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Unifreight Africa
On this page
Company details
- Legal name
- Unifreight Africa Limited
- Listing
- UNIF.ZW on the Zimbabwe Stock Exchange, active · ISIN ZW0009012221 (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). Basis for Qualified Opinion: Non-compliance with International Accounting Standard (IAS) 21 - The Effect of Changes in Foreign Exchange Rates (change in functional and presentation currency; exchange rates applied to translate USD transactions and balances) (PDF p3-p4). Opinion on the full statements, not 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)
Basis for Qualified Opinion (on the full consolidated inflation adjusted financial statements, not on this summary): (1) on the change of functional currency from ZWL to ZWG on 5 April 2024, the comparatives were translated by splitting USD-backed and ZWL balances, inflating the ZWL balances to 31 March 2024 and translating them with the Statutory Instrument 60 of 2024 formula, a departure from IAS 21; balances at 31 December 2024 for vehicles and equipment, inventory, cash, loans and borrowings, trade payables, lease liabilities and deferred tax liabilities carry material amounts from 31 December 2023 and may be misstated; (2) USD transactions and balances were translated at internally generated exchange rates, not appropriate spot rates under IAS 21; the effects are material but not pervasive (PDF p2-p4).
Source: Unifreight Africa Limited Abridged Audited Financial Results for the period ended 31 December 2024 (dated 2025-03-28)
Published summary of audited statements for 2024: final status not established
Abridged audited financial results published by Unifreight Africa Limited (chairman's statement signed by Peter Annesley, p1). No auditor's report on the abridged results is printed. The publication reprints Grant Thornton's independent auditor's report on the FULL consolidated inflation adjusted financial statements (pages 9 to 49 of those statements, not included here): a QUALIFIED opinion (IAS 21), hand-signed 'Grant Thornton' over the partner's name Farai Chibisa (PAAB 0547), dated 28 March 2025 (PDF pp2-7, page images). The full statements were authorised for issue by the board on 25 March 2025 (p1).
Source: Unifreight Africa Limited Abridged Audited Financial Results for the period ended 31 December 2024 (dated 2025-03-28)
2024, 2023: figures from a published summary
These columns come from a summary of the audited statements, not the full audited financial statements. 'These abridged consolidated financial statements derived from the audited inflation adjusted consolidated financial statements of Unifreight Africa Limited and its subsidiaries "the Group" for the financial year ended 31 December 2024, should be read together with the complete set of audited inflation adjusted consolidated financial statements' (Auditor's Statement, p1) No auditor's report on the summary is printed. The 'Auditor's Statement' (p1) says: 'These abridged consolidated financial statements derived from the audited inflation adjusted consolidated financial statements of Unifreight Africa Limited and its subsidiaries ... which have been audited by Grant Thornton Chartered Accountants (Zimbabwe) and the auditor's report signed by Farai Chibisa, Registered Public Auditor 0547. A qualified audit opinion has been issued on the audited inflation adjusted consolidated financial statements of the Group regarding non-compliance with (IAS) 21 ...' The full auditor's report on those statements is reprinted on PDF pp2-7 (qualified; signed; 28 March 2025). Abridged consolidated statement of financial position, statement of profit or loss and OCI (inflation adjusted and historical columns), statement of changes in equity and statement of cash flows (inflation adjusted only), with notes on receivables, payables, borrowings, finance cost and capital expenditure, all on p1. No total liabilities line.
Source: Unifreight Africa Limited Abridged Audited Financial Results for the period ended 31 December 2024 (dated 2025-03-28)
-
Revenue
ZWG 744 million
743,981,513 ZWG units · p1
−29.1% vs 2023
-
Operating profit / (loss)
Not reported in this filing
-
Profit / (loss) for the year
ZWG 344 million
343,512,157 ZWG units · p1
−53.1% vs 2023
-
Total assets
ZWG 1.91 billion
1,905,640,602 ZWG units · p1
+2.5% vs 2023
-
Total equity
ZWG 1.57 billion
1,566,797,415 ZWG units · p1
+26.4% vs 2023
-
Cash from operations
ZWG 285 million
284,944,412 ZWG units · p1
−45.1% vs 2023
Large amounts are rounded for reading (ZWG million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.
