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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to OCR text and compared cell by cell with the page image; read from the page image) (9 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

Turnall

TURN.ZW · Zimbabwe Stock Exchange · Consolidated statements

On this page
Company details
Legal name
Turnall Holdings Limited
Listing
TURN.ZW on the Zimbabwe Stock Exchange, active · ISIN ZW0009011835 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2024 · published summary of audited statements, final status not established · source

Read with these figures

  • Auditor's report on the full statements, year to 2024-12-31: modified opinion (not a report on this summary). The summary's own auditor's statement (p2) reports the qualified opinion on the full statements regarding IAS 21; it is not an opinion on the summary.
  • Published summary of audited statements not confirmed as final. The published copy is not confirmed as the final version. The FY2024 figures come from it.
Full wording and sources

  • Auditor's report on the full statements, year to 2024-12-31: modified opinion (not a report on this summary)

    Underlying full consolidated statements (not the summary): 'Basis for Qualified Opinion': non-compliance with IAS 21 on accounting for the change in functional and presentation currency from ZWL to USD: the ZWL inflation-adjusted amounts before the change should have been translated at the closing rate at the date of change; management instead separated USD and ZWL components and translated the ZWL components by the methods in note 2.1. The 31 December 2024 balances of property, plant and equipment, investment property, inventories, cash, loans and borrowings, deferred tax and trade payables carry material amounts from 31 December 2023 and may be misstated; effects 'material but not pervasive'. Opinion: 'In our opinion, except for the effects of the matters described in the Basis for Qualified Opinion section of our report, the consolidated financial statements present fairly, in all material respects, ...' (PDF p3-p4).

    Source: ABRIDGED AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (dated 2025-04-22)

  • Published summary of audited statements for 2024: final status not established

    Published by the company (board approval of the abridged statements 22 April 2025, note 7, p2; chairman's statement with handwritten signature of G. Hampshire, 22 April 2025, p1, page image) and filed with the ZSE. No auditor's report on the summary is printed: the 'Independent Auditor's Statement' (p2) is the directors' statement that the full statements were audited by Grant Thornton with a qualified opinion. The appended report (PDF pp3-7) is Grant Thornton's report on the full consolidated financial statements ('set out on pages 8 to 56'), qualified, with a handwritten 'Grant Thornton' signature above 'Onessious Mabuya, Partner, Registered Public Auditor (PAAB Number 0634)', dated 28 April 2025 (PDF p7, page image).

    Source: ABRIDGED AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (dated 2025-04-22)

  • 2024, 2023: figures from a published summary

    These columns come from a summary of the audited statements, not the full audited financial statements. 'The abridged consolidated results have been extracted from the general purpose annual financial statements which have been prepared in compliance with International Financial Reporting Standards (IFRS)' (note 1, p2); 'These abridged consolidated financial statements are derived from the complete set of consolidated financial statements of Turnall Holdings Limited for the financial year ended 31December 2024' (Independent Auditor's Statement, p2) No auditor's report on the summary is printed. 'Independent Auditor's Statement' (p2): 'These abridged consolidated financial statements are derived from the complete set of consolidated financial statements of Turnall Holdings Limited for the financial year ended 31December 2024. They should be read in conjunction with the complete audited consolidated financial statements for the year, which have been audited by Grant Thornton Chartered Accountants (Zimbabwe). The auditor's report has been signed by Onessious Mabuya, Registered Public Auditor 0634. A qualified opinion was issued regarding non-compliance with International Accounting Standard (IAS) 21'. PDF pp3-7 reproduce Grant Thornton's report on the full consolidated financial statements, dated 28 April 2025 (p7). Consolidated statement of profit or loss and OCI and statement of financial position (p1), statement of cash flows (with adjustments and working-capital lines) and statement of changes in equity, supplementary notes 1-7 (p2), all in USD. A ZWG short-form announcement of highlights (translated special-purpose statements) is printed on p2 and not transcribed.

    Source: ABRIDGED AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (dated 2025-04-22)

  • Revenue

    USD 12.0 million

    12,044,700 USD units · p1

    −4.1% vs 2023

  • Operating profit / (loss)

    −USD 3.22 million

    (3,221,989) USD units · p1

    Change not shown.

  • Profit / (loss) for the year

    −USD 2.92 million

    (2,922,526) USD units · p1

    Change not shown.

  • Total assets

    USD 37.9 million

    37,913,119 USD units · p1

    +8.3% vs 2023

  • Total equity

    USD 25.6 million

    25,605,509 USD units · p1

    −10.7% vs 2023

  • Cash from operations

    USD 1.48 million

    1,477,004 USD units · p2

    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.

Not shown: the prior-year figure is zero or negative.

