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Investor Relations
Share Performance
All Share Index
Materials Index
FY 2024 Financial Performance Indicators
Selected latest performance highlights
Revenue (USD)
-4%
This was mainly due to liquidity constraints and the adverse effects of the El-Nino induced drought which suppressed the demand for our products
Loss from Operations (USD)
+37%
Operating expenses to sales ratio was 48% vs 35% in the same period last year, attributed to inflationary pressures exerted particularly in Q1 and Q4
Shareholders' Equity (USD)
+463%
CAPEX was USD3.2m vs USD568k spent last year, mainly in respect of the new fibre-cement plant and the new templates for the sheeting plant in Bulawayo
Current efforts to re-tool the factories will go a long way in addressing production efficiencies and improving our product offering, which is expected to result in revenue growth
Gross Margin
The gross margin for the period was 19% compared to 23% achieved last year, due to rising cost of raw materials and exchange rate disparities
Sustainability
The company adopted the Global Reporting Initiatives Sustainability Reporting Framework as a business model in addressing and managing economic, environmental, social and governance aspects of our operations
Export Resumption
Resumption of export sales is expected in 2026 after the planned upgrade of the Bulawayo sheeting plant
Legislation
We uphold our ISO14001 and ISO9001 certification. We continue to comply with the relevant legislative requirements of the Environmental Management Act,Labour Act, Conpamies and Other Business Entities Act and other related legislations
The Group changed its functional currency from the Zimbabwe dollar to the United States dollar effective 1 January 2024
| Year | Description | Released | Report Link |
|---|---|---|---|
| 2025 | 2024 Abridged Full Year Results (ZWG) | 29/04/2025 | Download |
| 2025 | 2024 Abridged Full Year Results (USD) | 29/04/2025 | Download |
| 2024 | Q3 2024 Trading Update | 15/11/2024 | Download |
| 2024 | 2024 Half Year Results | 30/09/2024 | Download |
| 2024 | Notice of executive changes (Appointment of Mr. Ian Bagshaw as the Managing Director) | 26/07/2024 | Download |
| 2024 | Results of 22nd AGM (18 June 2024) | 25/06/2024 | Download |
| 2024 | 2023 Annual Report | 03/06/2024 | Download |
| 2024 | Notice of 22nd AGM (18 June 2024) | 17/05/2024 | Download |
| 2024 | Q1 Trading Update | 15/05/2024 | Download |
| 2023 | Abridged Full Year Results | 04/04/2024 | Download |
| 2023 | Q3 Trading Update | 14/11/2023 | Download |
| 2005 | Annual Report | 20/02/2006 | Download |
| 2006 | Annual Report | 15/02/2007 | Download |
| 2007 | Annual Report | 14/03/2008 | Download |
| 2008 | Annual Report | 26/03/2009 | Download |
| 2009 | Half Year Results | 15/09/2009 | Download |
| 2009 | Annual Report | 09/03/2010 | Download |
| 2010 | Half Year Results Presentation | 27/09/2010 | Download |
| 2010 | Annual Report | 24/02/2011 | Download |
| 2010 | Abridged Full Year Results | 24/02/2011 | Download |
| 2010 | Full Year Results Presentation | 01/03/2011 | Download |
| 2011 | Half Year Results | 26/08/2011 | Download |
| 2011 | Half Year Results Presentation | 30/08/2011 | Download |
| 2011 | Abridged Full Year Results | 23/02/2012 | Download |
| 2011 | Full Year Results Presentation | 29/02/2012 | Download |
| 2011 | Annual Report | 01/03/2012 | Download |
| 2012 | Half Year Results | 07/08/2012 | Download |
| 2012 | Half Year Results Presentation | 15/08/2012 | Download |
| 2012 | Abridged Full Year Results | 22/02/2013 | Download |
| 2012 | Annual Report | 13/03/2013 | Download |
| 2013 | Half Year Results Presentation | 21/08/2013 | Download |
| 2013 | Half Year Results | 21/08/2013 | Download |
| 2013 | Full Year Results Presentation | 19/03/2014 | Download |
| 2013 | Annual Report | 20/03/2014 | Download |
| 2013 | Abridged Full Year Results | 20/03/2014 | Download |
| 2014 | Half Year Results | 14/08/2014 | Download |
| 2014 | Half Year Results Presentation | 28/08/2014 | Download |
| 2014 | Annual Report | 27/03/2015 | Download |
| 2014 | Abridged Full Year Results | 27/04/2015 | Download |
| 2015 | Full Year Results Presentation | 30/03/2015 | Download |
| 2015 | Half Year Results | 20/08/2015 | Download |
| 2015 | Annual Report | 30/03/2016 | Download |
| 2015 | Abridged Full Year Results | 30/03/2016 | Download |
| 2016 | Half Year Results | 18/08/2016 | Download |
| 2016 | Abridged Full Year Results | 20/02/2017 | Download |
| 2016 | Annual Report | 06/07/2017 | Download |
| 2017 | Abridged Full Year Results | 26/03/2018 | Download |
