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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

Masimba

MSHL.ZW · Zimbabwe Stock Exchange · Consolidated statements

On this page
Company details
Legal name
Masimba Holdings Limited
Listing
MSHL.ZW on the Zimbabwe Stock Exchange, active · ISIN ZW0009012171 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · annual report, signed / final · source

Source and wording notes

  • Auditor's report, year to 2024-12-31: qualified opinion ('except for')

    The auditor gives a qualified ('except for') opinion: apart from the matters it names, the statements are presented fairly. Figures are shown as printed; those affected by the named matters may be misstated. Basis for Qualified Opinion: Non-compliance with IAS 21 'The effects of changes in foreign exchange rates' with respect to the change in functional currency and use of internally generated exchange rates to translate foreign currency transactions. On the change of functional currency from ZWL to USD on 1 January 2023, management applied an internally generated exchange rate for certain items and its own valuation techniques for share capital and reserves instead of the rate at the date of change; it adjusted assets and liabilities to fair value through a foreign currency translation reserve that was reclassified to retained earnings; and in 2023 foreign currency transactions were translated at an internally generated rate. The effects on exchange gains/losses, assets, liabilities, revenue, expenditure and equity were not corrected in the comparative amounts and opening balances for 2024; the prior year opinion was modified for this matter and the 2024 opinion is modified because of its possible effects on the comparatives (PDF p36).

    Source: Masimba Holdings Limited 2024 Annual Report, p36 (dated 2025-03-30)

FY2024 figures come from an annual report, signed / final — see the column notes.

  • Revenue

    USD 61.5 million

    61,503,368 USD units · p48

    Change not shown.

  • Operating profit / (loss)

    USD 8.90 million

    8,902,098 USD units · p48

    Change not shown.

  • Profit / (loss) for the year

    USD 6.55 million

    6,548,431 USD units · p48

    Change not shown.

  • Total assets

    USD 96.7 million

    96,695,560 USD units · p47

    Change not shown.

  • Total equity

    USD 36.4 million

    36,430,007 USD units · p47

    Change not shown.

  • Cash from operations

    USD 4.96 million

    4,961,921 USD units · p50

    Change not shown.

Large amounts are rounded for reading (USD million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

No change rate is shown: the qualification covers the 2023 comparatives (not quantified); year-on-year comparisons are not reliable.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in USD units unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — annual report, signed / final; reported for the year · source
  • FY2024 — annual report, signed / final; reported for the year · source
    • Auditor's report, year to 2024-12-31: qualified opinion ('except for'). The auditor gives a qualified ('except for') opinion: apart from the matters it names, the statements are presented fairly. Figures are shown as printed; those affected by the named matters may be misstated. Basis for Qualified Opinion: Non-compliance with IAS 21 'The effects of changes in foreign exchange rates' with respect to the change in functional currency and use of internally generated exchange rates to translate foreign currency transactions. On the change of functional currency from ZWL to USD on 1 January 2023, management applied an internally generated exchange rate for certain items and its own valuation techniques for share capital and reserves instead of the rate at the date of change; it adjusted assets and liabilities to fair value through a foreign currency translation reserve that was reclassified to retained earnings; and in 2023 foreign currency transactions were translated at an internally generated rate. The effects on exchange gains/losses, assets, liabilities, revenue, expenditure and equity were not corrected in the comparative amounts and opening balances for 2024; the prior year opinion was modified for this matter and the 2024 opinion is modified because of its possible effects on the comparatives (PDF p36).
  • FY2023 — annual report, signed / final; comparative in the FY2024 filing · source

