Investor Relations

ZSE: DZL.zw | Reuters: DZL.ZI | Bloomberg: DZL ZH
Latest Share Price
(End of Day Data)
DZL Quote Mini
160.25 ZWG cents
▲9.39% / +13.7500c
(14 March, 2025)
All Share Index
(ZSE All Share Index)
All Share Index
210.93
+0.63 / ▲0.3%
ZNSM Index
(Zimbabwe National Stock Index)
ZNSM Index
97.09
+0.51 / ▲0.53%
Consumer Staples Index
(Dairibord falls in this sector)
Consumer Staples Index
213.07
+0.46 / ▲0.22%
This trading data is updated daily (end of day)
Overview
Dairibord was incorporated in 1952 as a state-owned parastatal (Dairy Marketing Board “DMB”), to receive all milk, manufacture and market dairy products, and administer regulations related to producer registrations. In 1994, DMB was commercialised and Dairibord Zimbabwe Ltd was born, and was listed on the ZSE in 1997 (the first parastatal in Zimbabwe to do so). Since then, Dairibord has grown to become a leading milk processor in Southern Africa, having expanded its operations and diversified its portfolio to include a wide range of dairy and non-dairy products which include liquid milks, foods and beverages.
  • 1225 Rekayi Tangwena Rd, PO Box 2512, Harare
  • +263 242 790801-6; +263 242 779035-42

<i class="fa fa-shopping-cart"></i> Main Products

Milk; Beverages; Foods

<i class="fa fa-industry"></i> Factories

Harare; Chitungwiza; Chipinge

<i class="fa fa-building"></i> Depots

Mutare; Gweru; Bulawayo; Gwanda; Masvingo

<i class='fas fa-globe-africa'></i> Export Markets

Zambia; Botswana; Mozambique; South Africa; UK

Key Executives

<i class="fa fa-user-circle"></i> Group Chief Executive

M. R. Ndoro

<i class="fa fa-user-circle"></i> Group Finance Executive

L. Mutunga

<i class="fa fa-user-circle"></i> Company Secretary

M. Karimupfumbi

Key Shareholders
Major shareholders as at 21 March 2024
ShareholderShares Held% Held
Mega Market (Pvt) Ltd85,647,90823.92%
Stanbic Nominees (Pvt) Ltd85,442,73023.87%
Serrapin Investments (Pvt) Ltd43,106,64412.04%
Old Mutual Life Ass Co Zim Ltd38,112,67810.65%
Mining Industry Pension Fund17,667,2664.93%
Total for Top-5269,977,22675.41%
Other Shareholders88,023,63224.59%
Total Shares in Issue358,000,858100.00%
Company Snapshot
Shareholders
4000 +
Employees
1100 +
Independent vendors
600 +
Spent on CSR (FY23)
US$ 40 k
Governance Structure
The Group’s governance is designed to distribute duties between the Board of Directors and Senior/Executive Management. An independent non-executive director chairs the Board. The Board is organized into five (5) committees. The CEO and the committees are directly accountable to the board. The Senior/Executive Management consists of six (6) functions led by executives who report directly to the Group CEO. Internal Audit and Risk Management is an independent department reporting to the Board.
Josphat Sachikonye
Non-Executive Director
(Chairman, Independent)
CMA (UK), MBL (UNISA), INSEAD Management Development Program, Executive Management Program (UCT), B. Acc (UZ)
Mercy R. Ndoro

Executive Director
(Group Chief Executive)
ACISZ, MBA (UZ), B. Acc (Hons) (UZ)

Leonard Mutunga
Executive Director
(Group Finance Director)
CA(Z), BComm (Hons) Accounting (NUST), B. Acc / BCompt (Hons) (UNISA), Bachelor of Laws (LLB) (UNISA), MBL, Executive Development Program (UCT GSB)
Rachel P. Kupara
Non-Executive Director
(Independent)
CA (Z), MBA (UZ), Executive Development Program (LBS), B. Acc (Hons)
Bruce Henderson
Non-Executive Director
(Independent)
CA (SA)
Cleton Mahembe

Non-Executive Director
Diploma in Agriculture (Chibero College of Agriculture)

Christopher R.J Hawgood
Non-Executive Director
BSc (Hons) Agricultural Management (University of Natal)
Nobert Chiromo
Non-Executive Director
(Independent)
CA (Z), B.Compt (UNISA)
Getrude Mashonganyika
Non-Executive Director
(Independent)
BBS Hons (UZ), MBA (University of Gloucestershire)
Lackson Mundira
Non-Executive Director (Independent)
BBS & Computing Science (UZ), MBL (UNISA Graduate School of Business Leadership)
Mercy R. Ndoro
Group Chief Executive
Leonard Mutunga
Group Finance Director
Godfrey Machanzi
Chief Operations Officer
Gilbert Takabarasha
Human Resources and Administration Executive
Ruvarashe Matambo
Marketing Services Executive
Evert Oostindien
Milk Supply Development Executive
Bernard Chakeredza
Chief Internal Auditor
Anna Dhlamini
Business Information Systems Executive
Finance, Audit and Risk

The committee oversees control procedures, risk management and financial reporting of the Company. It offers direct oversight and engagement with both internal and external auditors on behalf of the Board. The committee reviews all significant risks to the Group, as well as risk mitigation strategies and their success, quarterly.

Chairperson: Rachel P. Kupara
Members: Nobert Chiromo; Ketan Naik; Bruce Henderson

Nominations

Nominations Committee searches for and receives nominations, performs background and reference checks and offers recommendations on board candidates. It assesses the board’s knowledge, relevance and independence. The committee is also in charge of coordinating the review of board performance.

