Top 10 Biggest Companies in Zimbabwe – 2023 List

Zimbabwe, a nation known for its rich cultural heritage and diverse landscapes, is also home to a burgeoning corporate landscape. From telecommunications giants to retail powerhouses and financial institutions, Zimbabwe boasts a thriving corporate ecosystem. In this article, we will delve into the heart of the Zimbabwean business scene and explore the Top 10 Biggest Companies in the country. These enterprises not only play a pivotal role in the nation’s economy but also serve as prime examples of Zimbabwe’s economic resilience and its potential for further growth and development. Below are the biggest companies on the Zimbabwe Stock Exchange (ZSE) and Victoria Falls Stock 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 20 October 2023. We used an exchange rate of 1 USD = 7500 ZWL (Zimbabwean Dollar), which is the current black market exchange rate. We last did the top 10 list in August 2022, you can check it here.

1. Delta (US$ 431 Million, ZWL$ 3.2 Trillion)

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. Delta is listed on the Zimbabwe Stock Exchange (ZSE). On last year’s list it was number 1, with a market cap of US$441 million. So its market cap has decreased by 2% in US$ terms over the last year, and it has maintained its position as number 1.

2. WestProp Holdings (US$ 300 Million)***

WestProp Holdings Limited is a Zimbabwe-based real estate company that offers a range of property services, including property development, sales, leasing, and property management. The company was established in 2007 and has a portfolio of prime land and properties in Harare. WestProp Holdings is the first real estate company to be listed on the Victoria Falls Stock Exchange (VFEX). WestProp is a new entrant to the top 10 largest companies in Zimbabwe list.

***WestProp was listed on the VFEX in May 2023 via an IPO at $10/share. The IPO was undersubscribed, as it raised only US$14 050 from the selling of ordinary shares, compared to the targeted US$10 million. The shares have never traded, thus the US$300 million market cap may not be a true reflection of the value of the company.

3. Innscor (US $233 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, Texas Meats, Natpak (Private) Limited, Profeeds (Private) Limited and Probrands (Private) Limited. Innscor is listed on the Victoria Falls Stock Exchange.  Innscor was number 3 on last year’s list, with a market cap of US$200 million, so its market cap has increased by 16% over the past year, and it has maintained its position on number 3.

4. Simbisa Brands (US $204 Million)

Simba Brands specializes in fast food services. The company was formerly a division of the Innscor Africa Limited Group. 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, Creamy 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 Brands is listed on the Victoria Falls Stock Exchange. Simbisa was number 8 on last year’s top 10 largest companies in Zimbabwe list, so it has climbed 4 places up the list to number 4. Its market cap has increased from US$122 million, an increase of 67%.

5. CBZ (US$ 139 Million, ZWL$1 Trillion)

CBZ Holdings, a financial services company, is the 5th largest company 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 is listed on the Zimbabwe Stock Exchange. CBZ Holdings was number 9 on last year’s list (so it has climbed 4 positions up the list), with a market cap of US$91 million, so its market cap has increased by 52% over the past year.

6. Econet Zimbabwe (US$133 Million, ZWL$997 Billion)

Econet Wireless Zimbabwe is a mobile telecommunications, technology and digital solutions company operating in Zimbabwe. It is Zimbabwe’s largest provider of telecommunications services with voice, data and sms as its core service offerings. Econet is listed on the Zimbabwe Stock Exchange. It was number 2 on last year’s list (so it has fallen 4 places down the list), with a market cap of US$413 million, meaning its market cap has declined by 67%.

7. National Foods (US $102 Million)

National Foods Holdings is Zimbabwe’s largest food manufacturer. The company 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. National Foods Holdings is listed on the Victoria Falls Stock Exchange.  National Foods has declined by 2 places in the top 10 biggest companies in Zimbabwe list, as it was number 5 on last year list. Its market cap has declined from US$136 million, a 25% decline over the last year.

8. Padenga Holdings (US $81 Million)

Padenga Holdings Limited is a Zimbabwe-based company that operates two business units: gold mining and crocodile farming. It was formerly a division of the Innscor Africa Limited Group. 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’s gold mining arm is called Dallaglio Investments. Dallaglio Investments is a gold mining company located in Zimbabwe, which develops and operates commercial scale gold mines. Padenga Holdings is listed on the Victoria Falls Stock Exchange. Last year Padenga Holdings was number 4 on the top 10 list, thus it has dropped down the list by 4 positions. Its market cap has declined from US$173 million, a 53% decrease over the past year.

9. Ecocash Holdings (US$72 Million, ZWL$545 Billion)

EcoCash Holdings is a Zimbabwean financial technology company that provides mobile payment, digital banking, e-commerce, telehealth, and other solutions through its subsidiaries. Ecocash Holdings was formed after the demerger of Econet Wireless Zimbabwe.  The major units of Ecocash Holdings are Ecocash, Steward Bank, Econet Insurance, Econet Life and Vaya Technologies. Ecocash is listed on the Zimbabwe Stock Exchange. It was number 6 on last year’s list, thus it has dropped down by 3 places. Its market cap has decreased from US$135 million over the past year, thus a 46% decline.

10. FBC Holdings (US$67 Million, ZWL$503 Billion)

FBC Holdings Limited is a Zimbabwean financial services group that offers a range of services through its subsidiaries, including commercial banking, mortgage financing, stockbroking, microlending, and insurance. It is listed on the Zimbabwe Stock Exchange. FBC Holdings is a new entry to the list as it was not part of the 10 largest companies in Zimbabwe last year. Its market cap has increased from US$52 million, an increase of 28%.

Dropped Companies

Seedco and British American Tobacco (BAT) Zimbabwe which were number 7 & 10 respectively 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 2023