Financial statements
Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in ZWG 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. 'These abridged consolidated financial statements derived from the audited inflation adjusted consolidated financial statements of Unifreight Africa Limited and its subsidiaries "the Group" for the financial year ended 31 December 2024, should be read together with the complete set of audited inflation adjusted consolidated financial statements' (Auditor's Statement, p1) No auditor's report on the summary is printed. The 'Auditor's Statement' (p1) says: 'These abridged consolidated financial statements derived from the audited inflation adjusted consolidated financial statements of Unifreight Africa Limited and its subsidiaries ... which have been audited by Grant Thornton Chartered Accountants (Zimbabwe) and the auditor's report signed by Farai Chibisa, Registered Public Auditor 0547. A qualified audit opinion has been issued on the audited inflation adjusted consolidated financial statements of the Group regarding non-compliance with (IAS) 21 ...' The full auditor's report on those statements is reprinted on PDF pp2-7 (qualified; signed; 28 March 2025). Abridged consolidated statement of financial position, statement of profit or loss and OCI (inflation adjusted and historical columns), statement of changes in equity and statement of cash flows (inflation adjusted only), with notes on receivables, payables, borrowings, finance cost and capital expenditure, all on p1. No total liabilities line.
Income statement
| Line (as printed) | FY2024Published summary of audited statements (summary)reported for the year | FY2023Published summary of audited statements (summary)comparative in FY2024 filingsource limitations |
|---|---|---|
| Revenue | 743,981,513 | 1,048,893,273 |
| Operating costs | (661,480,993) | (837,489,912) |
| Movement in expected credit / (losses) | 11,046,535 | (10,727,164) |
| Other operating income | 167,956,704 | 424,025,695 |
| Finance costs | (11,616,933) | (33,581,617) |
| Depreciation Charge | (68,130,272) | (62,551,638) |
| Monetary (loss)/gain1 | (110,426,609) | 404,023,166 |
| Profit before taxation | 71,329,945 | 932,591,803 |
| Income tax credit/(expense) | 272,182,212 | (200,892,963) |
| Profit for the year from continuing operations23 | 243,512,157 | 731,698,840 |
| Net profit for the year | 343,512,157 | 731,698,840 |
| Net (loss)/gains on equity instruments designated at fair4 | (40,328,128) | 60,007,216 |
| Revaluation surplus5 | 137,360,423 | 212,315,067 |
| Other comprehensive income for the year, net of tax | 97,032,295 | 272,322,282 |
| Total comprehensive income for the year, net of tax | 440,544,452 | 1,004,021,122 |
Notes and alternative reported figures (5)
- “Monetary (loss)/gain” is an issuer-specific line, not mapped to a shared definition: Net monetary gain or loss from hyperinflation accounting (IAS 29).
- “Profit for the year from continuing operations” is an issuer-specific line, not mapped to a shared definition: Printed line between income tax and net profit; 2024 printed 243 512 157 against net profit 343 512 157 (see issuer_inconsistency note).
- “Profit for the year from continuing operations”: mapping to a shared definition is uncertain. Printed 243 512 157 for 2024 while profit before tax plus the tax credit and 'Net profit for the year' are 343 512 157 (2023: 731 698 840 on both lines); kept as printed.
- “Net (loss)/gains on equity instruments designated at fair” is an issuer-specific line, not mapped to a shared definition: OCI item.
- “Revaluation surplus” is an issuer-specific line, not mapped to a shared definition: OCI item: revaluation of property.
