Econet wins Top Companies award

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ZIMBABWE Stock Exchange (ZSE)-listed mobile network operator, Econet Wireless, was last night crowned the best performing company on the local bourse at the Financial Gazette’s Top Companies Survey 2020 sponsored by financial services giant, Old Mutual Zimbabwe.

Leading beverages manufacturer, Delta Corporation, was the first runner-up, while retail outlet OK Zimbabwe was crowned second runner-up.
Econet, as a group, also walked away with the top award under the Life Assurance Category.
Econet Life was recognised as the best performing Life Assurance Company as determined by a quantitative assessment of Insurance and Pensions Commission (Ipec) returns submitted over the review period.
“As Econet Wireless Zimbabwe Limited (Econet) we are honoured to be named the winner of this year’s Top Companies Survey,” the company said.
“It is testimony of the continued support of our customers, the professionalism and high-performance culture of our staff and management, the innovation DNA in our business, the wisdom and leadership of our board of directors, and the confidence the market continues to place in us — in particular the support of our investors and shareholders,” Econet further said.
Econet has a market capitalisation of about $13 billion on the Zimbabwe Stock Exchange after listing on the local bourse in 1998.
“This award means even more to us, coming as it does at a time when businesses across the market must navigate through turbulent economic and business waters to stay afloat, stay relevant and to deliver value to their stakeholders,” Econet said.
The mobile operator also walked away with the Special Mention Award, which recognises outstanding achievement or contribution to a current topical issue.
This year’s awards recognised a company that was instrumental in assuming the corporate social responsibility role in a crisis.
Delta Corporation walked away with the Disclosure and Investor Relations Award of the Year.
The award rewards companies that are vigilant and make full disclosure of information about their business, satisfy the requirements by regulators, stock exchange disclosure rules as well as disclose information in a timely manner and simplified financial language.
Leading hospitality firm, African Sun, won the Tangible Investor Returns Award for 2020. The award recognises the company that would have delivered the best tangible gains to investors during the year.
The 2020 Short Term Insurer of the Year was won by Zimnat Insurance.
According to the judge’s report, in light of the hyperinflationary environment, companies had to exhibit agility in claims and expenses management and sturdy growth in the business lines written.
Crocodile skin and meat processor, Padenga Holdings, won the 2020 ESG award, which recognises a company that upholds good environmental, social and governance principles and operates an ecologically friendly business model that promotes the efficient and sustainable use of resources, conducts value adding social development programmes in the community and for employee wellness and promotes ethical governance practices by the board of directors, executive management, employees and interacts with external stakeholders.
In the banking sector, the Pan-African bank, Ecobank, was capped the best bank, while Nedbank was the runner-up. The award is given to the most outstanding bank for the year based on both quantitative and qualitative attributes of each bank reviewed.
The aim of the survey is to promote good corporate governance practices, ethical conduct and corporate social responsibility.
The awards were launched in 1980.
A panel of judges and analysts, independent of both The Financial Gazette and Old Mutual, come up with the judging criteria and categories for the top awards.

 

 

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