July 30, 2020

Meikles defers results publication

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ZTN Business Reporter

Diversified group, Meikles Limited, has deferred publication of its audited financial results for the year to March 31, 2020 on the back of disruptions caused by the Covid-19 pandemic.

Company secretary Thabani Mpofu said the results, which were due for release on or before June 30 2020, will now be published on or before August 20, 2020 following a waiver granted by the Zimbabwe Stock Exchange.

“The delay is due to disruptions to year end preparation process caused by lockdown restrictions implemented by government to contain the spread of Covid-19,” Mpofu said.

This comes as the group deferred payment of interim dividend to shareholders in April, citing administrative issues relating to the 21-day national lockdown following the outbreak of Covid-19.

Meikles is not the only company whose operations have been disrupted by the pandemic. Other firms have been forced to temporarily shut down after employees tested positive for Covid-19. These include mobile network operator, Econet, sugar manufacturer, Star Africa and several supermarket chains.

The Zimbabwe National Chamber of Commerce, ZNCC has said there will be loss of employment as a result of the lock down, with 25 percent of permanent formal jobs anticipated to be shed.

ZNCC chief executive Chris Mugaga said 75 percent of casual/temporary formal jobs are set to be lost as businesses lay off workers given the sharp contraction in many sectors.

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