Chairperson: Josephat Sachikonye
Members: Cleton Mahembe

Remuneration

This committee is responsible for assessing the Company’s remuneration policies and approving remuneration packages for senior executives.

Chairperson: Josephat Sachikonye
Members: Rachel P. Kupara

Milk Supply Development

The Milk Supply Development Committee’s role is to drive the Group’s milk supply expansion plan. The primary goals are to minimise the cost of raw milk production, enhance farm output and quality and improve milk production efficiency.

Chairperson: Christopher R. J Hawgood
Members: Josephat Sachikonye; Nobert Chiromo

Business Development

The Business Development Committee is primarily responsible for driving business growth. It is charged with proposing new business opportunities and implementing strategic and generative plans to meet the Company’s vision and objectives.

Chairperson: Nobert Chiromo
Members: Ketan Naik; Bruce Henderson

Compliance

Dairibord follows all applicable rules and regulations. We have principles and values which guide our workers and leadership to follow the rules and regulations that govern the business and industry. This directs our personnel to reduce our exposure to compliance risks.

Responsibility

The Company Secretary is the senior custodian for compliance matters at Dairibord Holdings.

Monitoring Compliance
Each executive maintains the compliance systems for their relevant area ensuring they are up to date on any changes that occur and that staff in their respective functions are kept abreast of the changes. All staff members are expected to be aware of the Dairibord code of conduct. We continuously engage with regulatory authorities on any legal changes and for legal advice.

Risk Management

Risk is inextricably linked to the Group’s activities and cannot be separated from opportunity. Given the instability in the operational environment, it is necessary to conduct continual risk assessments as risks are ever-changing. In a short amount of time, a low effect, low chance scenario might transform into the most serious risk, such as global pandemics, cyclones, societal upheaval, and so on. Our risk management is integrated across our company activities to preserve value and respond to the changing nature of risks. In terms of likelihood and effect, the risks outlined in this report are the primary uncertainties.

Group Risk Management Framework
The Board is ultimately accountable for risk governance. The risk management role has been entrusted to the Finance Audit and Risk Committee by the Board. The Finance, Audit, and Risk Committee is made up entirely of non-executive directors, with 67% of them being independent. The committee reports to the full Board of Directors. The Finance, Audit, and Risk Committee’s risk mandate is to ensure that the Group has suitable procedures in place to identify, measure, anticipate, plan for, and respond appropriately to any risks that the company may encounter.

Export Markets
Mozambique
52.8 %
South Africa
42.9 %
Zambia
3 %
United Kingdom
0.7 %
Malawi
0.6 %
Dividend History
The Board declared a final dividend of ZWL358,000,858 from 2022 profits, which translates to ZWL1 per share.
  • Announcement date: 28 April 2023
  • Last date to trade cum-dividend: 16 May 2023
  • Share trade ex-dividend: 17 May 2023
  • Last record date: 19 May 2023
  • Payment date: 31 May 2023
In consideration of the improved performance of the business and in line with shareholder expectations, at the meeting held on the 28th of March 2022, the Board resolved to declare a dividend of ZW$0.41 per share for the year ended 31 December 2021.
  • Announcement date: 28 March 2022
  • Last date to trade cum-dividend: 19 April 2022
  • Shares trade ex-dividend: 20 April 2022
  • Last record date: 22 April 2022
  • Payment date: On or about 13 May 2022
* NOTE that the dividend was later canceled on 10 May 2022: “Given the significant changes in the operating environment, Dairibord Holdings Limited (”Company”) board, at a meeting held on 10 May 2022, has considered it prudent not to pay the scheduled dividend recently announced…”
  • Announcement date: 28 April 2021
  • Ex-dividend date: 12 May 2021
  • Record date: 14 May 2021
  • Payment date: 18 June 2021
  • Dividend per share: ZWL0.23
In consideration of the improved performance of the business and in line with shareholder expectations, at the meeting held on 6 March 2019, the Board resolved to declare a dividend of RTGS$0.007 per share for the year ended 31 December 2018.
  • Cum-dividend date: up to the market day of 2 April 2019
  • Ex-dividend date: as from 3 April 2019
  • Record date: 5 April 2019
  • Payment date: on or about 16 April 2019
  • Dividend per share: RTGS$0.007
Considering the improved performance ofthe business, cash generation, and the reduced capital expenditure plan going forward, the Board resolved to declare a dividend of 0.20 US cents per share for the year.
  • Cum-dividend date: up to the market day of 15 May 2018
  • Ex-dividend date: as from 16 May 2018
  • Record date: 18 May 2028
  • Payment date: on or about 28 May 2018
  • Dividend per share: 0.20 US cents
The directors have declared a dividend of 0.45 US cents per share. The dividend is payable on or around 10 May 2013 to shareholders registered in the books of the company at the close of business of 3 May 2013.
I am pleased to announce that the directors have declared a dividend of 0.44 US cents per share. The dividend is payable on or around 27 April 2012 to shareholders registered in the books of the company at the close of business on 20 April 2012.
Upcoming Events
Event DetailDate
Financial half-year end1751241600 Jun 30, 2025
Publication of the 2024 annual report*1749816000 Jun 13, 2025
Publication FY 2024 results and dividend announcement*1743422400 Mar 31, 2025
*Estimated date. Actual will be announced
Shareholder Return
Our focus is to improve the performance of the Company, aimed at maximising shareholders’ return on their investments by increasing the value of the shares and declaring dividends.
Investor Contact
Ruvarashe Matambo
  • Marketing Services Executive
  • +263 (242) 754 625/9
Share Transfer Agents
Corpserve Registrars
  • 2nd Floor ZB Centre
    56 Kwame Nkrumah Avenue
    Harare
Auditors
Axcentium
  • West Block, Borrowdale Office Park
    Borrowdale Road
    Harare