The Zimbabwe Stock Exchange (ZSE) continues to demonstrate resilience amid economic uncertainty, currency volatility, and evolving investor sentiment. Despite challenges, certain companies have maintained strong performance, sound fundamentals, and promising growth potential.

Below is a list of the top 10 performing companies on the ZSE to watch in 2025, based on their market strength, profitability, and strategic positioning.

1. Delta Corporation Limited

Sector: Consumer Goods Overview: Delta remains one of Zimbabwe’s most valuable and actively traded companies. As the country’s leading brewer and beverage producer, it has consistently maintained dominance in the consumer goods market.

Why Watch:

  • Strong market share in beverages and soft drinks.
  • Diversified portfolio catering to both local and regional markets.
  • Stable financial performance and high investor confidence.

Risks:

  • Sensitive to inflation and exchange rate movements.
  • Declining disposable incomes could affect consumption patterns.

2. Econet Wireless Zimbabwe Limited

Sector: Telecommunications Overview: Econet is Zimbabwe’s largest telecom operator, offering mobile, broadband, and digital financial services. It continues to invest heavily in technology and infrastructure.

Why Watch:

  • Strong presence in data and fintech services.
  • Opportunities for growth in mobile money and digital platforms.
  • Resilient demand for communication services despite economic fluctuations.

Risks:

  • Currency instability impacts revenue reporting.
  • Regulatory uncertainty in telecom pricing and foreign exchange controls.

3. CBZ Holdings Limited

Sector: Financial Services Overview: CBZ is one of the country’s leading financial institutions, providing banking, insurance, and investment services. It has remained profitable even under volatile economic conditions.

Why Watch:

  • Broad revenue base across different financial services.
  • Strong capital position and consistent performance.
  • Potential to benefit from renewed investor confidence and economic reforms.

Risks:

  • Exposure to policy changes and currency fluctuations.
  • Rising non-performing loans in an unstable economy.

4. Padenga Holdings Limited

Sector: Mining and Agriculture Overview: Originally known for crocodile skin exports, Padenga has successfully diversified into gold mining, making it one of the most exciting growth stories on the ZSE.

Why Watch:

  • Increased revenue contribution from gold mining operations.
  • Positive outlook due to global commodity prices.
  • Potential for further diversification and expansion.

Risks:

  • Commodity price volatility.
  • Operational risks in mining and environmental compliance.

5. FBC Holdings Limited

Sector: Banking and Insurance Overview: FBC Holdings has emerged as a leading player in the financial sector, with operations spanning banking, insurance, and property investments.

Why Watch:

  • Consistent growth and strong corporate governance.
  • Diversified financial services portfolio.
  • Increasing adoption of digital banking solutions.

Risks:

  • Exposure to inflation and exchange rate volatility.
  • Dependence on the stability of Zimbabwe’s financial regulations.

6. First Mutual Holdings Limited

Sector: Insurance and Investments Overview: First Mutual has a long-standing reputation as a stable insurance and investment group. It offers products in life assurance, property, and health insurance.

Why Watch:

  • Consistent dividend payments.
  • Steady growth in property and asset management.
  • Well-capitalised and experienced management team.

Risks:

  • Inflationary pressures affecting asset values.
  • Reduced consumer spending on insurance products.

7. Mashonaland Holdings Limited

Sector: Real Estate and Property Development Overview: One of the oldest property companies on the ZSE, Mashonaland Holdings has diversified property investments across commercial, retail, and industrial spaces.

Why Watch:

  • Rising demand for commercial property in urban centres.
  • Strategic property redevelopment projects.
  • Potential hedge against inflation through real estate assets.

Risks:

  • Reduced rental yields due to economic pressure.
  • Maintenance costs and foreign exchange losses.

8. Rainbow Tourism Group Limited

Sector: Hospitality and Tourism Overview: Rainbow Tourism Group (RTG) operates a portfolio of hotels and lodges across Zimbabwe. As tourism gradually recovers, RTG stands to benefit significantly from increased travel and hospitality demand.

Why Watch:

  • Strategic hotel locations across major cities and tourist destinations.
  • Growth prospects tied to recovery in local and regional tourism.
  • Investment in digital booking and hospitality management platforms.

Risks:

  • Vulnerability to global travel restrictions and domestic inflation.
  • Dependence on disposable income and business travel.

9. British American Tobacco Zimbabwe Limited (BAT Zimbabwe)

Sector: Consumer Goods Overview: BAT Zimbabwe remains one of the most profitable and consistent performers on the ZSE, with a long-standing reputation in the tobacco industry.

Why Watch:

  • Strong brand loyalty and distribution network.
  • Defensive stock in times of economic instability.
  • Regular dividend payments to shareholders.

Risks:

  • Regulatory and taxation pressures on the tobacco industry.
  • Shrinking consumer base due to health awareness and excise duties.

10. NMBZ Holdings Limited

Sector: Financial Services Overview: NMBZ is a fast-growing bank that has positioned itself as a dynamic player in corporate and retail banking. It is known for its innovation and focus on digital financial solutions.

Why Watch:

  • Consistent profitability and asset growth.
  • Focus on SME lending and digital banking transformation.
  • Strong corporate governance and investor appeal.

Risks:

  • Macroeconomic uncertainty impacting loan performance.
  • Currency depreciation affecting capital adequacy.

Key Investment Themes for 2025

1. Export-Driven Resilience

Companies with access to foreign markets or those earning foreign currency—such as Padenga and Delta—are better positioned to weather currency fluctuations.

2. Financial Sector Stability

Despite macroeconomic pressure, banks like CBZ, FBC, and NMBZ continue to deliver strong earnings due to diversification and digital transformation.

3. Consumer and Industrial Recovery

Consumer-focused firms, including Delta and BAT, remain steady performers due to brand strength and essential product demand.

4. Tourism and Infrastructure Growth

As Zimbabwe’s tourism rebounds, RTG and Mashonaland Holdings could benefit from increased travel, property demand, and infrastructure investments.

5. Commodity and Mining Potential

Padenga’s diversification into gold and potential expansion into other minerals highlight the growing importance of commodities in Zimbabwe’s investment landscape.

Risks to Monitor

  • Currency Volatility: Continued fluctuation of the Zimbabwean dollar affects valuations and profitability.
  • Inflationary Pressure: High inflation can erode returns and impact consumer demand.
  • Regulatory Changes: Shifts in taxation, exchange controls, or ownership laws can impact operations.
  • Liquidity Constraints: The ZSE remains relatively illiquid, with trading concentrated among a few counters.
  • Political Environment: Policy uncertainty may affect investor confidence and long-term stability.

Investment Outlook for 2025

The Zimbabwe Stock Exchange is showing gradual signs of stability and renewed investor activity. Companies that demonstrate resilience, diversification, and export competitiveness will likely outperform in 2025.

While risks remain—especially around inflation and currency stability—the top-performing companies continue to deliver value through solid governance, innovative strategies, and long-term vision.

For investors, 2025 presents an opportunity to identify fundamentally strong businesses that are adapting to economic realities while positioning themselves for sustainable growth.

Conclusion

The top-performing companies on the ZSE represent more than short-term gains—they reflect resilience in the face of economic turbulence. As Zimbabwe works towards stabilising its financial system and encouraging investment, firms like Delta, Econet, and Padenga demonstrate how innovation and adaptability can create long-term shareholder value.

Investors seeking exposure to Zimbabwe’s growth story in 2025 should focus on these companies while maintaining disciplined risk management and a long-term outlook.

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