Zimbabwe Report

CompaniesSeptember 27, 2023

Top 10 Companies in Zimbabwe | Most Important Companies in Zimbabwe

: Written by Sandra Francisco; Published: September 27, 2023

The top 10 list of the largest companies in Zimbabwe is compiled and updated by the MarcoPolis research team, based on companies’ market capitalization, using data from the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Securities Exchange (VFEX). The list is topped by Delta, Econet Wireless and Innscor Africa Limited.

Top 10 Companies in Zimbabwe | Zimbabwe’s Largest Companies

The List

Rank	Company	Industry	Description
1	Delta	Beverages	Delta Corporation Limited is a Zimbabwean company that manufactures and markets a wide range of beverages. It operates in four main segments: non-alcoholic beverages, sparkling beverages, lager beers, and traditional beers. Some of its notable products include Shumba Maheu, Supersip Yogurt, and various popular Coca-Cola Company brands. In the lager beer division, it produces international brands like Castle Lite, Miller’s, and Peroni. Delta also holds a monopoly in Zimbabwe’s traditional beer market with its well-known Chibuku sorghum beer. Additionally, the company has interests in various other sectors, including transport, logistics, malting, food processing, packaging, retailing wines and spirits, recycling, tin can production, and leadership training.
2	Econet Wireless	Technology	Econet Wireless Zimbabwe stands as the second-largest entity in Zimbabwe’s business landscape. This telecommunications, media, and technology (TMT) company holds the title of Zimbabwe’s leading telecommunications service provider, offering core services such as voice, data, and SMS. Econet initiated its network operations on July 10, 1998, and subsequently became publicly listed on the Zimbabwe Stock Exchange (ZSE) on September 17, 1998. It has consistently maintained its position as the second-largest company from the previous year, although its market capitalization has decreased by 37% to US$660 million.
3	Innscor	Industrial Holding	Innscor Africa Limited holds the position of the third-largest company in Zimbabwe. This company specializes in manufacturing consumer staple and long-lasting goods aimed at the mass market, managing a diverse portfolio of businesses, and integrating them strategically when necessary. Among its notable subsidiaries are National Foods Holdings Limited, Colcom Holdings Limited, Irvine’s Zimbabwe (Private) Limited, Natpak (Private) Limited, Profeeds (Private) Limited, and Probrands (Private) Limited. Innscor was ranked fourth on the previous year’s list, with a market capitalization of US$358 million, reflecting a 44% decline in its market capitalization over the past 12 months.
4	Padenga Holdings	Agricultural	Padenga Holdings Limited, the foremost provider of crocodile skins and meat in Zimbabwe, holds a dominant position by contributing nearly 85% of the worldwide supply of Nile crocodile skins, which are highly sought after by luxury fashion brands. The company manages three crocodile breeding and production facilities in Zimbabwe, namely Kariba Crocodile Farm, Ume Crocodile Farm, and Nyanya Crocodile Farm, each with the capacity to breed around 15,000 hatchlings annually. In addition, Nile alligators are bred at the Lone Star Alligator Farm in Texas, USA. Padenga Holdings Limited manufactures crocodile skin and meat products, catering to both the local market and international export markets in Europe and Asia. On July 9, 2021, Padenga Holdings Limited made the decision to delist from the Zimbabwe Stock Exchange and subsequently listed on the Victoria Falls Stock Exchange.
5	National Foods	Agri-Industrial	National Foods stands as Zimbabwe’s largest food manufacturer, boasting a rich history since its establishment in 1920. The company specializes in producing an extensive range of essential food products, including maize meal, flour, cooking oil, margarine, rice, salt, snacks, biscuits, pasta, sugar beans, baked beans, popcorn, as well as soap and a comprehensive selection of animal feed. Some of National Foods’ well-known product brands include Red Seal, Pearlenta, Gloria, Mahatma, Better Buy, ZimGold, National Foods Stockfeeds, Iris, and Zapnax. In terms of ownership, the company is primarily held by two major shareholders: Innscor Africa Limited with a 37.73% stake, and Tiger Brands with a 37.45% stake. National Foods has manufacturing sites in Harare and Bulawayo, from which it distributes its products throughout the country.
6	Ecocash Holdings	Technology	Ecocash Holdings, previously known as Cassava Smartech, ranks as the sixth-largest company in Zimbabwe. It came into existence following the demerger of Econet Wireless Zimbabwe. Ecocash Holdings is a multifaceted smartech conglomerate, committed to leveraging digital solutions to advance socio-economic development and enhance the overall quality of life across the African continent. The company envisions a digitally connected future that leaves no Zimbabwean behind by providing innovative solutions that meet the needs of ordinary people. Key subsidiaries under the Ecocash Holdings umbrella include Ecocash, Steward Bank, Econet Insurance, and Econet Life.
7	Seed Co	Agricultural	Seed Co Limited is a publicly traded company, originally listed on the Zimbabwe Stock Exchange (ZSE) but later delisted from it in 2021, subsequently finding a new home on the Victoria Falls Securities Exchange (VFEX) within the same year. It holds the top position as a certified seed company authorized to distribute a wide array of seed varieties. These varieties are developed through its own research efforts, collaborations with government institutions, and partnerships with associated seed breeders, encompassing more than 15 African countries. Seed Co Limited primarily engages in activities related to the breeding, multiplication, and distribution of hybrid seed varieties. These varieties cover a range of essential crops, including maize, wheat, soya beans, sugar beans, cowpeas, sorghum, groundnuts, and various vegetables.
8	Simbisa Brands	Food	Simbisa Brands Limited holds the distinction of being the largest operator of fast-food restaurants in Zimbabwe. It possesses a diverse portfolio of well-known Quick Service Restaurant brands, which it both owns, operates, and franchises. These prominent brands include Pizza Inn, Chicken Inn, Nandos, and Steers, the latter two originating from South Africa. Simbisa Brands Limited’s presence extends widely across the African continent, with establishments not only in Zimbabwe but also in 10 other African nations, namely Kenya, Ghana, Mauritius, Botswana, the Democratic Republic of Congo (DRC), Malawi, Swaziland, Lesotho, and Zambia. This thriving fast-food restaurant group emerged as a spin-off from manufacturing entity Innscor Africa.
9	CBZ Holdings	Banking	CBZ Bank Limited is a commercial bank in Zimbabwe, licensed by the national banking regulator, the Reserve Bank of Zimbabwe. Its inception traces back to 1991, a pivotal moment when the Zimbabwean government took control of the now-defunct Bank of Credit and Commerce. Initially, the government possessed full ownership of CBZ Bank, but over time, this ownership structure evolved through privatization efforts and the bank’s listing on the Zimbabwe Stock Exchange in 1998. Currently, CBZ Bank stands as a wholly-owned subsidiary of CBZ Holdings, a financial services group listed on the stock exchange. The bank offers a comprehensive range of financial services, covering retail and commercial banking, treasury services, group investment banking, asset management, short- and long-term insurance, security trading, and property investments.
10	BAT Zimbabwe	Agricultural	British American Tobacco (BAT) Zimbabwe Holdings Limited, listed on the Zimbabwe Stock Exchange, is a leading tobacco company in the country. It has an expansive portfolio of tobacco brands, including Benson & Hedges, Dunhill, and Rothmans. The company manufactures, distributes and sells tobacco products for local consumption through a network of independent retailers and distributors. It also provides tobacco and other products to customers beyond Zimbabwe, as the country is the 6th largest tobacco grower in the world and the largest in Africa.