Investor Relations

Latest Share Price
(End of Day Data)
DZL Quote Mini
ZWG 201.2478c
▲15% / +26.2478c
(17 July, 2024)
All Share Index
(ZSE All Share Index)
All Share Index
+5.18 / ▲2.74%
ZNSM Index
(Zimbabwe National Stock Index)
ZNSM Index
+3.59 / ▲2.5%
Consumer Staples Index
(Dairibord falls in this sector)
Consumer Staples Index
+3.08 / ▲1.56%

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.

<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
4000 +
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
CA (Z), MBA (UZ), Executive Development Program (LBS), B. Acc (Hons)
Bruce Henderson
Non-Executive Director
Ketan K. Naik
Non-Executive Director
MSc. Real Estate Investment (CASS Business School), BSc (Hons) Management Sciences (Warwick Business School)
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
CA (Z), B.Compt (UNISA)
Getrude Mashonganyika
Non-Executive Director
BBS Hons (UZ), MBA (University of Gloucestershire)
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 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


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


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.


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
52.8 %
South Africa
42.9 %
3 %
United Kingdom
0.7 %
0.6 %
Latest Performance Indicators (FY 2023)

Selected latest performance highlights. ZWL$ numbers are inflation adjusted

Revenue (ZWL$ billion)


FY2023 vs FY2022
(Inflation adjusted)

EBITDA (ZWL$ billion)


FY2023 vs FY2022
(Inflation adjusted)

Operating Profit (ZWL$ billion)


FY2023 vs FY2022
(Inflation adjusted)

Profit for the year (-49%)
ZWL$ 1 billion
Net Asset Value (+25%)
ZWL$ 100 billion
Raw milk utilised (+10%)
10 million litres
Sales (+11%)
80 million litres
Market Share (Raw milk utilised)
Exports Volume Trend
Latest Reports
Annual Report
AGM Trading Update
2024 AGM
Abridged Report
FY 2023
Analyst Briefing
FY 2023
Interim Report
HY 2023
Financial Reports Archive ⯈
YearFile NameReleasedReport Link
2023Q3 2023 Trading Update13/11/2023Download
2023Q1 2023 Trading Update28/04/2023Download
2022FY 2022 Results Presentation17/05/2023Download
2022Q3 2022 Trading Update10/11/2022Download
2022Q1 2022 Trading Update04/05/2022Download
2021FY 2021 Results Presentation06/04/2022Download
20232023 Half Year Results12/09/2023Download
20202020 Half Year Results28/09/2020Download
20212021 Half Year Results27/08/2021Download
20222022 Half Year Results06/09/2022Download
20192019 Half Year Results02/08/2019Download
2021Q3 2021 Trading Update20/10/2021Download
20212021 AGM Trading Update30/06/2021Download
2021Q1 2021 Trading Update14/05/2021Download
2020Q3 2020 Trading Update28/10/2020Download
20202020 AGM Trading Update30/06/2020Download
2020Q1 2020 Trading Update11/05/2020Download
2019Q3 2019 Trading Update12/11/2019Download
2010FY 2010 Results28/02/2011Download
2011FY 2011 Results27/02/2012Download
2012FY 2012 Results05/03/2013Download
2013FY 2013 Results13/03/2014Download
2014FY 2014 Results12/03/2015Download
2015FY 2015 Results10/03/2016Download
2016FY 2016 Results15/03/2017Download
2017FY 2017 Results12/03/2018Download
2018FY 2018 Results04/03/2019Download
2019FY 2019 Results19/03/2020Download
2020FY 2020 Results08/03/2021Download
2021FY 2021 Results14/03/2022Download
2022FY 2022 Results17/03/2023Download
20102010 Annual Report15/06/2011Download
20112011 Annual Report20/06/2012Download
20122012 Annual Report20/06/2013Download
20132013 Annual Report19/06/2014Download
20142014 Annual Report15/06/2015Download
20152015 Annual Report24/06/2016Download
20162016 Annual Report06/06/2017Download
20172017 Annual Report26/06/2018Download
20182018 Annual Report12/06/2019Download
20192019 Annual Report10/06/2020Download
20202020 Annual Report11/06/2021Download
20212021 Annual Report30/06/2022Download
20222022 Annual Report15/06/2023Download
20092009 Half Year Results21/08/2009Download
20102010 Half Year Results06/08/2010Download
20112011 Half Year Results12/08/2011Download
20122012 Half Year Results07/08/2012Download
20132013 Half Year Results13/08/2013Download
20142014 Half Year Results07/08/2014Download
20152015 Half Year Results07/08/2015Download
20162016 Half Year Results15/08/2016Download
20172017 Half Year Results10/08/2017Download
20182018 Half Year Results07/08/2018Download
2018FY 2018 Results Presentation20/03/2019Download
2017FY 2017 Results Presentation14/03/2018Download
2016FY 2016 Results Presentation29/03/2017Download
2015FY 2015 Results Presentation16/03/2016Download
2014FY 2014 Results Presentation18/03/2015Download
2013FY 2013 Results Presentation19/03/2014Download
2012FY 2012 Results Presentation20/03/2013Download
2011FY 2011 Results Presentation29/02/2012Download
2023FY 2023 Results28/03/2024Download
2023FY 2023 Results Presentation04/04/2024Download
2024Q1 2024 Trading Update15/05/2024Download
2024Notice of 29th AGM to be held on 10 July 202419/06/2024Download
20242023 Annual Report28/06/2024Download
20242024 AGM Trading Update12/07/2024Download
Our Journey to Listing
Dairy Marketing Board (DMB) established under the Agricultural Act of 1952

DMB is commercialised and Dairibord Zimbabwe Limited (DZL) is born

DZL is listed on the ZSE becoming the first state-owned company in Zimbabwe to do so
Share Performance
Share price performance – updated daily
Stock Information
ISINZW 000 901 197 5
SectorConsumer Staples
Year-End31 December
Year Founded1952
Year Listed1997
Share Trading Snapshot
Last Trade17 July 2024
Closing PriceZWG 201.2478c
Traded Volume31,700 shares
Value TradedZWG 63,795.55
Daily Change▲15% / +26.2478c
365-Day Change ▲1,628%
Valuation Summary
Issued Shares358,000,858
Market CapitalisationZWG 720,468,851
Dividend Yield0.00%
Price to EPS (x)260.96
Price to Book Value (x)10.02
Enterprise Value/EBITDA (x)22.08
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.
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 year end1735603200 Dec 31, 2024
Financial half-year end1751241600 Jun 30, 2025
Publication of the 2024 annual report*1749816000 Jun 13, 2025
Release of 1H 2024 results and dividend announcement*1727697600 Sep 30, 2024
Publication FY 2024 results and dividend announcement*1743422400 Mar 31, 2025
*Estimated date. Actual will be announced

Investor Contact
Ruvarashe Matambo
Share Transfer Agents
Corpserve Registrars