OK Zimbabwe Plunges into Losses Amid Currency Chaos
Harare, Zimbabwe – Retail giant OK Zimbabwe has posted a staggering loss of $25.03 million for the year ended March 31, 2025, a stark contrast to the previous year’s net loss of $619,367. The company’s financial woes are attributed to a perfect storm of currency fluctuations, supply chain disruptions, and increased competition from the informal sector.
The company’s revenue took a massive hit, plummeting 52% to $245.17 million from $511.01 million in the previous financial year. This drastic decline has left the company scrambling to stay afloat.
OK Zimbabwe’s auditors, KPMG, have raised concerns about the company’s ability to continue as a going concern, citing uncertainties over revenue growth, liquidity, and property disposals. The auditors also flagged non-compliance with international financial reporting standards and insufficient audit evidence for inventory balances.
Despite the challenges, OK Zimbabwe’s management is working on a recovery plan, which includes a successful rights issue that raised $20 million and an additional $10.5 million expected from property disposals. The company aims to increase liquidity, restock, and restructure operations to stabilize the business.
As OK Zimbabwe navigates these turbulent times, the question on everyone’s mind is: can the retail giant bounce back? Only time will tell if the company’s recovery plan will be enough to stem the losses and restore profitability. One thing is certain, however – OK Zimbabwe’s future hangs in the balance.
