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 August 2021. We used an exchange rate of 1 USD = 150 ZWL (Zimbabwean Dollar), which is the current black market exchange rate. We last did the top 10 list in May 2020, you can check it here.

1. Delta (ZWL$ 111.3 Billion, US$ 742.2 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$307 million. So it’s market cap has increased by 142% in US$ terms over the last 15 months.

2. Econet Zimbabwe (ZWL$ 99.1 Billion, US$ 660.7.5 Million)

Econet Wireless is the second 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 3 on last year’s list, with a market cap of US$257 million, so it has increased by 157%.

3. CBZ (ZWL$ 54.9 Billion, US$ 366.6 Million)

CBZ Holdings is a financial services company 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 was number 5 on last year’s list, with a market cap of US$90.8 million, so its market cap has increased by 303% over the past 15 months.

4. INNSCOR (ZWL$ 53.8 Billion, US $358.8 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$154.6 million, a 132% increase over the past 15 months.

5. Cassava Smartech Zimbabwe (ZWL$ 51.8 Billion, US $345.4 Million)

Cassava Smartech  is the fifth 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 2 on last year’s list. It’s market cap has increased from US$264 million over the past 15 months, thus a 31% increase in US$ terms.

6. National Foods (ZWL$ 35.6 Billion, US $237.1 Million)

National Foods is Zimbabwe’s largest food manufacturer. The company was established in 1920 and produces a broad range of basic foods including maize meal, flour, cooking oil, margarine, rice, salt, snacks, biscuits, pasta, sugar beans, baked beans, popcorn, as well as soap and a full range of animal feed. National Foods popular product brands include Red Seal , Pearlenta, Gloria, Mahatma, Better Buy, ZimGold, National Foods Stockfeeds, Iris and Zapnax. The company has 2 major shareholders; Innscor Africa Limited 37.73% and Tiger Brands 37.45%. National Foods is a new entry to the top 10 largest companies in Zimbabwe list, as it wasn’t on last year’s list.

7. Hippo Valley Estates (ZWL$ 33.8 Billion, US$ 225.2 Million)

Hippo Valley Estates is an agriculture and agro-processing business, focusing on sugarcane farming, milling, sugar packing and distribution and cattle ranching operations. The business is based in the South Eastern Lowveld of Zimbabwe. Hippo Valley Estates Ltd is listed on the Zimbabwe Stock Exchange and is a subsidiary of Tongaat Hulett Ltd, which is listed on the JSE. Hippo Valley Estates is an extensive enterprise and has other interests in sugar packaging, game hunting, fishing, and livestock and citrus farming. Hippo Valley Estates is a new entry to the top 10 list of biggest companies in Zimbabwe, as it wasn’t on last year’s list.

8. Meikles (ZWL$ 22.3 Billion, US $148.3 Million)

Meikles Limited is an established 100-year old company in Zimbabwe primarily invested in the agriculture, hotels and retail sector. The company operates six business segments; hospitality, retail stores which include department stores, supermarkets and wholesalers, and agricultural, financial services and security. Its well-known brands include the Meikles Hotel, Victoria Falls Hotel, TM Pick N Pay Supermarkets, Meikles Stores and Tanganda Tea which produces, packs and distributes Zimbabwe’s famous tea brand aswell as Tinga Mira, a bottled spring water brand. Tanganda Tea Company also owns estates that produce avocados and macadamia nuts.  Meikles Financial Services offers mobile financial solutions and bill payment services to the retail and commercial sector in Zimbabwe; under the brand name My Cash. Meikles is a new entry to the top 10 largest companies in Zimbabwe list, as it wasn’t on last year’s list.

9. SIMBISA BRANDS (ZWL$ 22.2 Billion, US$ 148 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 increased by 1 place from last year’s list as it was number 10. It’s market cap has increased from US$48.3 million, an increase of 208%.

10. OK ZIMBABWE (ZWL$ 19.9 Billion, US$ 132.6 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 dropped from number 6 last year, where it had a market cap of US$82.8 million. Meaning it’s USD market cap has increased by 61% over the last 15 months.

Dropped Companies

British American Tobacco (BAT) which was number 9 on last year’s list, is nolonger among the 10 biggest companies in Zimbabwe. Padenga Holdings Limited (Padenga), which was number 7 on last year list, was delisted from ZSE and is now listed on the Victoria Falls Securities Exchange, and it’s nolonger in the top 10. Old Mutual which was number 8 on last year list, was suspended from the ZSE and is yet to list on the VFEX.

The biggest companies in Zimbabwe 2021

RankCompanyMarket Cap (ZWL)Market Cap (USD)
1DELTA111.3 Billion742.2 Million
2ECONET99.1 Billion660.7 Million
3CBZ54.9 Billion366.6 Million
4INNSCOR53.8 Billion358.8 Million
5CASSAVA SMARTECH51.8 Billion345.4 Million
6NATIONAL FOODS35.6 Billion237.1 Million
7HIPPO VALLEY ESTATES33.8 Billion225.2 Million
8MEIKLES22.3 Billion148.3 Million
9SIMBISA BRANDS22.2 Billion148.0 Million
10OK ZIMBABWE19.9 Billion132.6 Million