Balance sheet
| Line (as printed) | FY2024Published summary of audited statements (summary)reported for the year | FY2023Published summary of audited statements (summary)comparative in FY2024 filingsource limitations |
|---|---|---|
| Vehicles and equipment | 942,902,154 | 830,976,047 |
| Investment properties | 221,040,000 | 179,019,929 |
| Investment in equity instruments1 | 16,403,525 | 77,700,554 |
| Right of use of asset | 439,535,885 | 444,992,134 |
| Intangible assets | 5,777,943 | 5,777,943 |
| Non current assets | 1,625,659,507 | 1,538,466,607 |
| Inventories | 23,303,516 | 109,047,326 |
| Trade and other receivables | 214,455,659 | 163,435,704 |
| Cash and cash equivalents | 42,221,920 | 47,480,408 |
| Current assets | 279,981,095 | 319,963,438 |
| TOTAL ASSETS | 1,905,640,602 | 1,858,430,045 |
| Share capital | 4,102,339 | 4,102,339 |
| Share premium | 7,935,518 | 7,935,518 |
| Non distributable reserve2 | 78,122,453 | 139,549,377 |
| Revaluation reserve | 318,784,845 | 212,315,067 |
| Fair value reserve for financial assets at FVOCI | –3 | 37,263,277 |
| Retained earnings | 1,157,852,260 | 838,373,855 |
| Equity | 1,566,797,415 | 1,239,539,433 |
| Loans and borrowings | 52,004,915 | 77,011,454 |
| Lease liability | 12,007,595 | 52,723,660 |
| Deferred tax liabilities | 14,662,481 | 271,090,856 |
| Non current liabilities | 78,674,991 | 400,825,970 |
| Trade and other payables | 109,361,462 | 126,340,274 |
| Income tax payable | 18,201,660 | 6,271,128 |
| Lease liability | 35,451,399 | 30,455,000 |
| Loans and borrowings | 97,153,676 | 54,998,240 |
| Current liabilities | 260,168,197 | 218,064,642 |
| TOTAL EQUITY AND LIABILITIES | 1,905,640,602 | 1,858,430,045 |
- Printed “-”, read as nil: subtotal_arithmetic: bs.total_equity.
Notes and alternative reported figures (2)
- “Investment in equity instruments”: mapping to a shared definition is uncertain. Printed 'Investment in equity instruments' (designated at FVOCI per the OCI line).
- “Non distributable reserve” is an issuer-specific line, not mapped to a shared definition: Equity reserve.
Cash flow
| Line (as printed) | FY2024Published summary of audited statements (summary)reported for the year | FY2023Published summary of audited statements (summary)comparative in FY2024 filingsource limitations |
|---|---|---|
| Cash generated from operations | 273,013,880 | 527,202,648 |
| Interest paid1 | –2 | (7,896,167) |
| Taxation paid | 11,930,532 | –2 |
| Net cash generated from operating activities | 284,944,412 | 519,306,481 |
| Purchase of vehicles and equipment | (37,416,968) | (508,759,607) |
| Proceeds from sale of vehicles and equipment | 1,462,742 | 27,665,743 |
| Increase in right of use3 | 5,456,249 | –4 |
| Net cash utilised in investing activities | (30,497,977) | (481,093,864) |
| Proceeds from borrowings | 40,000,000 | 57,258,616 |
| Principal payment of lease liabilities | (2,556,841) | (11,722,770) |
| Repayments of borrowings | (19,369,706) | (81,391,069) |
| Net cash utilised from financing activities | 18,073,453 | (35,855,223) |
| Increase in cash and cash equivalents | 272,519,888 | 2,357,394 |
| Cash and cash equivalents at beginning of | 47,480,408 | 5,148,839 |
| Net foreign exchange differences | –5 | (4,183,727) |
| Effects of changes in functional currency6 | (61,426,924) | –7 |
| Effects of inflation8 | (216,351,452) | 44,157,902 |
| Cash and cash equivalents at end of year | 42,221,920 | 47,480,408 |
- Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_operations.
- Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
- Printed “-”; reading unresolved, so no amount is shown. 2024 cell prints a dash; no printed subtotal covers this reconciling line, so the dash is left unresolved.
- Printed “-”; reading unresolved, so no amount is shown. 2023 cell prints a dash (the change of functional currency took place in April 2024); no printed subtotal covers this reconciling line, so the dash is left unresolved.
Notes and alternative reported figures (4)
- “Interest paid”: mapping to a shared definition is uncertain. One line 'Interest paid'; the statement does not say whether it includes lease interest.
- “Increase in right of use” is an issuer-specific line, not mapped to a shared definition: Investing activities; printed positive, added in the investing total.
- “Effects of changes in functional currency” is an issuer-specific line, not mapped to a shared definition: Cash reconciliation line (change from ZWL to ZWG, April 2024).
- “Effects of inflation” is an issuer-specific line, not mapped to a shared definition: Cash reconciliation line (IAS 29 restatement).
Reported measures outside the statements
| Measure (as printed) | FY2024 | FY2023 |
|---|---|---|
| Earnings before interest, tax, depreciation and amortisation (EBITDA) | 261,503,759 p1 | 624,701,892 p1 |
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.