| 2018 | Half Year Results Presentation | 15/08/2018 | Download |
| 2018 | Half Year Results | 15/08/2018 | Download |
| 2018 | Annual Report | 15/04/2019 | Download |
| 2018 | Abridged Full Year Results | 15/04/2019 | Download |
| 2019 | Half Year Results | 30/08/2019 | Download |
| 2019 | Q3 Trading Update | 14/11/2019 | Download |
| 2019 | Annual Report | 16/04/2020 | Download |
| 2019 | Abridged Full Year Results | 17/04/2020 | Download |
| 2020 | Q1 Trading Update | 14/05/2020 | Download |
| 2020 | Half Year Results | 27/08/2020 | Download |
| 2020 | Q3 Trading Update | 09/11/2020 | Download |
| 2020 | Abridged Full Year Results | 08/04/2021 | Download |
| 2020 | Annual Report | 03/09/2021 | Download |
| 2021 | Q1 Trading Update | 14/05/2021 | Download |
| 2021 | Half Year Results | 01/09/2021 | Download |
| 2021 | Q3 Trading Update | 19/11/2021 | Download |
| 2021 | Abridged Full Year Results | 31/03/2022 | Download |
| 2022 | 2022 AGM Notice | 09/06/2022 | Download |
| 2021 | Annual Report | 17/06/2022 | Download |
| 2022 | Q1 Trading Update | 28/06/2022 | Download |
| 2022 | Notice to Shareholders - Shareholding | 29/06/2022 | Download |
| 2022 | Results of 20th AGM - 2022 | 06/07/2022 | Download |
| 2022 | ZimBrands Proposed Offer to Turnall Minority Shareholders | 29/07/2022 | Download |
| 2022 | Half Year Results | 01/09/2022 | Download |
| 2022 | Q3 Trading Update | 23/11/2022 | Download |
| 2022 | 2022 EGM Results | 08/12/2022 | Download |
| 2022 | Notice of Board Changes | 15/12/2022 | Download |
| 2023 | Notice of Board Changes - Resignation of MD and Appointment of Chairman | 23/02/2023 | Download |
| 2022 | Abridged Full Year Results | 31/03/2023 | Download |
| 2023 | Notice of resignation of Mr Noel Hayes | 14/04/2023 | Download |
| 2023 | Notice of Resignation and Appointment of Company Secretary | 19/04/2023 | Download |
| 2023 | Cautionary Statement (April 2023) | 01/05/2023 | Download |
| 2023 | Withdrawal of Cautionary (May 2023) | 10/05/2023 | Download |
| 2023 | Changes in the Shareholding Structure | 15/05/2023 | Download |
| 2023 | Notice to Shareholders (May 2023) | 29/05/2023 | Download |
| 2023 | Notice of 2023 AGM | 07/06/2023 | Download |
| 2023 | Abridged Circular to Shareholders relating to a Renounceable Rights Offer of 4,930,403,080 Ordinary Shares | 15/06/2023 | Download |
| 2022 | Annual Report | 16/06/2023 | Download |
| 2023 | Results of 21st Annual General Meeting | 05/07/2023 | Download |
| 2023 | Results of EGM held on 10 July 2023 | 11/07/2023 | Download |
| 2023 | Notice of Board Changes | 17/07/2023 | Download |
| 2023 | Half Year Results | 29/09/2023 | Download |
Share Performance
Share price performance – updated daily
D = Dividend (e.g. Declaration) / P = Policy Announcement (e.g. Monetary Policy) / $ = Currency (e.g. Currency change) / T = Trading (e.g. Suspension from trading)
Stock Information
| Parameter | Result |
|---|---|
| ZSE Ticker | TURN.zw |
| ISIN | ZW 000 901 183 5 |
| Sector | Materials |
| Year-End | 31 December |
| Year Founded | 1943 |
| Year Listed | 2002 |
Share Trading Snapshot
| Parameter | Value |
|---|---|
| Last Trade | 09 May, 2025 |
| Closing Price | ZWG 6.0000c |
| Traded Volume | No shares traded |
| Value Traded | ZWG 0.00 |
| Daily Change | ♦0.00% / 0.00c |
| 365-Day Change | ▲118% |
Valuation Summary
| Parameter | Value |
|---|---|
| Issued Shares | 4,315,726,499 |
| Market Capitalisation | ZWG 258,943,590 |
| Dividend Yield | 0.00% |
| PE Ratio | -3.43 |
| ZSE All Share Index | 192.65 / ▼0.15% |
| ZSE Materials Index | 133.76 / ▲0.13% |
Shareholder Diary
Keeping in touch with upcoming events
| Event | Date | Description | Time |
|---|---|---|---|
| Financial | 3-Jun-2025 | Release of 2024 Annual Report* | - |
| Financial | 30-Jun-2025 | Financial Half Year End | - |
| Financial | 31-Dec-2025 | Financial Year End | - |
*Anticipated date, actual to be confirmed
Key Shareholders
Major shareholders as at 30 June 2024
| Shareholder | Shares Held | % Held |
|---|---|---|
| Zimbabwean Brands (Pvt) Ltd | 4,202,279,495 | 97.37% |
| TN Asset Management Nominees | 26,011,951 | 0.60% |
| Amaval Investments (Pvt) Ltd | 15,363,773 | 0.36% |
| Mutare Mart | 14,808,504 | 0.34% |
| Turnall Holdings Employee Share Participation Trust | 8,541,412 | 0.20% |
| Total for Top-5 | 4,267,005,135 | 98.87% |
| Other Shareholders | 48,721,364 | 1.13% |
| Total Shares in Issue | 4,315,726,499 | 100.00% |
The Board
The team driving the Turnall Holdings strategy
The structure of our Board is such that five are non-executive and two are executive.