Income statement

Income statement, USD units. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), as reported for the year; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportreported for the yearsource limitationsFY2023Annual reportcomparative in FY2024 filing
Revenue 61,503,368 56,093,117 53,834,005
Cost of sales (43,722,403) (40,815,231) (40,040,316)
Gross profit 17,780,965 15,277,886 13,793,689
Fair value adjustment1 1,518,000 –2 2,200
Other operating income 432,821 1,073,213 449,222
Administrative expenses (10,829,688) (7,587,599) (6,005,807)
Profit before interest and tax 8,902,098 8,763,500 8,239,304
Finance costs (421,362) (356,113) (363,607)
Profit before tax 8,480,736 8,407,387 7,875,697
Income tax (1,932,305) (2,011,717) (325,225)
Profit for the year 6,548,431 6,395,670 7,550,472
Gain on revaluation of property, plant and equipment3 330,000 725,000 –4
Movement in available for sale investments5 4,550 (23,107) (136,747)
Deferred tax relating to other comprehensive income6 (16,545) (36,019) 1,367
Other comprehensive income, net of tax 318,005 665,874 (135,380)
Total comprehensive income (subtotal)7 6,866,436 7,061,544 7,415,092
  1. Printed “-”, read as nil: subtotal_arithmetic: is.operating_profit.
  2. Printed “-”, read as nil: subtotal_arithmetic: is.other_comprehensive_income.
Notes and alternative reported figures (5)
  1. “Fair value adjustment” is an issuer-specific line, not mapped to a shared definition: Note 5: fair value gain on investment property.
  2. “Gain on revaluation of property, plant and equipment” is an issuer-specific line, not mapped to a shared definition: OCI.
  3. “Movement in available for sale investments” is an issuer-specific line, not mapped to a shared definition: OCI.
  4. “Deferred tax relating to other comprehensive income” is an issuer-specific line, not mapped to a shared definition: OCI.
  5. Printed under different labels across filings: “TOTAL COMPREHENSIVE INCOME FOR THE YEAR”; “Total comprehensive income (subtotal)”.

Balance sheet

Balance sheet, USD units. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), as reported for the year; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportreported for the yearsource limitationsFY2023Annual reportcomparative in FY2024 filing
Property, plant and equipment 21,787,505 22,132,144 23,630,406
Investment property 9,318,930 7,800,930 7,800,930
Investments 59,747 55,197 78,304
Non-current assets (subtotal) 31,166,182 29,988,271 31,509,640
Inventories 7,141,044 6,973,735 4,580,974
Contracts in progress and contracts receivables1 53,494,985 50,889,598 36,182,783
Other receivables2 1,456,587 1,914,6673 10,387,631
Cash and cash equivalents 3,436,762 2,559,425 2,886,806
Current assets (subtotal) 65,529,378 62,383,209 54,430,132
Total assets 96,695,560 92,371,480 85,939,772
Share capital 2,316,175 2,316,175 2,316,175
Share premium 455,177 455,177 455,177
Share options reserve4 77,928 45,280 25,044
Non distributable reserve5 574,531 574,531 574,531
Distributable reserve6 473,910 473,910 473,910
Revaluation reserve 7,291,045 6,977,545 6,288,795
Mark to market reserve 46,245 41,740 64,616
Retained earnings 25,194,996 19,810,305 14,028,887
Capital and reserves (subtotal) 36,430,007 30,694,663 24,227,135
Interest bearing borrowings 2,185,504 1,092,623 –7
Deferred tax 11,782,654 9,876,337 7,861,646
Non-current liabilities (subtotal) 13,968,158 10,968,960 7,861,646
Interest bearing borrowings 1,477,208 915,060 1,880,547
Bank overdraft 468,363 519,679 155,106
Trade and other payables 32,759,390 40,587,2318 45,331,508
Current tax liabilities 58,265 32,793 21,610
Subcontractor payables910 11,534,169 8,405,010 6,062,000
Current liabilities (subtotal) 46,297,395 50,707,857 53,850,991
Total equity and liabilities 96,695,560 92,371,480 85,939,772
Related part receivables11 Not reported in this filing12 45,784 391,938
Related party payables13 Not reported in this filing14 248,084 400,220
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_liabilities.
Notes and alternative reported figures (13)
  1. “Contracts in progress and contracts receivables” is an issuer-specific line, not mapped to a shared definition: Note 8: construction contracts in progress (contract assets) and contract receivables, one printed line.
  2. “Other receivables” is an issuer-specific line, not mapped to a shared definition: Note 9 (current).
  3. Annual report dated 2026-03-31 prints 1 960 451 (units, p47) for this line and year.
  4. “Share options reserve” is an issuer-specific line, not mapped to a shared definition: Equity-settled share option scheme reserve.
  5. “Non distributable reserve” is an issuer-specific line, not mapped to a shared definition: Residual from the change in functional currency (statement of changes in equity).
  6. “Distributable reserve” is an issuer-specific line, not mapped to a shared definition: Distributable reserve.
  7. Annual report dated 2026-03-31 prints 40 835 315 (units, p47) for this line and year.
  8. “Subcontractor payables” is an issuer-specific line, not mapped to a shared definition: Note 17 (current).
  9. Printed under different labels across filings: “Subcontractor payables”; “Subcontractors”.
  10. “Related part receivables” is an issuer-specific line, not mapped to a shared definition: Note 30 (current); printed 'Related part receivables'.
  11. Not reported in this filing: Not printed: the FY2025 consolidated statement of financial position (p47) has no related party receivables line; current assets print inventories, contracts in progress and contracts receivables, other receivables and cash and cash equivalents. Checked on the page image.
  12. “Related party payables” is an issuer-specific line, not mapped to a shared definition: Note 30 (current).
  13. Not reported in this filing: Not printed: the FY2025 consolidated statement of financial position (p47) has no related party payables line; current liabilities print interest bearing borrowings, bank overdraft, trade and other payables, current tax liabilities and subcontractor payables. Checked on the page image.

