OK Zimbabwe, the country’s largest retail group, has reported a staggering US$17.81 million net loss for the half-year ended September 30, 2025, as a severe liquidity crunch and supply chain disruptions pushed the retail giant to the brink of technical insolvency.

The financial results coincided with a major shake-up in the boardroom as long-serving Chairman Herbert Nkala officially stepped down on December 11 after 13 years on the board. 

The interim results reveal a business in a fight for survival as group revenue plummeted by 84%, falling from US177.43 million in the previous year to just US28.26 million. 

Outgoing Chairman Nkala attributed the collapse to an extremely challenging operating environment, noting that the group was forced to focus on survival rather than growth.

Despite cutting operating costs, utilities and backup power costs surged to US$5.30 million as the retailer relied heavily on diesel generators during prolonged national power outages.

OK Zimbabwe has also appointed five new non-executive directors with deep expertise in turnarounds and manufacturing.

The appointments follow a wave of resignations, including Rose Mavima and Rutenhuro James Moyo, as the company seeks fresh perspectives to handle its restructuring. 

The group’s survival now hinges on a massive US$30.5 million funding plan.