daniel chigunwe
Business Writer
FBC Holdings says total income at ZiG4,9 billion as of September 30, 2024 mirrors a strong financial performance primarily driven by robust net foreign currency dealing and trading income.
Tichaona Mabeza, the group company secretary, said in a trading update that subsequently, the company achieved a profit before tax of ZiG2,1 billion and a profit after tax of ZiG1,9 billion.
“The group maintained a disciplined approach to cost management, with operating expenses totalling ZiG1.97 billion.
“This resulted in an impressive cost-to-income ratio of 40 percent, reflecting the group’s commitment to operational efficiency in a dynamic and indeterminate economic environment,” he said.
During the quarter under review, FBC Holdings total assets were ZiG17.3 billion and shareholder funds were ZiG3.9 billion.
FBC Holdings said while the operating environment is still faced with macro-economic challenges, the group remains guardedly optimistic about the future.
“Our robust business model, experienced management team, and diversified portfolio provide a strong foundation for navigating these complexities.
“We are confident in our ability to adapt to the evolving economic landscape and to continue delivering sustainable long-term growth,” said Mabeza.
He noted that the group continues to monitor economic developments and will implement strategies that proactively create shareholder value and maximise returns.
In terms of the operating environment, FBC said this has been relatively stable since the introduction of Zimbabwe Gold (ZiG) in April 2024.
However, the third quarter presented a semblance of exchange rate volatility and inflationary complications, which triggered a devaluation of the ZiG and ameliorated price distortions in the formal markets.
Mabeza said while challenges still exist, the group remains resilient by capitalising on inherent opportunities and positioning the business for future growth.
“Our diversified business model, cutting across various financial service clusters, continues to act as a cushion against market fluctuations and systematic downside risks.
“Additionally, our long-standing client relationships provide stability and capacity in navigating economic turbulence,” he said.
The group noted that notwithstanding economic uncertainty, operational overhead management remains a key strategic pillar in achieving profitability.
Bongani Ndlovu