Investor Relations

Share Performance

Share Performance

2023 HY Financial Performance Indicators

Selected latest performance highlights



Inflation Adjusted


Historical Cost

Profit After Tax


Inflation Adjusted


Historical Cost

Shareholders' Equity


Inflation Adjusted


Historical Cost

The focus now is on delivering on re-capitalising the plants with the main projects being to purchase a new fibre cement sheeting plant for Harare, upgrading key elements of the Bulawayo sheeting machine and in establishing a presence in the GRP market.

Sales Volumes

Reduced by 6% was mainly driven by a deliberate move to focus on the high value but low tonnage products


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

Capital Expenditure

Was ZWL269 mln vs ZWL590 mln spent last year and this was mainly aimed at 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
ZSE TICKER : | BLOOMBERG TICKER : TURN ZH | ISIN : ZW 000 901 183 5 | SECTOR : Materials | YEAR-END : 31 December | FOUNDED : 1943 | LISTED : 2002

Share Performance

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Keeping in touch with upcoming events

*Anticipated date, actual to be confirmed

Key Shareholders

Major shareholders as at 17 May 2023
Shareholder Shares Held % Held
Zimbabwean Brands (Pvt) Ltd 304,150,821 61.69%
Mega Market (Pvt) Ltd 83,998,402 17.04%
Amaval Investments (Pvt) Ltd 15,363,773 3.12%
Cashgrant Investments (Pvt) Ltd 10,771,614 2.18%
Turnall Holdings Employee Share Participation Trust 8,541,412 1.73%
Total for Top-5 422,825,957 85.76%
Other Shareholders 70,214,351 14.24%
Total Shares in Issue 493,040,308 100.00%

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

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