General Beltings Holdings Limited Reports 19% Decline in Operating Profit Following Global Economic Response to Russia-Ukraine Conflict

Published On: August 18, 2023Company: General Beltings Holdings Limited (
What measure was taken to cushion the negative impacts of the Russia Ukraine conflict?
The global economic players implemented measures to counter the negative impact of the Russia Ukraine conflict which among others included identification of alternative sources of raw materials, fuels and grain.

Operating Environment

  • Global economic players implemented measures to cushion the negative impact of the Russia Ukraine conflict.
  • Inflation is slowing down.
  • The contractionary measures to support the exchange rate and contain inflationary pressure took effect in the quarter.
  • Inflation declined to 87.6% in March.
  • The official exchange rate was under pressure due to dollarization.


  • Quarter was constrained by dampened local aggregate demand and increased dollarization.
  • Total volumes for the quarter at 206 metric tonnes were 40% lower than the 342 metric tonnes recorded in the same period prior year.
  • Rubber division volumes at 113 metric tonnes were 5% shy of prior year same period volumes.
  • Chemicals division volumes at 93 metric tonnes were 58% lower than the same period prior year volumes.
  • Turnover at USD 1,439 million was 11% lower than the same period prior year turnover of USD 1,618 million while the operating profit is 19% lower than the same period prior year.

Business Outlook

  • Effort to improve power supply to the national grid will enable the rubber division to convert its strong order book and meet new business.
  • Expected growth in the tourism and agricultural sectors together with the relaxation of contractionary measures to improve performance of the chemicals division.
  • Company has maintained its supply chain relationships and will endeavor to retain key skills critical to improved results.
  • Company is expected to remain a going concern.

Useful links

About General Beltings Holdings Limited (

General Beltings Holdings Limited (GBH) manufactures and distributes general-purpose and specialised reinforced conveyor beltings, and rubber and chemical products. Its product range includes rubber-covered belting, polyvinyl chloride (PVC) belting, light-duty PVC belting, solid-woven belting, transmission belting and conveyor belt rubber skirting. Its two major customers are Anglo-American Corporation and De Beers. The company has two subsidiaries; Pigott Maskew and General Beltings. Pigott Maskew manufactures rubber products for mining, manufacturing and construction industries; with a product range covering large and small bore reinforced rubber hoses, rubber agricultural and construction rings, rubber sheeting, rubber gasket material, molded rubber products, rubber extrusions and rubberized charge car wheels. General Beltings Limited is listed on the Zimbabwe Stock Exchange

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