COVID-19 lockdown: More companies miss deadlines for publishing results

A number of listed companies have missed deadlines for publishing their trading financial results as required by the Zimbabwe Stock Exchange, citing COVID-19 lockdown measures, which have disrupted the smooth flow of business.

Zimbabwe which was put under lockdown by President Emmerson Mnangagwa on March 30 remains on indefinite level two of the same with most businesses not operating on a full scale.

Companies including Bindura Nickel Corporation and Star Africa Corporation and others have indicated they are unable to meet the June 30 deadline for publishing their financial results and have since applied to the local bourse seeking extension.

“We advise our stakeholders that the audit for the year ended 31 March 2020 is in progress and is targeted to be completed in the first half of July 2020,” said Star Africa company secretary, Aldo Musemburi.

“The audit was delayed by the COVID-19 related national lockdown. Consequent thereof, we have not been able to meet the 30 June deadline for publication of the abridged financial statements in the press.”

He further explained: “However we applied for, and were granted, one month’s extension by the Zimbabwe Stock Exchange which extension requires us to publish the company’s abridged audited financial statements for the year ended 31 March 2020 no later than 31 July 2020. We are happy to advise that the abridged audited financial statements will be published in the press and on our website on or before 31 July 2020.”

The company went on to apologise to its stakeholders for any inconvenience caused by the delay in the publication of the results.

“In terms of the Continuing Obligations of the Zimbabwe Stock Exchange’s (“ZSE’s) Listing Rules, Bindura Nickel Corporation Limited (“BNC” or “the Company”) is required to publish its financial results for the year ended 31 March 2020 not later than 30th June 2020,” said the mining company’s secretary, Conrad Mukanganga.

“However, due to the following reasons, the Company will not be able to publish its results within the set timeframe.”

He blamed the delays on the lockdown, which among other things adversely affected companies providing audit services to them.

“Accordingly, the company applied for and the ZSE approved the extension of time for the publication of its audited financial results for the year ended 31st March 2020 by another 30 days,” he explained.

“Instead of publishing its results on or before 30th June 2020, the company will release them on or before 31st July 2020.”

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