Cash flow

Cash flow, USD units. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), as reported for the year; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportreported for the yearsource limitationsFY2023Annual reportcomparative in FY2024 filing
Profit before interest tax12 8,902,098 8,763,500 8,239,304
Depreciation of non-current assets3 4,885,557 4,585,574 4,342,126
Impairment of non-current assets4 –5 261,780 –5
Fair value adjustment of investment property6 (1,518,000) –7 (2,200)
Bad debts8 –5 Not reported in this filing109 Not reported in this filing10
Allowances for credit losses11 26,402 102,674 210,523
Unrealised exchange (gain)/loss1213 (161,598) 62,18614 (141,032)
loss/(Profit) on disposal of property, plant and equipment1516 27,474 (347,589) 4,027
Share option expense17 32,648 20,236 25,044
Operating cash flow before changes in working capital18 12,194,581 13,804,674 (1,392,502)
Increase in inventory19 (167,310) (2,392,761) (4,073,170)
Increase in contracts in progress and contract receivables20 (2,605,387) (14,706,815) (12,050,409)
Increase in trade and other receivables2122 503,864 8,819,118 (3,273,765)
Decrease in trade and other payables and sub-contractors2324 (4,946,766) (2,553,403) 26,144,409
Cash generated from operating activities 4,978,982 2,970,813 5,354,563
Tax paid (17,061) (21,862) (12,311)
Net cash flows generated from operating activities 4,961,921 2,948,951 5,342,252
To maintain operations25 (4,161,270) (2,525,964) (4,167,677)
Proceeds from the disposal of property, plant and equipment –26 92,861 98,842
Dividends received27 6,759 Not reported in this filing2928 Not reported in this filing29
Net cash flows utilised in investing activities (4,154,511) (2,433,103) (4,150,995)
Proceeds from borrowings 2,800,000 2,592,702 2,879,057
Repayment of borrowings and leasing liabilities30 (1,566,333) (2,821,679) (1,663,171)
Dividends paid (1,163,740) (614,252) (1,058,351)
Net cash flows generated from/(utilised in) financing activities31 69,927 (843,229) 157,535
Net increase/(decrease) in cash and cash equivalents32 877,337 (327,381) 1,348,792
Cash and cash equivalents at beginning of the year 2,559,425 2,886,806 1,538,014
Cash and cash equivalents at end of year 3,436,762 2,559,425 2,886,806
Interest expense33 Not reported in this filing34 356,113 363,607
Investment property additions35 Not reported in this filing36 –26 (82,160)
Other non-cash items37 Not reported in this filing38 Not reported in this filing39 (14,433,901)
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.native.co_zmz2gsrf6mt0.cf_before_working_capital.
  2. Printed “-”; reading unresolved, so no amount is shown. Printed dash for 2024 (page image); the 2024 subtotal it sits in does not add up as printed (difference 200, see issuer_inconsistency note), so the dash is not confirmed as nil by arithmetic.
  3. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
Notes and alternative reported figures (36)
  1. “Profit before interest tax” is an issuer-specific line, not mapped to a shared definition: Opening line of the indirect method.
  2. Printed under different labels across filings: “Profit before interest and tax”; “Profit before interest tax”.
  3. “Depreciation of non-current assets” is an issuer-specific line, not mapped to a shared definition: Note 4; adjustment.
  4. “Impairment of non-current assets” is an issuer-specific line, not mapped to a shared definition: Note 4; adjustment.
  5. “Fair value adjustment of investment property” is an issuer-specific line, not mapped to a shared definition: Note 5; adjustment.
  6. “Bad debts” is an issuer-specific line, not mapped to a shared definition: Note 20; adjustment.
  7. Annual report dated 2026-03-31 presents this line for this year: 200 (p50). Not shown in this column, which follows one filing's presentation.
  8. Not reported in this filing: Not printed: the FY2024 consolidated statement of cash flows (p43) has no 'Bad debts' line; its non-cash adjustments are depreciation, impairment, fair value adjustment of investment property, allowances for credit losses, unrealised exchange gain, (profit)/loss on disposal of property, plant and equipment, interest expense, share option expense and other non-cash items. Checked on the page image.
  9. “Allowances for credit losses” is an issuer-specific line, not mapped to a shared definition: Note 8; adjustment.
  10. “Unrealised exchange (gain)/loss” is an issuer-specific line, not mapped to a shared definition: Note 19; adjustment.
  11. Printed under different labels across filings: “Unrealised exchange (gain)/loss”; “Unrealised exchange gain”.
