OK Zimbabwe has reported a devastating loss of US$25 million (approximately R475 million) for the year that ended on March 31, 2025. The massive loss comes as the company saw its revenue plummet by a shocking 52 percent. Chairman Herbert Nkala confirmed the group faces a long road to recovery, stating it will take significant time to return to normal operations.
A Perfect Storm Of Economic Woes
According to the company’s financial results, group revenue fell to US$245 million, a dramatic drop against the backdrop of an average inflation rate of 15.21 percent. Herbert Nkala pointed to a combination of severe economic challenges that created a perfect storm for the retailer. He explained the reasons behind the drastic decline in a statement.
“The decline is attributed to supply chain disruption, an unstable exchange rate—especially in the second half of the year—liquidity crunch in the economy, and heightened competition from the informal sector, compounded by exchange rate controls that distorted pricing.”
This detailed account from the chairman highlights the intense pressure faced by formal businesses operating in a challenging economic climate.
Suppliers Halt Deliveries As Cash Flow Dries Up
The supply chain issues were not just an external problem. Nkala revealed that the group’s own financial health directly impacted its ability to stock its shelves. He stated that the company’s failure to pay its suppliers on time led to a critical breakdown in deliveries, with some partners losing confidence entirely.
He added that supply chain disruptions were a result of the Group failing to settle suppliers’ accounts on time, leading to some withholding deliveries while others demanded payment upfront.
This admission highlights the liquidity crisis that has gripped the business, forcing it into a precarious position where securing essential goods has become a significant challenge. Nkala confirmed the severe impact of these cumulative problems.
“These challenges resulted in the Group’s operational capacity being impacted negatively,” said Mr Nkala.
A Long Road To Recovery Ahead
D
espite the bleak figures, there is a glimmer of hope. The group has officially initiated a restructuring process aimed at ensuring its long-term survival and promoting future growth. However, the path forward is expected to be long and arduous. Herbert Nkala tempered any expectations of a quick fix, emphasising the gradual nature of the recovery process. He stated that
although recovery has started, the journey back to stability is not a short one.
However, though the recovery of the Group has started, “it will take some time to return to normal operations,” according to Mr Nkala.
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