ZIMBABWE Stock Exchange Holdings (ZSEH) posted a 275,8% increase in profit after tax to US$1,7 million in the six months to June 30, 2026, as stronger trading activity on both exchanges lifted revenue.
The group runs the Zimbabwe Stock Exchange (ZSE) and Victoria Falls Stock Exchange (VFEX).
Revenue rose 39,6% to US$4,85 million from US$3,55 million in the same period last year, while operating expenses increased by 5,6% to US$2,9 million.
The combination of higher revenue and modest cost growth pushed earnings before interest, taxes, depreciation and amortisation up 196,9% to US$2,08 million.
Operating profit more than tripled to US$1,8 million from US$558 316, while profit before tax climbed to US$1,79 million from US$549 526.
ZSEH attributed the strong performance to increased foreign currency-denominated trading on VFEX and improved operational efficiencies.
“During the first six months of 2026, the Group achieved significant progress. The Zimbabwe Stock Exchange surged, establishing itself among the region’s leading performers. Concurrently, the Victoria Falls Stock Exchange sustained its momentum, driven by additional listings and an index that nearly doubled,” group board chairman Caroline Sandura said.
“That trading strength translated into robust group financial results. Looking ahead, the July launch of the Zimbabwe Entrepreneurship Exchange (ZEEX) and the growing VFEX listing pipeline position the Group well for the second half of the year.”
The group said both exchanges recorded strong market performances during the period, supported by increased investor participation and liquidity.
On the ZSE, the All Share Index rose 50% year-to-date to 417,81 points at June 30. Turnover reached ZiG7,6 billion (US$293 million), more than three times the ZiG2,5 billion recorded in the first half of 2025.
VFEX also posted strong gains, with its All Share Index rising 43,47% year-to-date to 254,12 points. The index was 137,03% higher than its June 2025 level.
Turnover on VFEX climbed 126,42% to US$166,4 million.
The improved trading environment was reflected in the performance of the group’s two operating segments. VFEX generated US$1,86 million in external revenue and an operating profit of US$1,34 million, up from US$862 000 and US$298 796 respectively in the first half of 2025.
ZSE generated US$2,99 million in external revenue, compared with US$2,68 million a year earlier, while operating profit increased to US$456 628 from US$259 520.
ZSEH’s balance sheet also strengthened during the period. Total assets rose 57,4% to US$6,76 million.
Cash and cash equivalents stood at US$2,27 million, while equity rose to US$4,78 million.
The stronger financial performance prompted the board to declare an interim dividend of US$339 921,80, equivalent to 0,33 US cents per share. No dividend was declared in the prior-year period.
Looking ahead, ZSEH said it was focused on building a pipeline of issues for the ZEEX, which was launched in July to give small and medium-sized enterprises and high-growth businesses access to formal capital.
The group also reported a strong pipeline on VFEX. The exchange added five listings in the first half of the year and expects at least three more before year-end.
ZSEH said growing foreign investor interest, coupled with the operationalisation of the Victoria Falls Financial Services Centre, was creating further opportunities for investment, capital mobilisation and cross-border financial services.
“Our outlook remains firmly optimistic, supported by a strong pipeline of new listings. We expect to add at least three more listings before year-end, which should further deepen liquidity and broaden the investment opportunities available on the exchange (VFEX),” Sandura said.
Ends
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