Cassava Smartech made a total profit of RTGS$ 9.3 million
Zimbabwe Stock Exchange-listed digital solutions company, Cassava Smartech Zimbabwe Limited (CSZL) has reported revenue of RTGS$ 173.0 million in its maiden financial report for the 4 months period ended 28 February 2019 as a public listed company.
CSZL is a diversified group that offers Tech-solutions FinTech, InsurTech, Social Payments, On-Demand Services, e-Commerce, AgriTech, HealthTech, and EduTech solutions.
The company made a total profit of RTGS$ 9.3 million during the period under review.
CSZL was demerged from Econet Wireless Zimbabwe Limited following approval by EWZL shareholders on 22 November 2018, and was subsequently listed on the local bourse on 18 December 2018 setting a record to become the most valuable listing by introduction on ZSE.
In a statement accompanying the company’s financial results, chairperson Tracy Mpofu said for the period under review, 9.8 million individuals were using the mobile money platform (Ecocash) to transact, representing almost 90% of Zimbabwe’s adult population, while Steward Bank now boasts 1.3 million bank accounts, representing 37% of Zimbabwe’s banked population.
“In addition, 2.6 million individuals subscribe to our micro-insurance packages. The Group is focused on driving the financial inclusion agenda and increasing access to financial services especially among previously excluded segments,” Mpofu said.
Earnings before interest, taxation, depreciation and amortisation (EBITDA) amounted to RTGS$ 47.6 while total assets are valued at RTGS$ 1.5 billion.
The company has successfully launched VAYA which is an on-demand mobile and web application which comes in two service categories; Vaya Mobility which targets individuals, corporates, and groups of individuals and Vaya Logistics which provides a convenient solution for individuals and corporate organizations to move goods.
Mpofu said the service now boosts more than 500 000 app downloads and has 17 000 drivers.
“Management plans to extend Vaya’s solutions to Air Services, School Shuttle, Haulage, and Borehole Drilling Services,”