We have extracted the Chairman’s Statement from the 2019 Abridged Results of Zimbabwe Newspapers (1980) Limited (ZIMP.zw), listed on the Zimbabwe Stock Exchange:
On behalf of the Zimbabwe Newspapers (1980) Limited (Zimpapers) Board of Directors, I am pleased to present the financial results for the Company for the year ended 31 December 2019.
- The Operating Environment
The period under review was characterised by rising inflation, declining disposable incomes, foreign exchange shortages and limited energy supplies. The local trading environment was severely affected by the lower than normal rainfall that affected agricultural production output. To ensure food security for the country, the Government of Zimbabwe had to allocate foreign currency to the importation of grain to avert hunger amongst some of the needy people. This put further pressure on the availability of foreign currency required to meet imported production materials.
- The Media Environment
The media environment remained stable in the face of the economic challenges. Media companies continued to innovate to remain in business. There is now increased collaboration even among competitors such as in the distribution channels to cut costs. There is great anticipation around radio and television broadcasting, after the Broadcasting