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

  • FY2024 — published summary of audited statements (summary), final status not established; reported for the year · source
  • FY2023 — published summary of audited statements (summary), final status not established; comparative in the FY2024 filing · source
    • 2024, 2023: figures from a published summary. These columns come from a summary of the audited statements, not the full audited financial statements. 'The abridged consolidated results have been extracted from the general purpose annual financial statements which have been prepared in compliance with International Financial Reporting Standards (IFRS)' (note 1, p2); 'These abridged consolidated financial statements are derived from the complete set of consolidated financial statements of Turnall Holdings Limited for the financial year ended 31December 2024' (Independent Auditor's Statement, p2) No auditor's report on the summary is printed. 'Independent Auditor's Statement' (p2): 'These abridged consolidated financial statements are derived from the complete set of consolidated financial statements of Turnall Holdings Limited for the financial year ended 31December 2024. They should be read in conjunction with the complete audited consolidated financial statements for the year, which have been audited by Grant Thornton Chartered Accountants (Zimbabwe). The auditor's report has been signed by Onessious Mabuya, Registered Public Auditor 0634. A qualified opinion was issued regarding non-compliance with International Accounting Standard (IAS) 21'. PDF pp3-7 reproduce Grant Thornton's report on the full consolidated financial statements, dated 28 April 2025 (p7). Consolidated statement of profit or loss and OCI and statement of financial position (p1), statement of cash flows (with adjustments and working-capital lines) and statement of changes in equity, supplementary notes 1-7 (p2), all in USD. A ZWG short-form announcement of highlights (translated special-purpose statements) is printed on p2 and not transcribed.

Income statement

Income statement, USD units. Columns: FY2024 — published summary of audited statements (final status not established), as reported for the year; FY2023 — published summary of audited statements (final status not established), comparative reported in the published summary of audited statements for 2024.
Line (as printed) FY2024Published summary of audited statements (summary)reported for the yearFY2023Published summary of audited statements (summary)comparative in FY2024 filingsource limitations
Revenue 12,044,700 12,555,443
Cost of sales (9,706,497) (9,636,095)
Gross profit 2,338,203 2,919,348
Other income 181,710 97,937
Selling and distribution expenses (1,391,341) (1,290,601)
Administrative expenses (4,350,561) (3,160,873)
Loss from operating activities (3,221,989) (1,434,189)
Finance costs (83,533) (92,460)
Loss oerore taxaton (3,305,522) (1,526,649)
Income tax credit 382,996 22,083
Loss for the year (2,922,526) (1,504,566)
Loss on change in functional currency1 (133,850) –2
Other comprehensive loss for the year inclusive of tax (133,850) –3
Total comprehensive loss for the year (3,056,376) (1,504,566)
  1. Printed “-”, read as nil: subtotal_arithmetic: is.other_comprehensive_income.
  2. Printed “-”, read as nil: subtotal_arithmetic: is.total_comprehensive_income.
Notes and alternative reported figures (1)
  1. “Loss on change in functional currency” is an issuer-specific line, not mapped to a shared definition: OCI (2024 only).

Balance sheet

Balance sheet, USD units. Columns: FY2024 — published summary of audited statements (final status not established), as reported for the year; FY2023 — published summary of audited statements (final status not established), comparative reported in the published summary of audited statements for 2024.
Line (as printed) FY2024Published summary of audited statements (summary)reported for the yearFY2023Published summary of audited statements (summary)comparative in FY2024 filingsource limitations
Property, plant and equipment 23,544,661 21,482,726
Right-of-use asset –1 19,120
Investment property 630,000 630,000
Investments in financial assets2 75 75
Total non-current assets 24,174,736 22,131,921
Inventories 4,100,131 4,915,008
Trade and other receivables 6,119,074 7,680,837
Bank and cash balances 3,519,178 267,812
Total current assets 13,738,383 12,863,657
Total assets 37,913,119 34,995,578
Share capital 4,938,029 4,938,029
Share premium 6,676,344 6,676,344
Non-suoulaoe eseve3 7,655,239 7,655,239
mevaluation reserve 291,582 291,582
roreign currency translaton reserve4 (1,585,597) (1,451,747)
Retained earnings 7,629,912 10,552,438
Total equity 25,605,509 28,661,885
Lease liability (non-current) –5 8,708
Deferred taxation 195,431 444,545
otano-current laolltes 195,431 453,253
Trade and other payables 6,552,743 5,266,928
Loans and borrowings 5,559,436 602,856
Lesecoll –6 10,644
Bank overdraft –6 12
Total current liabilities 12,112,179 5,880,440
lotal llabilities 12,307,610 6,333,693
Total equity and liabilities 37,913,119 34,995,578
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_assets.
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.non_current_liabilities.
  3. Printed “-”, read as nil: subtotal_arithmetic: bs.current_liabilities.
Notes and alternative reported figures (3)
  1. “Investments in financial assets” is an issuer-specific line, not mapped to a shared definition: Non-current.
  2. “Non-suoulaoe eseve” is an issuer-specific line, not mapped to a shared definition: Equity reserve.
  3. “roreign currency translaton reserve” is an issuer-specific line, not mapped to a shared definition: Equity reserve.

