The Zimbabwe Stock Exchange Holdings Limited says its dollar-based subsidiary, the Victoria Falls Stock Exchange, continues to pursue new listings and innovative investment products to strengthen and grow the domestic securities market.
The company said the new listings also support the Government's efforts to promote Victoria Falls as an international financial services centre.
ZSE Holdings subsidiaries are ZSE and VFEX, which are licenced securities exchanges in Zimbabwe.
Follow us on WhatsApp | LinkedIn for the latest headlines
The ZSE, which trades exclusively in the local currency, the Zimbabwe Gold, offers a broad range of products and services, including exchange-traded funds, real estate trusts, fixed-income securities, data and training services. On the other hand, the VFEX, a US dollar-denominated securities market, is positioned as part of a pivotal offshore financial service hub, catering for the investment needs of local and international investors.
In its third quarter 2025 (Q3 2025) newsletter, ZSE Holdings said the exchange has already advanced several initiatives focused on the market.
"The Victoria Falls Stock Exchange remains committed to driving market innovation and growth in the quarter under review; the Exchange advanced several strategic initiatives focused on expanding product offerings, enhancing market participation and building investor confidence," reads part of the newsletter.
According to the newsletter, the initiatives include continuous collaboration with the Bond Market Association of Zimbabwe to explore initiatives aimed at revitalising the fixed-income market. The VFEX Depository is now connected to the SWIFT network, from July 8, 2025. The ZSE Holdings says the connection increases transparency and compliance in line with international best practices.
For the period to September 30, 2025, ZSE Holdings experienced a mix of challenges and successes, according to the newsletter.
"While revenue saw a 2 percent decrease, we achieved a remarkable 126percent increase in profit before tax (PBT).
"This impressive growth in both EBITDA (earnings before interest, tax, depreciation and amortisation) and PBT was primarily driven by the absence of a significant monetary loss that impacted the previous year, coupled with effective expense management."
During the period under review, the group's PBT increased by 1334 percent while EBITDA surged by 442 percent.
ZSE Holdings said the achievement was realised despite a 3 percent decline in revenue, primarily due to stringent cost management, which resulted in an 11 percent decline in operating costs.
"Furthermore, the ZSE has strengthened its financial position, boosting total assets by 4 percent, while simultaneously decreasing total liabilities by 6 percent," the group said.
The VFEX demonstrated positive performance during the period under review, achieving a PBT of 22 percent and EBITDA growing by 30 percent.
"Profit surged by 22 percent as a result of increased trading activity and reduced operating expenses," ZSE Holdings said.
VFEX's total revenue experienced a 1 percent increase, and the key driver of the growth was a more than doubling of trading fees.
"The decrease in operating costs, coupled with revenue growth, contributed to the improved profitability," reads part of the newsletter.
During the quarter under review, the ZSE recorded a total market turnover of ZiG1,97 billion, representing a 32,21 percent increase from ZiG1,49 billion in the second quarter of 2025.
The total market capitalisation for the third quarter was ZiG68,34 billion, a 9,10 percent increase from the previous quarter.
The ZSE All Share Index closed the quarter under review at 210,63 points, a gain of of6,80 percent from 197,23 in the second quarter.
Foreign investor participation decreased to 17,04 percent in the third quarter from 26,53 percent in the previous quarter.
The ZSE Top 10 Index gained by 6,45 percent in the second quarter to 206,67 points in the third quarter, while the ZSE Consumer Discretionary Index recorded the highest gain in the review period after registering an 11,79 percent gain from 428,54 points to 479,06 points.
Sign up for free AllAfrica Newsletters
Get the latest in African news delivered straight to your inbox
On the other hand, the VFEX recorded the highest index points since inception after closing the quarter at 150,83 points, a year-to-date growth of 44,91 percent.
"During the quarter, a new listing of Kavango Resources Plc was added on the bourse, with its first trading day of September 8 and subsequent listing ceremony on 26 September 2025," reads part of the newsletter.
During the quarter under review, turnover stood at US$16,7 million compared US$7,79 million during the same time last year.
"VFEX total market capitalisation as at 30 September recorded a new high at US$1,85 billion compared to US$1,29 billion in the same period last year," ZSEHoldings said.
In terms of index performance, the VFEX All Share Index, which is the measure of the overall market performance, recorded a year-to-date upward movement of performance of a massive 44,91 percent by the end of Q3 2025 to close at 150,83 points.