-
Unifreight Africa Limited Abridged Audited Financial Results for the period 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
Final status: Abridged audited financial results published by Unifreight Africa Limited (chairman's statement signed by Peter Annesley, p1). No auditor's report on the abridged results is printed. The publication reprints Grant Thornton's independent auditor's report on the FULL consolidated inflation adjusted financial statements (pages 9 to 49 of those statements, not included here): a QUALIFIED opinion (IAS 21), hand-signed 'Grant Thornton' over the partner's name Farai Chibisa (PAAB 0547), dated 28 March 2025 (PDF pp2-7, page images). The full statements were authorised for issue by the board on 25 March 2025 (p1).
- Document date
- 28 Mar 2025
- Auditor's report
- date not recorded
- Board approval
- date not recorded
- Retrieved by us
- 8 Oct 2026 (not a publication date)
- Used for
- statement columns FY2024, FY2023
- Basis
- consolidated statements · ZWG units (printed “ZWG”)
- Basis for Qualified Opinion (on the full consolidated inflation adjusted financial statements, not on this summary): (1) on the change of functional currency from ZWL to ZWG on 5 April 2024, the comparatives were translated by splitting USD-backed and ZWL balances, inflating the ZWL balances to 31 March 2024 and translating them with the Statutory Instrument 60 of 2024 formula, a departure from IAS 21; balances at 31 December 2024 for vehicles and equipment, inventory, cash, loans and borrowings, trade payables, lease liabilities and deferred tax liabilities carry material amounts from 31 December 2023 and may be misstated; (2) USD transactions and balances were translated at internally generated exchange rates, not appropriate spot rates under IAS 21; the effects are material but not pervasive (PDF p2-p4).
- Basis for Qualified Opinion: Non-compliance with International Accounting Standard (IAS) 21 - The Effect of Changes in Foreign Exchange Rates (change in functional and presentation currency; exchange rates applied to translate USD transactions and balances) (PDF p3-p4). Opinion on the full statements, not on the summary.
- 2024 'Profit for the year from continuing operations' is printed 243 512 157 while profit before taxation 71 329 945 plus the income tax credit 272 182 212 and 'Net profit for the year' are 343 512 157; the statement of changes in equity and the EPS use 343 512 157 (p1). Kept as printed; the continuing operations line is a native concept outside the checks.
- Trade and other receivables are 214 455 659 on the statement of financial position but 214 455 817 in the receivables note (p1); the note is not transcribed.
- The cash reconciliation includes 'Effects of changes in functional currency' (61 426 924) and 'Effects of inflation' (216 351 452) (2023: 44 157 902) between opening and closing cash (native concepts); the printed figures reconcile once they are included.
- Earnings per share printed in cents: basic and diluted 413.76 (2023: 942.97), headline 2.18 (2023: (10.47)) (p1).
- No auditor's report on the summary is printed. The 'Auditor's Statement' (p1) says: 'These abridged consolidated financial statements derived from the audited inflation adjusted consolidated financial statements of Unifreight Africa Limited and its subsidiaries ... which have been audited by Grant Thornton Chartered Accountants (Zimbabwe) and the auditor's report signed by Farai Chibisa, Registered Public Auditor 0547. A qualified audit opinion has been issued on the audited inflation adjusted consolidated financial statements of the Group regarding non-compliance with (IAS) 21 ...' The full auditor's report on those statements is reprinted on PDF pp2-7 (qualified; signed; 28 March 2025).
- Abridged consolidated statement of financial position, statement of profit or loss and OCI (inflation adjusted and historical columns), statement of changes in equity and statement of cash flows (inflation adjusted only), with notes on receivables, payables, borrowings, finance cost and capital expenditure, all on p1. No total liabilities line.
Technical details
- File
- 7 pages, with a text layer
- SHA-256
6704c0b3be937b4e07f53cc892f550a909bc85249f01e618f3ac706811e49da5- Entity as printed
- Unifreight Africa Limited (formerly Pioneer Corporation Africa Limited) and its subsidiaries (the Group)
- Exchange copy
- retrieved 2026-10-08T20:45:02Z
Data notes
No figure-level notes beyond those in the tables.
Review status: 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 is pending for every figure; automated checks and the AI-assisted verification are not independent review.
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