Cash flow

Cash flow, USD units. Columns: FY2024 — published summary of audited statements (final status not established), as reported for the year; FY2023 — published summary of audited statements (final status not established), comparative reported in the published summary of audited statements for 2024.
Line (as printed) FY2024Published summary of audited statements (summary)reported for the yearFY2023Published summary of audited statements (summary)comparative in FY2024 filingsource limitations
Operating cash flows before working capital changes1 (2,101,919) (169,952)
Operating cash flows after working capital changes 1,560,537 (6,224,958)
Tax paid –2 (120,310)
Financing costs3 (83,533) (92,460)
Net cash flows generated from / (utilised in) operating activities 1,477,004 (6,437,728)
Proceeas trom ine aisposal or propery, plant and equipment 9,279 –4
Acquisition of property, plant and equipment (3,172,133) (567,927)
Net cash flows utilised in investing activities (3,162,854) (567,927)
unange in loans and borrowings5 4,956,580 602,856
Change in lease liabilities6 (19,352) 4,088
Change in share capital7 –8 6,065,835
Net cash flows generated from financing activities 4,937,228 6,672,779
CHANGE IN CASH AND CASH EQUIVALENTS 3,251,378 (332,876)
OPENING CASH AND CASH EQUIVALENTS 267,800 600,676
CLOSING CASH AND CASH COUIVALENIS 3,519,178 267,800
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_operations.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  3. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (5)
  1. “Operating cash flows before working capital changes” is an issuer-specific line, not mapped to a shared definition: Indirect method subtotal.
  2. “Financing costs”: mapping to a shared definition is uncertain. Printed 'Financing costs' paid within operating activities.
  3. “unange in loans and borrowings” is an issuer-specific line, not mapped to a shared definition: Financing activities: net movement in loans and borrowings.
  4. “Change in lease liabilities” is an issuer-specific line, not mapped to a shared definition: Financing activities.
  5. “Change in share capital” is an issuer-specific line, not mapped to a shared definition: Financing activities (2023 rights issue).

Per share and shares

Per share and shares. Columns: FY2024 — published summary of audited statements (final status not established), as reported for the year; FY2023 — published summary of audited statements (final status not established), comparative reported in the published summary of audited statements for 2024.
Line (as printed) FY2024Published summary of audited statements (summary)reported for the yearFY2023Published summary of audited statements (summary)comparative in FY2024 filingsource limitations
Earnings / (loss) per share (per share)3 (0.0007)1 (0.0003)2
Shares in issue at year end (shares)4 4,315,726,499 4,315,726,499
  1. Printed as (0.07) cents; value converted to USD at 100 cents = 1 USD.
  2. Printed as (0.03) cents; value converted to USD at 100 cents = 1 USD.
Notes and alternative reported figures (2)
  1. Earnings / (loss) per share: printed as “Basic and diluted (cents per share)”.
  2. Shares in issue at year end: printed as “Number of shares in issue”.

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.

No dividend statement or amount collected.

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.

  • ABRIDGED AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

    Year ended 31 December 2024 · Published summary of audited statements (summary) · final status not established

    Audit: Grant Thornton Chartered Accountants (Zimbabwe) (named); no auditor's opinion on the full statements in this document · no signature page in this document

    Final status: Published by the company (board approval of the abridged statements 22 April 2025, note 7, p2; chairman's statement with handwritten signature of G. Hampshire, 22 April 2025, p1, page image) and filed with the ZSE. No auditor's report on the summary is printed: the 'Independent Auditor's Statement' (p2) is the directors' statement that the full statements were audited by Grant Thornton with a qualified opinion. The appended report (PDF pp3-7) is Grant Thornton's report on the full consolidated financial statements ('set out on pages 8 to 56'), qualified, with a handwritten 'Grant Thornton' signature above 'Onessious Mabuya, Partner, Registered Public Auditor (PAAB Number 0634)', dated 28 April 2025 (PDF p7, page image).

