About ZECO
ZECO Holdings, listed on the Zimbabwe Stock Exchange, is an engineering concern that specialises in steel fabrication and installation as well as the manufacturing of plastic components and distribution of electric motors. It was founded in 1964 and listed on January 1, 2008.
In May 2008, ZECO acquired assets held by Corbett Holdings (Private) Limited (“Corbett Holdings”) and its operating subsidiaries, namely Electrical and Mechanical Suppliers and Importers (Private) Limited, Halgor Estate (Private) Limited, FaiT Lux (Private) Limited and Zimplastic (Private) Limited (“Zimplastic”).
ZECO’s engineering division used to produce rolling stock for Zisco, National Railways of Zimbabwe ( NRZ) Beitbridge railway and local mining houses and also supplied the regional market. At the moment Zimbabwe is importing wagons. Through its fabrication division, ZECO produces a variety of structural steelworks among them transmission towers, material handling systems, and structural steel frame buildings. Its erection division installs steel structures and commissions processing plants and equipment.
ZECO subsidiaries include the Bulawayo-based flagship company Delward engineering which relies mostly on infrastructure projects.
Early in 2020, Delward engineering announced that it was in talks with an Indonesian investor, Inka Limited, over a strategic deal that would see the recapitalisation of the country’s sole rail wagons manufacturing company and improve its production, but progress on this deal has not yet been established. ZECO’s other subsidiary; Crittall Hope is one of the largest manufacturers of window and door frames, substation doors, steel doors, roller shutter doors as well as school, office, and kitchen furniture. Institute of Chartered Secretaries and Administrators of Zimbabwe awards ( ICSAZ) ranked ZECO as the worst governed company on the stock exchange in 2014.
In the half-year performance to June 2021, ZECO reported a loss of $8,5 million. Its revenue grew to $29,9 million in comparison to $2,8 million posted in the relative period last year. The company’s total assets stood at $231 million as at June 30, 2021.