  12. Annual report dated 2026-03-31 prints 418 299 (units, p50) for this line and year.
  13. “loss/(Profit) on disposal of property, plant and equipment” is an issuer-specific line, not mapped to a shared definition: Note 19; adjustment.
  14. Printed under different labels across filings: “(Profit)/loss on disposal of property, plant and equipment”; “loss/(Profit) on disposal of property, plant and equipment”.
  15. “Share option expense” is an issuer-specific line, not mapped to a shared definition: Note 11; adjustment.
  16. “Operating cash flow before changes in working capital” is an issuer-specific line, not mapped to a shared definition: Subtotal.
  17. “Increase in inventory” is an issuer-specific line, not mapped to a shared definition: Working-capital change.
  18. “Increase in contracts in progress and contract receivables” is an issuer-specific line, not mapped to a shared definition: Working-capital change.
  19. “Increase in trade and other receivables” is an issuer-specific line, not mapped to a shared definition: Working-capital change (printed positive both years: a decrease).
  20. Printed under different labels across filings: “Decrease/ (increase) in trade and other receivables”; “Increase in trade and other receivables”.
  21. “Decrease in trade and other payables and sub-contractors” is an issuer-specific line, not mapped to a shared definition: Working-capital change.
  22. Printed under different labels across filings: “(Decrease)/ increase in trade and other payables and sub-contractors”; “Decrease in trade and other payables and sub-contractors”.
  23. Printed under different labels across filings: “To maintain operations”; “to maintain operations”.
  24. “Dividends received” is an issuer-specific line, not mapped to a shared definition: Note 19; investing activities.
  25. Annual report dated 2026-03-31 presents this line for this year: - (p50). Not shown in this column, which follows one filing's presentation.
  26. Not reported in this filing: Not printed: the FY2024 consolidated statement of cash flows (p43) has no 'Dividends received' line; investing activities print payments for property, plant and equipment, proceeds from disposal of property, plant and equipment and investment property additions only. Checked on the page image.
  27. Printed under different labels across filings: “Repayment of borrowing and leasing liabilities”; “Repayment of borrowings and leasing liabilities”.
  28. Printed under different labels across filings: “Net cash flows (utilised in)/generated from financing activities”; “Net cash flows generated from/(utilised in) financing activities”.
  29. Printed under different labels across filings: “Net (decrease)/increase in cash and cash equivalents”; “Net increase/(decrease) in cash and cash equivalents”.
  30. “Interest expense” is an issuer-specific line, not mapped to a shared definition: Note 27; adjustment (FY2024 only).
  31. Not reported in this filing: Not printed: the FY2025 consolidated statement of cash flows (p50) has no 'Interest expense' line; its non-cash adjustments are depreciation, impairment, fair value adjustment of investment property, bad debts, allowances for credit losses, unrealised exchange (gain)/loss, loss/(profit) on disposal of property, plant and equipment and share option expense. Checked on the page image.
  32. “Investment property additions” is an issuer-specific line, not mapped to a shared definition: Note 5; investing activities; 2024 printed '-'.
  33. Not reported in this filing: Not printed: the FY2025 consolidated statement of cash flows (p50) has no 'Investment property additions' line; investing activities print payments for property, plant and equipment (to maintain operations), proceeds from disposal of property, plant and equipment and dividends received only. Checked on the page image.
  34. “Other non-cash items” is an issuer-specific line, not mapped to a shared definition: Adjustment; printed for 2023 only (current-year cell blank).
  35. Not reported in this filing: Not printed: the FY2025 consolidated statement of cash flows (p50) has no 'Other non-cash items' line; its non-cash adjustments are depreciation, impairment, fair value adjustment of investment property, bad debts, allowances for credit losses, unrealised exchange (gain)/loss, loss/(profit) on disposal of property, plant and equipment and share option expense. Checked on the page image.
  36. Not reported in this filing: The line 'Other non-cash items' carries a 2023 amount only ((14 433 901)); the 2024 column is blank (p43, zoomed band). The blank is recorded as a gap, not as nil. Checked on the page image.

