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Econet among Africa's top 250 companies

by Staff reporter
17 Jan 2023 at 16:21hrs | Views
Econet Wireless Zimbabwe and EcoCash Holdings Zimbabwe Limited have been named among Africa's top 250 companies by the African Business magazine.

Every Year the African Business top 250 companies survey charts the rise of innovative, strategic and resilient African Businesses that straddle the continent and that invest billions of dollars into Africa-wide strategies to capture future opportunities.

Econet was ranked number 47 in the 2022 ranking, a significant jump from number 131 in 2021 after the telecommunications and technology giant increased its market capitalisation to US$3.479 billion last year up from US$968 million.

The African Business magazine noted that despite the massive distortions in exchange rates, Econet, and other Zimbabwean firms, performed exceptionally well under very difficult circumstances. Delta Corporation is listed at number 68.

"Local investors worried about inflation, potential devaluations and cash shortages poured money into the Zimbabwe Stock Exchange, where share prices and the indices continued to soar. For the Top 250 Companies rankings, local share prices are converted at the official rate on the RTGS dollar (ZWL), which still remains at about ZWL$362 to the dollar," read part of the report.

Econet is one of most capitalised and best managed stocks on the Zimbabwe Stock Exchange and has consistently delivered value to all its various stakeholders in the past 20 years.

Meanwhile, EcoCash Holdings moved 86 places from 186 in 2021 to 100 last year, after its market value tripled to US$1.3 billion.

EcoCash Holdings Zimbabwe is a diversified digital and fintech group that leverages digital and financial technologies to build shared economies, drive financial inclusion and promote economic empowerment.

The listed conglomerate envisions a digitally connected future that leaves no Zimbabwean behind by providing innovative solutions that meet the needs of ordinary people.

Source - The Herald