Grenville Hampshire
Non-Executive Board Chairman
BSc Mechanical Engineering, Chartered Engineer, UK Institute of Mechanical Engineers
Ian Bagshaw
Managing Director
BSc Mining Engineering, Higher National Diploma Mechanical Engineering
BSc Mining Engineering, Higher National Diploma Mechanical Engineering
Cynthia Mahari
Finance Director
ACCA, MSc Strategic Management and Corporate Governance, BAcc
Bothwell Nyajeka
Non-Executive Director
BAcc (UZ), CA (Z), MBL (UNISA)
BAcc (UZ), CA (Z), MBL (UNISA)
Bevin Ngara
Non-Executive Director
CFA (Zimbabwe), MBA (ESMT)
Constance Jane Chakona
Non-Executive Director
CA (Z), BAcc (UZ), PG. Dip in Auditing (UNISA), CTA, BSc Accounting, Registered Public Auditor
CA (Z), BAcc (UZ), PG. Dip in Auditing (UNISA), CTA, BSc Accounting, Registered Public Auditor
Dhirubhai Maganlal Desai
Non-Executive Director
BSc Engineering (UZ), MSc Applied Mechanics (UL)
BSc Engineering (UZ), MSc Applied Mechanics (UL)
Kenneth R.R. Scofield
Non-Executive Director
Strategic to the implementation of key policies, decisions and guidance are our committees that work closely with management. These are Finance and Audit; New Business, Technical and Investments; and Human Resources committees. It is the Group’s ambition that the composition and mandates of the committees are aligned to the requirements of National Code on Corporate Governance of Zimbabwe and the listing requirements of Zimbabwe Stock Exchange.
Finance and Audit
- Reviewing reports from management, internal auditors and the Group’s external auditors in relation to Group interim and annual financial statements, as well as accounting and internal control systems.
- Recommending the appointment of external auditors and their remuneration to the main Board.
- Reviewing reports on the Group’s risk policies, risk assessment and risk management.
Membership:
Mr B. Ngara (Chairman); Mr G. Hampshire
New Business, Technical and Investments
- Identifying new business portfolios and projects
- Conducting and appraising new projects identifed to ensure they ft with the business’s overall vision and mission.
Membership:
Mr G. Hampshire (Chairman); Mr B. Nyajeka
Nomination, Human Resources and Remuneration
- Discussing and advising on matters pertaining to human resource policies, staff retention and remuneration of non-executive directors, executive directors and staff.
- Nominating potential Board Members and making recommendations to the Board.
Membership:
Mr B. Nyajeka (Chairman); Mr J. Mkushi; Mr B. Ngara
We strive to operate our business in a socially and environmentally responsible manner. The Group continues to strengthen its systems to address both environmental and social aspects associated with its operations. The Group adopted implementation of the Global Reporting Initiatives (GRI)’s Sustainability Reporting Framework through a sustainability team responsible for assisting in identifying and managing material issues, risks and opportunities associated with the Group’s operations.
Our sustainability teams in Harare and Bulawayo monitored and provided performance data on our sustainability key performance indicators for the period under review. The teams comprise of representatives from Finance, Administration, Human Resources, Sales and Marketing, Engineering, Production and World Class Practices (Quality, Environment and Health and Safety) departments.
In keeping with reasonable expectations and interest of a wide range of our stakeholders who include customers, suppliers, regulators, employees, shareholders, investors, government, communities and others, Turnall Holdings Limited adopted an inclusive strategy which requires continuous engagement with stakeholders. Our stakeholder engagement process helps us capture material issues from our stakeholders that help us balance the long term social, environmental and economic interests with the principle of maximising the Group’s earnings and business value while responding to concerns of our stakeholders.
The process of identifying indicators reported in this report involved an assessment of the overall business and key issues of concern from our stakeholders. In the process of identifying material issues and choice of indicators, the sustainability team made reference to the GRI-Sustainability Reporting Framework guidelines.
Investor Contacts
Ian Bagshaw
- Managing Director
- +263 (242) 75 4625/9
Cynthia Mahari
- Finance Director
- +263 (242) 75 4625/9
Share Transfer Agents
First Transfer Secretaries (Pvt) Ltd
- 1 Armagh Avenue, Eastlea, Harare
- [email protected]
-
Econet Toll Free: 08080517
+263 (242) 782 869/72 | 776 628/49/59/69/74 - +263 772 146 157/8
Auditors
Grant Thornton (Zim) Chartered Accountants
-
Camelsa Business Park
135 Enterprise Road, Highlands, Harare - +263 (242) 442511-4