Per share and shares

Per share and shares. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), as reported for the year; FY2023 — annual report (signed / final), comparative reported in the annual report for 2024.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportreported for the yearsource limitationsFY2023Annual reportcomparative in FY2024 filing
Earnings / (loss) per share (per share)51 0.02742 0.02673 0.03154
Shares in issue at year end (shares)76 239,388,107 239,388,107 239,388,107
  1. Printed as 2.74 cents; value converted to USD at 100 cents = 1 USD.
  2. Printed as 2.67 cents; value converted to USD at 100 cents = 1 USD.
  3. Printed as 3.15 cents; value converted to USD at 100 cents = 1 USD.
Notes and alternative reported figures (4)
  1. “Basic earnings per share (cents)”: mapping to a shared definition is uncertain. Printed in cents (US$ cents) with two decimals. Basic EPS; diluted EPS is printed separately and differs (2.65; 2024: 2.61), held as native eps_diluted.
  2. Earnings / (loss) per share: printed as “Basic earnings per share (cents)”.
  3. “Number of shares”: mapping to a shared definition is uncertain. Printed 'Number of shares' above the EPS lines without saying whether it is the number in issue or the weighted average (the same both years); basic EPS 2.74 cents equals profit 6 548 431 / 239 388 107.
  4. Shares in issue at year end: printed as “Number of shares”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2025 Dividends paid (cash flow statement) Dividends paid (1,163,740) USD units Annual report, p50
31 Dec 2024 Dividends paid (cash flow statement) Dividends paid (614,252) USD units Annual report, p43
31 Dec 2023 Dividends paid (cash flow statement) Dividends paid (1,058,351) USD units Annual report, p43

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • Masimba Holdings Limited 2025 Annual Report — Empowering Communities through Engineering

    Year ended 31 December 2025 · Annual report · signed / final

    Audit: Grant Thornton Chartered Accountants (Zimbabwe), unmodified opinion · signed

    Auditor's sign-off: Grant Thornton, Edmore Chimhowa, Partner, Registered Public Auditor (PAAB No: 0470)

    Final status: Independent auditor's report of Grant Thornton Chartered Accountants (Zimbabwe) on the consolidated financial statements set out on pages 46 to 86, unmodified opinion (PDF p45), closed with a handwritten 'Grant Thornton' signature above 'Grant Thanton Edmore Chimhowa, Partner, Registered Public Auditor (PAAB No: 0470)', dated 31 March 2026 (PDF p46, page image). The consolidated statement of financial position carries handwritten signatures of the Chairman (G. Sebborn) and CEO (F. Matahwa), each dated 31 March 2026 (PDF p47, page image).

    Document date
    31 Mar 2026
    Auditor's report
    31 Mar 2026
    Board approval
    31 Mar 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025
    Basis
    consolidated statements · USD units (printed “USD (column headings)”)
    • 'Increase in trade and other receivables' is printed positive both years (503 864; 2024: 8 819 118), i.e. a cash inflow, despite its label; kept as printed.
    • Cash and cash equivalents in the cash-flow statement (3 436 762; 2024: 2 559 425) equal the balance sheet's 'Cash and cash equivalents' before the bank overdraft (468 363; 2024: 519 679), which the balance sheet prints separately under current liabilities with the same note 10 (PDF pp47, 50). Note 10 (PDF p74) states that for the statement of cash flows cash and cash equivalents comprise cash on hand and bank balances; the filing's cash_definition declares this (overdraft not deducted). Text layer and page images agree.
    • Subtotals for non-current assets, current assets, equity, non-current and current liabilities, and total comprehensive income are printed without labels (PDF pp47-48). No total liabilities line is printed.
    • The auditor's signature block prints the partner line as 'Grant Thanton Edmore Chimhowa' (sic) under the handwritten 'Grant Thornton' signature; the firm is printed 'Grant Thornton' below (PDF p46).
    • The cash-flow statement starts from profit before interest and tax and prints no interest-paid line: finance costs (421 362; 2024: 356 113) do not appear as a cash flow (PDF p50).
    Technical details
    File
    94 pages, with a text layer
    SHA-256
    f7a1c1fd72ee0b64643d5dbcb8e635f17cb59b8cfa7ac6ee609ca90dc59d5dea
    Entity as printed
    Masimba Holdings Limited and its subsidiaries (the Group)
    Issuer copy
    retrieved 2026-10-08T20:38:47Z

