Below are the biggest companies on the Zimbabwe Stock Exchange (ZSE) by market capitalisation.  Market capitalization refers to the total dollar market value of a company’s outstanding shares. Commonly referred to as “market cap,” it is calculated by multiplying a company’s shares outstanding by the current market price of one share.

The data is as at 27 May 2020. We used an exchange rate of 1 USD = 60 ZWL (Zimbabwean Dollar), which is the current black market exchange rate. We last did the top 10 list in July 2019, you can check it here.

1. Delta (ZWL$ 18.5 Billion, US$ 307.5 Million)

Delta is the largest company in Zimbabwe. Delta Corporation Limited is principally an integrated beverage company with a diverse portfolio of local and international brands in lager beer, traditional beer, Coca-Cola franchised sparkling and alternative non-alcoholic beverages. It has investments in associate companies whose activities are in cordials and juice drinks, wines and spirits. On last year’s list it was number 1, with a market cap of US$445 million. So it’s market cap has declined by 31% in US$ terms over the last 10 months.

2. Cassava Smartech Zimbabwe (ZWL$ 15.8 Billion, US $264 Million)

Cassava Smartech  is the second largest company in Zimbabwe. Cassava Smartech Zimbabwe Limited was formed after the demerger of Econet Wireless Zimbabwe. Cassava Smartech is a diversified smartech group, with a mandate to use digital solutions to drive socio-economic development, and to improve the overall quality of life for all Africans. The major units of Cassava Smartech are Ecocash, Steward Bank, Econet Insurance and Econet Life. It was number 3 on last year’s list. It’s market cap has declined from US$399 million over the past 10 months, thus a 34% decrease in US$ terms.

3. Econet Zimbabwe (ZWL$ 15.5 Billion, US$ 257.5 Million)

Econet Wireless is the third largest company in Zimbabwe. Econet Wireless Zimbabwe is a Telecommunications, Media and Technology (“TMT”) company. It is Zimbabwe’s largest provider of telecommunications services with voice, data and sms as its core service offerings. Econet launched its network on the 10th of July 1998 and listed on the ZSE on the 17th September 1998. It was number 2 on last year’s list, with a market cap of US$414 million, so it has declined by 38%.

4. INNSCOR (ZWL$ 9.3 Billion, US $154.6 Million)

Innscor Africa Limited is the fourth biggest company in Zimbabwe. Innscor Africa Limited is a manufacturer of consumer staple and durable goods for the mass market through a managed and where strategically appropriate, integrated portfolio of businesses. Its units include National Foods Holdings Limited, Colcom Holdings Limited, Irvine’s Zimbabwe (Private) Limited, Natpak (Private) Limited, Profeeds (Private) Limited and Probrands (Private) Limited. It has maintained its position as number 4, and its’s market cap has increased from US$124 million, a 24% increase over the past 10 months.

5. CBZ (ZWL$ 5.4 Billion, US$ 90.8 Million)

CBZ Holdings is a financial operating in Zimbabwe. CBZ Holdings offers the full spectrum of financial services; from retail and commercial banking to treasury services, group investment banking and asset management, short- and long-term insurance, security trading and property investments.One of the largest units of CBZ holdings is CBZ Bank which is one of the largest commercial banks in Zimbabwe. The other units of CBZ Holdings are CBZ Capital (Datvest), CBZ Insurance and CBZ Life. CBZ Holdings wasn’t part of the top 10 list last year. It’s market cap has increased from US$33.8 million, a 172% increase over the past 10 months.

6. OK ZIMBABWE (ZWL$ 5 Billion, US$ 82.8 Million)

OK Zimbabwe Limited is a leading supermarket retailer listed on the Zimbabwe Stock Exchange. OK’s business covers three major categories, comprising groceries, basic clothing and textiles and houseware products. The groceries category includes dry groceries, butchery, delicatessen, takeaway, bakery, provisions and fruit and vegetable sections. OK Zimbabwe Limited trades under three highly recognised brand names, OK Stores, Bon Marche’ Stores, and OKmart. OK Zimbabwe has jumped from number 10 last year, where it had a market cap of US$49.5 million. Meaning it’s USD market cap has increased by 67% over the last 10 months.


7. PADENGA HOLDINGS (ZWL$ 4.8 Billion, US $79.9 Million)

Padenga Holdings Limited (Padenga) is a public company listed on the Zimbabwe Stock Exchange. The company, formerly a division of the Innscor Africa Limited Group, listed in November 2010. It’s sole business is the production and sale of crocodilian skins and meat. Padenga is one of the world’s leading suppliers of premium quality crocodilian skins, accounting for nearly 85% of the supply of Nile crocodile skins to high end luxury brands globally.  Padenga also produces crocodile meat from its export approved abattoir for sale to European and Asian markets. It has dropped one place as it was number 6 on last year’s largest companies in Zimbabwe list. It’s market cap has declined from US$100 million, a 20% decline over the past 10 months.


8. OLD MUTUAL (ZWL$ 4.8 Billion, US $76.6 Million)

Old Mutual is a diversified international financial services group. Old Mutual Zimbabwe offers services to Zimbabwe-based clients via a focused range of products including Life Assurance, Asset Management, Unit Trusts, Property Development and Management, Short-term Insurance and Banking Services. It’s major units are Old Mutual Life Assurance Company Zimbabwe Limited, Old Mutual Investment Group Zimbabwe, Old Mutual Property, CABS, Old Mutual Insurance Company, Old Mutual Custodial Services and Old Mutual Securities. Old Mutual has dropped from number 5 on last year’s list, where it had a market cap of US$102 million, thus it’s USD Market cap has declined by 25% over the last 10 months.


9. BRITISH AMERICAN TOBACCO (ZWL$ 3 Billion, US$ 49.5 Million)

British American Tobacco (BAT) Zimbabwe Holdings Limited manufactures, distributes and sells tobacco products for local consumption through a network of independent retailers and distributors. Zimbabwe is the 6th largest tobacco grower in the world and the largest in Africa. BAT was number 7 on last year’s list, with a market cap of US$74 million, a 33% decline in market cap.

10. SIMBISA BRANDS (ZWL$ 2.8 Billion, US$ 48.3 Million)

Simba Brands specializes in fast food services. The company, formerly a division of the Innscor Africa Limited Group, listed in 2015. Simbisa Brands Limited is the largest fast-food restaurant operator in Zimbabwe and owns, operates and franchises a selection of well-known Quick Service Restaurant brands. These include Pizza Inn, Chicken Inn, Bakers Inn, Nandos and Steers. Simbisa Brands Limited has an extensive footprint in Africa, with outlets in Zimbabwe and 10 African countries including Kenya, Ghana, Mauritius, Botswana, DRC, Malawi, Swaziland, Lesotho and Zambia. Simbisa has declined 2 places from last year’s list as it was number 8. It’s market cap has declined from US$51 million, a decrease of 6%.

Dropped Companies

SEED Co which was number 9 on last year’s list, is nolonger among the 10 biggest companies in Zimbabwe.

The biggest companies in Zimbabwe 2020

RankCompanyMarket Cap (ZWL)Market Cap (USD)
1DELTA18.5 Billion307.5 Million
2CASSAVA SMARTECH15.8 Billion264 Million
3ECONET15.5 Billion257.5 Million
4INNSCOR9.3 Billion154.6 Million
5CBZ5.4 Billion90.8 Million
6OK ZIMBABWE5 Billion82.8 Million
7PADENGA HOLDINGS4.8 Billion79.9 Million
8OLD MUTUAL4.8 Billion76.6 Million
10SIMBISA BRANDS2.8 Billion48.3 Million