Volume II · Companies

Twenty-two operators who matter.

A working list of the most consequential indigenous and dual-listed groups — cap-weighted by relevance, not headcount. Sort by revenue, EBITDA or sector; filter by what you came to find.

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Total revenue tracked

$6.3bn

22 firms

Average EBITDA

24%

Cash-generative

Largest by revenue

Innscor

$880m

Highest margin

70%

Tigere Property Fund

22 listed

					Edge
01Innscor Africa	ZSE: INN	Diversified FMCG	880	16%	Vertically integrated from feed mill to QSR plate.
02Zimplats Holdings	ASX: ZIM	PGM mining	850	22%	Largest single PGM ore-body on the Great Dyke.
03Delta Corporation	ZSE: DLTA	Beverages	700	28%	Africa's most cash-generative brewer; AB InBev partner.
04Econet Wireless	ZSE: ECO	Telecoms/FinTech	650	35%	Largest African indigenous tech-conglomerate.
05OK Zimbabwe	ZSE: OK	Supermarket retail	340	5%	Mass-market footprint; under turnaround plan.
06Old Mutual Zimbabwe	ZSE: OMU	Insurance & AM	320	18%	Largest non-bank financial group; deep property book.
07Simbisa Brands	VFEX: SIM	QSR	320	19%	Largest indigenous QSR group in SSA; 10+ countries.
08National Foods	ZSE: NTFD	Grain milling	320	12%	~50%+ flour and maize meal share.
09Tongaat Hulett ZW	Private	Sugar & co-gen	280	16%	Triangle + Hippo Valley estates; 45 MW co-gen.
10CBZ Holdings	ZSE: CBZ	Banking & insurance	240	32%	Largest bank by assets; government banker.
11Seed Co Group	ZSE: SEED	Hybrid seed	210	22%	Africa's largest indigenous seed company.
12FBC Holdings	ZSE: FBC	Financial services	180	28%	Integrated bank + insurer + building society.
13Caledonia Mining	NYSE: CMCL	Gold mining	160	42%	Western-listed Zim gold story; Bilboes redevelopment in motion.
14Dairibord Holdings	ZSE: DZL	Dairy + beverages	140	11%	Dairy + non-dairy beverages.
15RioZim	ZSE: RIOZ	Diversified mining	140	18%	Gold + diamonds + base metals portfolio.
16Meikles Limited	ZSE: MEIK	Hospitality + agro	120	14%	Heritage brand; Tanganda Tea + Meikles Hotel.
17Padenga Holdings	VFEX: PHL	Crocodile + gold	110	27%	Unusual transition story; dual USD revenue streams.
18Hwange Colliery	ZSE: HWA	Coal mining	95	19%	Primary supplier to Hwange Power Station.
19WestProp Holdings	VFEX: WPHL	Property dev	80	28%	Pomona City + Mall of Zimbabwe; diaspora magnet.
20African Sun	ZSE: AFSUN	Hotels	75	22%	Largest hotel group footprint.
21Unifreight Africa	ZSE: UNIF	Road freight	65	14%	Bulwark, Pioneer, Swift freight brands.
22Tigere Property Fund	ZSE: TIGP	Listed REIT	12	70%	Zimbabwe's first listed REIT.

Innscor Africa
ZSE: INN
Diversified FMCG
Revenue
$880M
EBITDA
16%
16%
Vertically integrated from feed mill to QSR plate.
Zimplats Holdings
ASX: ZIM
PGM mining
Revenue
$850M
EBITDA
22%
22%
Largest single PGM ore-body on the Great Dyke.
Delta Corporation
ZSE: DLTA
Beverages
Revenue
$700M
EBITDA
28%
28%
Africa's most cash-generative brewer; AB InBev partner.
Econet Wireless
ZSE: ECO
Telecoms/FinTech
Revenue
$650M
EBITDA
35%
35%
Largest African indigenous tech-conglomerate.
OK Zimbabwe
ZSE: OK
Supermarket retail
Revenue
$340M
EBITDA
5%
5%
Mass-market footprint; under turnaround plan.
Old Mutual Zimbabwe
ZSE: OMU
Insurance & AM
Revenue
$320M
EBITDA
18%
18%
Largest non-bank financial group; deep property book.
Simbisa Brands
VFEX: SIM
QSR
Revenue
$320M
EBITDA
19%
19%
Largest indigenous QSR group in SSA; 10+ countries.
National Foods
ZSE: NTFD
Grain milling
Revenue
$320M
EBITDA
12%
12%
~50%+ flour and maize meal share.
Tongaat Hulett ZW
Private
Sugar & co-gen
Revenue
$280M
EBITDA
16%
16%
Triangle + Hippo Valley estates; 45 MW co-gen.
CBZ Holdings
ZSE: CBZ
Banking & insurance
Revenue
$240M
EBITDA
32%
32%
Largest bank by assets; government banker.
Seed Co Group
ZSE: SEED
Hybrid seed
Revenue
$210M
EBITDA
22%
22%
Africa's largest indigenous seed company.
FBC Holdings
ZSE: FBC
Financial services
Revenue
$180M
EBITDA
28%
28%
Integrated bank + insurer + building society.
Caledonia Mining
NYSE: CMCL
Gold mining
Revenue
$160M
EBITDA
42%
42%
Western-listed Zim gold story; Bilboes redevelopment in motion.
Dairibord Holdings
ZSE: DZL
Dairy + beverages
Revenue
$140M
EBITDA
11%
11%
Dairy + non-dairy beverages.
RioZim
ZSE: RIOZ
Diversified mining
Revenue
$140M
EBITDA
18%
18%
Gold + diamonds + base metals portfolio.
Meikles Limited
ZSE: MEIK
Hospitality + agro
Revenue
$120M
EBITDA
14%
14%
Heritage brand; Tanganda Tea + Meikles Hotel.
Padenga Holdings
VFEX: PHL
Crocodile + gold
Revenue
$110M
EBITDA
27%
27%
Unusual transition story; dual USD revenue streams.
Hwange Colliery
ZSE: HWA
Coal mining
Revenue
$95M
EBITDA
19%
19%
Primary supplier to Hwange Power Station.
WestProp Holdings
VFEX: WPHL
Property dev
Revenue
$80M
EBITDA
28%
28%
Pomona City + Mall of Zimbabwe; diaspora magnet.
African Sun
ZSE: AFSUN
Hotels
Revenue
$75M
EBITDA
22%
22%
Largest hotel group footprint.
Unifreight Africa
ZSE: UNIF
Road freight
Revenue
$65M
EBITDA
14%
14%
Bulwark, Pioneer, Swift freight brands.
Tigere Property Fund
ZSE: TIGP
Listed REIT
Revenue
$12M
EBITDA
70%
70%
Zimbabwe's first listed REIT.

Methodology

How this list was assembled.

The roster captures all primary-listed ZSE/VFEX names with annual revenue above US$50m, plus selected private and externally-listed (NYSE/AIM/ASX) operators that materially shape the Zimbabwean cash economy.

Revenue figures are FY2023/24 actuals translated to USD at average reporting rates; EBITDA margins are reported or analyst-consensus midpoints. Where the financial year straddles the ZWL → ZiG changeover, USD-translated figures may not reconcile exactly with annual report headlines.