Investor Relations

Share Performance
TURN Quote Mini
(ZSE:; Bloomberg: TURN ZH)
ZWG 5.0000c
♦0.00% / 0.00c
Volume: 900
Updated 17 July, 2024
(End of day data)
365-day HighZWG 5c
365-day LowZWG 0.2003c
365-day Change ▲861%
365-day Share Liquidity*4.23%
'*' 182.44 mln shares traded
All Share Index

All Share Index
+5.18 / ▲2.74%
Materials Index

Materials Index
+6.26 / ▲4.82%
2023 FY Financial Performance Indicators

Selected latest performance highlights

Revenue (ZWL$ million)

Inflation Adjusted


Historical Cost

Operating Profit (ZWL$ million)

Inflation Adjusted


Historical Cost

Shareholders' Equity (ZWL$ million)

Inflation Adjusted


Historical Cost

The Group is committed to returning to the regional export market and a significant investment in new equipment to convert the Bulawayo sheeting plant to "NuTech" production for teh export market will come on stream in Q2 2025.

Gross Margin

Gross margin for the year was 45% compared to 31% achieved last year (F23: 49% vs F22: 50% in historical terms)


The company adopted the Global Reporting Initiatives Sustainability Reporting Framework as a business model

Capital Expenditure

CAPEX for the year was ZW$2.9 billion with the focus being mainly on improving production efficiencies


We uphold our ISO14001 and ISO9001 certification and continue to comply with relevant legislature

