in Kenya and the DRC.