    Document date
    22 Apr 2025
    Published
    29 Apr 2025
    Auditor's report
    date not found in this document
    Board approval
    22 Apr 2025
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2024, FY2023
    Basis
    consolidated statements · USD units (printed “USD”)
    • Underlying full consolidated statements (not the summary): 'Basis for Qualified Opinion': non-compliance with IAS 21 on accounting for the change in functional and presentation currency from ZWL to USD: the ZWL inflation-adjusted amounts before the change should have been translated at the closing rate at the date of change; management instead separated USD and ZWL components and translated the ZWL components by the methods in note 2.1. The 31 December 2024 balances of property, plant and equipment, investment property, inventories, cash, loans and borrowings, deferred tax and trade payables carry material amounts from 31 December 2023 and may be misstated; effects 'material but not pervasive'. Opinion: 'In our opinion, except for the effects of the matters described in the Basis for Qualified Opinion section of our report, the consolidated financial statements present fairly, in all material respects, ...' (PDF p3-p4).
    • The summary's own auditor's statement (p2) reports the qualified opinion on the full statements regarding IAS 21; it is not an opinion on the summary.
    • HIDDEN TEXT: the PDF text layer of pp1-2 contains text that is not printed on the page, left from an earlier results template (e.g. 'which have been audited by D te & Touche. An adverse opinion was issued thereon', 'Auditor's Statement ... ended 31 December 2019, which have been audited by Deloitte & Touche and an adverse opinion has been issued thereon', CPI as at 31 December 2017-2019, '19 March 2020', '27 August 2020', and 2019/2018 auditor's remuneration, directors' remuneration and depreciation figures such as 11,230,653 and 22,451,173). None of this is visible on the rendered pages, which show the 2024 statements, Grant Thornton and a qualified opinion. All statement values were therefore read from OCR of the renders, not from the text layer.
    • The statement of financial position's current column is headed 'As at 30.12.2024' (p1, page image) while its title says 'as at 31 December 2024'; the period end is taken as 31 December 2024. Loss per share is printed in cents ((0.07); 2023: (0.03)), basic and diluted on one line.
    • No auditor's report on the summary is printed. 'Independent Auditor's Statement' (p2): 'These abridged consolidated financial statements are derived from the complete set of consolidated financial statements of Turnall Holdings Limited for the financial year ended 31December 2024. They should be read in conjunction with the complete audited consolidated financial statements for the year, which have been audited by Grant Thornton Chartered Accountants (Zimbabwe). The auditor's report has been signed by Onessious Mabuya, Registered Public Auditor 0634. A qualified opinion was issued regarding non-compliance with International Accounting Standard (IAS) 21'. PDF pp3-7 reproduce Grant Thornton's report on the full consolidated financial statements, dated 28 April 2025 (p7).
    • Consolidated statement of profit or loss and OCI and statement of financial position (p1), statement of cash flows (with adjustments and working-capital lines) and statement of changes in equity, supplementary notes 1-7 (p2), all in USD. A ZWG short-form announcement of highlights (translated special-purpose statements) is printed on p2 and not transcribed.
    Technical details
    File
    7 pages, with a text layer
    SHA-256
    517b897eba8c6da54d784453c99829439238a2b84b82b9839369793e20d44020
    Entity as printed
    Turnall Holdings Limited (the Group)
    Exchange copy
    retrieved 2026-10-08T20:44:56Z

Data notes

  • Selling and distribution expenses — OCR read '(1,290,001)'; the page image shows '(1,290,601)'. OCR read 001 for 601 in the 2023 'Selling and distribution expenses' amount; the render prints (1,290,601) (page image p1). (ABRIDGED AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024, p1)
  • Net cash flows generated from / (utilised in) operating activities — OCR read '1.477.004'; the page image shows '1,477,004'. OCR read full stops for the thousands commas of the 2024 net operating cash flow; the render prints 1,477,004 (page image p2). (ABRIDGED AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024, p2)
  • Change in share capital — OCR read '6.Ubbo'; the page image shows '6,065,835'. OCR misread the 2023 'Change in share capital' amount; the render prints 6,065,835 (page image p2). (ABRIDGED AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024, p2)
  • CHANGE IN CASH AND CASH EQUIVALENTS — OCR read '3.251.378'; the page image shows '3,251,378'. OCR read full stops for the thousands commas of the 2024 change in cash; the render prints 3,251,378 (page image p2). (ABRIDGED AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024, p2)
  • CHANGE IN CASH AND CASH EQUIVALENTS — OCR read '(3320/6'; the page image shows '(332,876)'. OCR misread the 2023 change in cash; the render prints (332,876) (page image p2). (ABRIDGED AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024, p2)
  • CLOSING CASH AND CASH COUIVALENIS — OCR read '3.51910'; the page image shows '3,519,178'. OCR misread the 2024 closing cash; the render prints 3,519,178 (page image p2). (ABRIDGED AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024, p2)

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to OCR text and compared cell by cell with the page image; read from the page image) (9 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

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