The above figures are based on inflation adjusted accounts
YearDescriptionReleasedReport Link
2024Results of 22nd AGM (18 June 2024)25/06/2024Download
20242023 Annual Report03/06/2024Download
2024Notice of 22nd AGM (18 June 2024)17/05/2024Download
2024Q1 Trading Update15/05/2024Download
2023Abridged Full Year Results04/04/2024Download
2023Q3 Trading Update14/11/2023Download
2005Annual Report20/02/2006Download
2006Annual Report15/02/2007Download
2007Annual Report14/03/2008Download
2008Annual Report26/03/2009Download
2009Half Year Results15/09/2009Download
2009Annual Report09/03/2010Download
2010Half Year Results Presentation27/09/2010Download
2010Annual Report24/02/2011Download
2010Abridged Full Year Results24/02/2011Download
2010Full Year Results Presentation01/03/2011Download
2011Half Year Results26/08/2011Download
2011Half Year Results Presentation30/08/2011Download
2011Abridged Full Year Results23/02/2012Download
2011Full Year Results Presentation29/02/2012Download
2011Annual Report01/03/2012Download
2012Half Year Results07/08/2012Download
2012Half Year Results Presentation15/08/2012Download
2012Abridged Full Year Results22/02/2013Download
2012Annual Report13/03/2013Download
2013Half Year Results Presentation21/08/2013Download
2013Half Year Results21/08/2013Download
2013Full Year Results Presentation19/03/2014Download
2013Annual Report20/03/2014Download
2013Abridged Full Year Results20/03/2014Download
2014Half Year Results14/08/2014Download
2014Half Year Results Presentation28/08/2014Download
2014Annual Report27/03/2015Download
2014Abridged Full Year Results27/04/2015Download
2015Full Year Results Presentation30/03/2015Download
2015Half Year Results20/08/2015Download
2015Annual Report30/03/2016Download
2015Abridged Full Year Results30/03/2016Download
2016Half Year Results18/08/2016Download
2016Abridged Full Year Results20/02/2017Download
2016Annual Report06/07/2017Download
2017Abridged Full Year Results26/03/2018Download
2018Half Year Results Presentation15/08/2018Download
2018Half Year Results15/08/2018Download
2018Annual Report15/04/2019Download
2018Abridged Full Year Results15/04/2019Download
2019Half Year Results30/08/2019Download
2019Q3 Trading Update14/11/2019Download
2019Annual Report16/04/2020Download
2019Abridged Full Year Results17/04/2020Download
2020Q1 Trading Update14/05/2020Download
2020Half Year Results27/08/2020Download
2020Q3 Trading Update09/11/2020Download
2020Abridged Full Year Results08/04/2021Download
2020Annual Report03/09/2021Download
2021Q1 Trading Update14/05/2021Download
2021Half Year Results01/09/2021Download
2021Q3 Trading Update19/11/2021Download
2021Abridged Full Year Results31/03/2022Download
20222022 AGM Notice09/06/2022Download
2021Annual Report17/06/2022Download
2022Q1 Trading Update28/06/2022Download
2022Notice to Shareholders - Shareholding29/06/2022Download
2022Results of 20th AGM - 202206/07/2022Download
2022ZimBrands Proposed Offer to Turnall Minority Shareholders29/07/2022Download
2022Half Year Results01/09/2022Download
2022Q3 Trading Update23/11/2022Download
20222022 EGM Results08/12/2022Download
2022Notice of Board Changes15/12/2022Download
2023Notice of Board Changes - Resignation of MD and Appointment of Chairman23/02/2023Download
2022Abridged Full Year Results31/03/2023Download
2023Notice of resignation of Mr Noel Hayes14/04/2023Download
2023Notice of Resignation and Appointment of Company Secretary19/04/2023Download
2023Cautionary Statement (April 2023)01/05/2023Download
2023Withdrawal of Cautionary (May 2023)10/05/2023Download
2023Changes in the Shareholding Structure15/05/2023Download
2023Notice to Shareholders (May 2023)29/05/2023Download
2023Notice of 2023 AGM07/06/2023Download
2023Abridged Circular to Shareholders relating to a Renounceable Rights Offer of 4,930,403,080 Ordinary Shares15/06/2023Download
2022Annual Report16/06/2023Download
2023Results of 21st Annual General Meeting05/07/2023Download
2023Results of EGM held on 10 July 202311/07/2023Download
2023Notice of Board Changes17/07/2023Download
2023Half Year Results29/09/2023Download
Share Performance
Share price performance – updated daily
Stock Information
ISINZW 000 901 183 5
Year-End31 December
Year Founded1943
Year Listed2002
Share Trading Snapshot
Last Trade17 July, 2024
Closing PriceZWG 5.0000c
Traded Volume900 shares
Value TradedZWG 45.00
Daily Change♦0.00% / 0.00c
365-Day Change ▲861%
Valuation Summary
Issued Shares4,315,726,499
Market CapitalisationZWG 215,786,325
Dividend Yield0.00%
PE Ratio1,834.60
ZSE All Share Index194.40 / ▲2.74%
ZSE Materials Index136.23 / ▲4.82%
Shareholder Diary
Keeping in touch with upcoming events
Financial30-Sep-2024Release of 2024 Interim Results*
Financial31-Dec-2024Financial Year End-
Financial3-Jun-2025Release of 2024 Annual Report*-
Financial30-Jun-2025Financial Half Year End-

*Anticipated date, actual to be confirmed

Key Shareholders

Major shareholders as at 31 December 2023

ShareholderShares Held% Held
Zimbabwean Brands (Pvt) Ltd4,202,279,49597.37%
TN Asset Management Nominees 26,161,7510.61%
Amaval Investments (Pvt) Ltd15,363,7730.36%
Mutare Mart14,806,6930.34%
Turnall Holdings Employee Share Participation Trust8,541,4120.20%
Total for Top-54,267,153,12498.87%
Other Shareholders48,573,3751.13%
Total Shares in Issue4,315,726,499100.00%
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

John Mkushi

Managing Director
MSc in Food Science, BSc in Agriculture, PG. Dip in Management Development

Cynthia Mahari

Finance Director
ACCA, MSc Strategic Management and Corporate Governance, BAcc

Bothwell Nyajeka​
Non-Executive Director
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
Dhirubhai Maganlal Desai
Non-Executive Director
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.
The committee meets at least quarterly.

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.
The committee meets at least quarterly.

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.
The committee meets at least quarterly.

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
John Mkushi
Cynthia Mahari
Share Transfer Agents
First Transfer Secretaries (Pvt) Ltd
Grant Thornton (Zim) Chartered Accountants