  • Masimba Holdings Limited 2024 Annual Report

    Year ended 31 December 2024 · Annual report · signed / final

    Audit: Grant Thornton Chartered Accountants (Zimbabwe), qualified opinion · signed

    Auditor's sign-off: Grant Thornton, Edmore Chimhowa, Partner, Registered Public Auditor (PAAB No: 0470)

    Final status: Independent auditor's report of Grant Thornton Chartered Accountants (Zimbabwe) on the consolidated financial statements set out on pages 40 to 79, QUALIFIED opinion (PDF p36), closed with a handwritten 'Grant Thornton' signature above 'Grant Thanton Edmore Chimhowa, Partner, Registered Public Auditor (PAAB No: 0470)', dated 30 March 2025 (PDF p38, page image). The consolidated statement of financial position carries handwritten signatures of the Chairman (G. Sebborn) and CEO (F. Matahwa), each dated 31 March 2025 (PDF p40, page image), the day after the audit report date; both recorded as printed.

    Document date
    30 Mar 2025
    Auditor's report
    30 Mar 2025
    Board approval
    31 Mar 2025
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2024, FY2023
    Basis
    consolidated statements · USD units (printed “USD (column headings)”)
    • the qualification covers the 2023 comparatives (not quantified); year-on-year comparisons are not reliable.
    • Basis for Qualified Opinion: Non-compliance with IAS 21 'The effects of changes in foreign exchange rates' with respect to the change in functional currency and use of internally generated exchange rates to translate foreign currency transactions. On the change of functional currency from ZWL to USD on 1 January 2023, management applied an internally generated exchange rate for certain items and its own valuation techniques for share capital and reserves instead of the rate at the date of change; it adjusted assets and liabilities to fair value through a foreign currency translation reserve that was reclassified to retained earnings; and in 2023 foreign currency transactions were translated at an internally generated rate. The effects on exchange gains/losses, assets, liabilities, revenue, expenditure and equity were not corrected in the comparative amounts and opening balances for 2024; the prior year opinion was modified for this matter and the 2024 opinion is modified because of its possible effects on the comparatives (PDF p36).
    • 2024 'Operating cash flow before changes in working capital' is printed 13 804 674, but the printed profit before interest and tax and adjustments add to 13 804 474 (difference 200); the subtotal is used as printed in the lines below it (cash generated 2 970 813 adds up from 13 804 674). Compared on the page render (PDF p43). Kept as printed.
    • 'Other non-cash items' is printed for 2023 only ((14 433 901)); the 2024 cell is blank (PDF p43).
    • Cash and cash equivalents in the cash-flow statement (2 559 425; 2023: 2 886 806) equal the balance sheet's 'Cash and cash equivalents' before the bank overdraft (519 679; 2023: 155 106), which the balance sheet prints separately under current liabilities with the same note 10 (PDF pp40, 43, 67); declared in cash_definition (overdraft not deducted).
    • Subtotals for non-current assets, current assets, equity, non-current and current liabilities are printed without labels (PDF p40). No total liabilities line is printed.
    • The auditor's signature block prints the partner line as 'Grant Thanton Edmore Chimhowa' (sic) under the handwritten 'Grant Thornton' signature; the firm is printed 'Grant Thornton' below (PDF p38).
    • The cash-flow statement starts from profit before interest and tax and adds back interest expense as a non-cash item; no interest-paid line is printed (PDF p43).
    Technical details
    File
    86 pages, with a text layer
    SHA-256
    4661b9e0dfe7d1c3426afbbf579f543d610742a71614b0757a392adc3943a755
    Entity as printed
    Masimba Holdings Limited and its subsidiaries (the Group)
    Issuer copy
    retrieved 2026-10-08T20:38:51Z

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· Company methodology and coverage