THREE of the best-performing companies on the Zimbabwe Stock Exchange have, between them, invested more than R10bn to expand and revitalise their businesses since the end of hyperinflation in 2008.

The best performer, SABMiller subsidiary Delta Corporation, whose share price has risen by 130%, is now capitalised at $1.8bn. By the end of last year, it was operating at 88% of capacity utilisation — higher than most companies in Zimbabwe.

Cellphone company Econet has seen strong growth, driven in large part by its move into mobile money transfers, while conglomerate Innscor has invested in strategic acquisitions and expansion, taking advantage of an improved operating environment and the “dollarisation” of the economy.

Although many companies have been beaten down by new competition and a lack of funding to recapitalise since the political accommodation of 2008, those that were able to invest and diversify have thrived.

Information about regional economies, stock exchanges and companies was presented at a forum in Johannesburg last week arranged by New Zanj, publisher of the Central African Stock Exchanges handbook, which carries details of 140 listed companies from Zimbabwe, Botswana, Malawi and Zambia. Zimbabwe’s stock exchange was highlighted as a star performer among its counterparts in the region, with an increase in value traded of more than 40% this year, driven by aggressive buying from South African investors. Ranked against the Botswana, Zambia and Malawi exchanges, it has the largest capitalisation — $5.5bn last year.

Zimbabwe does have the highest number of companies trading (64), compared with 21 in Botswana and Zambia and 14 in Malawi, but it still faces high political risk and the mining companies listed on the exchange were among the worst performers last year. Zimbabwean companies started a fairly aggressive push into East and Southern Africa during hyperinflation as a hedge against political risk and to gain access to foreign currency. Innscor went further, pushing its fast-food franchises into Nigeria, Ghana and even Senegal.

Speakers included executives from successful regional companies — BancABC, with banking operations in five countries in Southern Africa; Innscor, with a retail presence across southern, East and West Africa; Zimplow, the only producer of ploughs in sub-Saharan Africa; and Copperbelt Energy Corporation (CEC), which listed on the Lusaka Stock Exchange in 2008 and now accounts for 50% of Zambia’s power sales and is pursuing pan-African power projects.

Innscor has diversified its operations from fast-food outlets to bakeries, supermarkets, poultry and meat businesses, white-goods manufacture and regional distribution of brands, all through a network of subsidiaries such as Capri, National Foods, Colcom, Irvines and Spar.

Zimplow manufactures more than 70,000 ploughs a year in its factory in Bulawayo, an area where deindustrialisation has killed off many less innovative companies, and it exports more than half of its production to countries as far away as South Sudan.

There are many examples of growing companies around south-central Africa. First Merchant Bank in Malawi, which owns a stake in Botswana’s Capital Bank, recently extended its footprint with acquisitions in Mozambique and Zambia. Botswana supermarket group Choppies now has 79 stores, of which 22 are in South Africa’s border towns. It ended last year with the best share-price performance on the Botswana exchange. And the list goes on.

These are companies that don’t talk about going into Africa as many people still do in South Africa. They are already there, expanding at home and finding new markets in the region. Many businesses in South Africa are still sitting on the fence when it comes to doing business in Africa. There is a lot of “wait and see” as political risk in these markets causes ripples of concern. But all the while, the competition out there is growing.

• Games is CE of Africa @ Work, a consultancy focusing on African business.