Below are the biggest companies on the Zimbabwe Stock Exchange (ZSE) and Victoria Falls Securities Exchange (VFEX) 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 23 August 2022. We used an exchange rate of 1 USD = 750 ZWL (Zimbabwean Dollar), which is the current black market exchange rate. We last did the top 10 list in August 2021, you can check it here.

NEW! CHECK THE 2023 BIGGEST COMPANIES IN ZIMBABWE LIST

1. Delta (ZWL$ 331 Billion, US$ 441 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$742 million. So it’s market cap has decreased by 40% in US$ terms over the last 12 months.

2. Econet Zimbabwe (ZWL$ 310 Billion, US$413 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 has maintained it’s position as it was number 2 on last year’s list, with a market cap of US$660 million, meaning it’s market cap has declined by 37%.

3. INNSCOR (ZWL$ 150 Billion, US $200 Million)

Innscor Africa Limited is the third 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. Innscor was number 4 on last year’s list, with a market cap of US$358 million, so its market cap has decreased by 44% over the past 12 months.

4. PADENGA HOLDINGS (ZWL$N/A, US $173 Million)

Padenga Holdings Limited (Padenga) is a public company listed on the Victoria Falls Securities Exchange (VFEX). The company, formerly a division of the Innscor Africa Limited Group, listed on the Zimbabwe Stock Exchange (ZSE) in November 2010. It then delisted from the ZSE in 2021, and was then listed on the VFEX that same year. 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. Last year it was not part of the top 10 list. Its market cap has increased from US$31.5 million, a 450% increase over the past 12 months.

5. National Foods (ZWL$ 102 Billion, US $136 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 has increased by 1 place in the top 10 largest companies in Zimbabwe list, as it was number 6 on last year list. Its market cap has declined from US$237 million, a 42% decline over the last year.

6. Ecocash Holdings (ZWL$ 101 Billion, US $135 Million)

Ecocash Holdings (formerly Cassava Smartech)  is the sixth largest company in Zimbabwe. Ecocash Holdings was formed after the demerger of Econet Wireless Zimbabwe. Ecocash Holdings 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 Ecocash Holdings are Ecocash, Steward Bank, Econet Insurance and Econet Life. It was number 5 on last year’s list. Its market cap has decreased from US$345 million over the past 12 months, thus a 61% decline in US$ terms.

7. SEED CO (ZWL$N/A, US$128 Million)

Seed Co Limited is a public company listed on the Victoria Falls Securities Exchange (VFEX). It delisted from the ZSE in 2021, and was then listed on the VFEX that same year. It is the leading certified seed company authorised to market seed varieties developed by itself, government and other associated seed breeders in over fifteen (15) African countries. It has maintained a strong market share among communal and commercial farmers from years of intensive investment in Research & Development.  The Company is involved in the breeding, multiplication and distribution of mainly hybrid seed varieties for the following crops:  maize, wheat, soya beans, sugar beans, cowpeas, sorghum, groundnuts and vegetables. Last year it was not part of the top 10 list. Its market cap has increased from US$61 million, a 111% increase over the past year.

8. SIMBISA BRANDS (ZWL$ 91 Billion, US $122 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 9. Its market cap has decreased from US$148 million, a decline of 17%.

9. CBZ (ZWL$ 68 Billion, US$ 91 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 3 on last year’s list, with a market cap of US$366 million, so its market cap has decreased by 75% over the past 12 months.

10. BRITISH AMERICAN TOBACCO (ZWL$ 50 Billion, US$ 67 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 not on last year’s list. Its market cap has decreased from US$126 million, a decline of 47%.

Dropped Companies

Hippo Valley Estates, Meikles Limited and OK Zimbabwe Limited  which were number 7, 8 & 10 on last year’s list, are nolonger among the 10 biggest companies in Zimbabwe. Old Mutual does not appear on the list as it was suspended from the ZSE and is yet to list on the VFEX.

The biggest companies in Zimbabwe 2022

RankCompanyMarket Cap (ZWL)Market Cap (USD)
1DELTA331 Billion441 Million
2ECONET310 Billion413 Million
3INNSCOR150 Billion200 Million
4PADENGAN/A173 Million
5NATIONAL FOODS102 Billion136 Million
6ECOCASH101 Billion135 Million
7SEED CON/A128 Million
8SIMBISA BRANDS91 Billion122 Million
9CBZ68 Billion91 Million
10BRITISH AMERICAN TOBACCO50 Billion67 Million