Zimbabwe Inflation Goes Back to Double Digits Amid Tight Liquidity
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Zimbabwe 's monthly inflation rate returned to double digits for the first time in two months, despite a liquidity crunch that's hurt investors and curbed lending by banks.
Consumer prices in ZiG terms rose 10.5% in January compared with 3.7% a month earlier, the Zimbabwe National Statistics Agency said Tuesday in an online briefing. The agency attributed the surge to housing, water, electricity, gas and other fuel prices.
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Business Insider
30-05-2025
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Top 10 African countries with the weakest currencies in May 2025
A weak currency has far-reaching consequences for a country's economic stability, investor confidence, and citizen well-being, beyond just exchange rates. Zimbabwe's introduction of the gold-backed ZiG currency in April 2024 aimed to stabilize its economy. However, by February 2025, the ZiG had lost 95% of its value on the unregulated market, despite significant central bank interventions. This underscores the complexities of implementing alternative currency models without robust economic fundamentals. As of April 2025, Imara Asset Management, Zimbabwe's oldest independent brokerage, noted that the ZiG is on the verge of failure due to rising irrelevance rather than fast devaluation. In 15 years, Zimbabwe has made six attempts to create a stable indigenous currency, the ZiG being the sixth. It was introduced a year ago and is supported by the central bank's $100 million foreign exchange reserves and 2.5 tons of gold. DON'T MISS THIS: Top 10 African countries with the strongest currencies in April 2025 In the nation, about 80% of transactions are still handled in US dollars, however, some are still made in South African rand. Emmerson Mnangagwa, the president of Zimbabwe, announced last year that the current multicurrency system would be phased out by 2030 and that the ZiG would be the only legal money. Many African countries rely heavily on imports for basic commodities such as petroleum, machinery, medications, and even food. A weak currency increases the cost of imports, exacerbating inflation and diminishing citizens' purchasing power. For example, Nigeria's continuous inflation struggles, with inflation reaching 23.71% in April 2025, show how a weak currency (the naira) raises importation costs and, by extension, the cost of living. With that said, here are the 10 African countries with the weakest currencies, presently, according to the Forbes currency converter, last updated on the 29th of May, 2025. For this month, the currencies of Guinea, Burundi, and the DRC, compared to last month, experienced a dip in value. While currencies for Uganda, Malawi, Tanzania, Nigeria, and Rwanda all marginally increased in value. Top 10 African countries with the weakest currencies in May 2025 Rank Country Currency value per US$ Currency 1. São Tomé & Príncipe 22,281.8 São Tomé & Príncipe Dobra 2. Sierra Leone 20,969.5 Leone 3. Guinea 8,667.8 Guinean Franc 4. Uganda 3,636.8 Ugandan Shilling 5. Burundi 2,977.7 Burundian Franc 6. DRC 2,905.7 Congolese Franc 7. Tanzania 2,682.5 Tanzanian Shilling 8. Malawi 1,734.7 Kwacha 9. Nigeria 1,590.2 Naira 10. Rwanda 1,414.3 Rwandan Franc
Business Wire
07-05-2025
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Turning Point Brands Announces First Quarter 2025 Results
LOUISVILLE, Ky.--(BUSINESS WIRE)-- Turning Point Brands, Inc. ('TPB' or 'the Company') (NYSE: TPB), a manufacturer, marketer and distributor of branded consumer products, including alternative smoking accessories and consumables with active ingredients, today announced financial results for the first quarter ended March 31, 2025. We are pleased with our first quarter results. Modern Oral sales were $22.3 million, up nearly 10-times versus the prior year and nearly double the prior quarter. MST and looseleaf exceeded our expectations, and Zig-Zag was in line with our expectations. Share Q1 2025 vs. Q1 2024 Total consolidated net sales increased 28.1% to $106.4 million Stoker's Products net sales increased 62.7% Zig-Zag Products net sales increased 1.2% Gross profit increased 23.3% to $59.6 million Net income increased 19.8% to $14.4 million Adjusted EBITDA increased 12.0% to $27.7 million (see Schedule A for a reconciliation to net income) Adjusted net income increased 8.0% to $16.7 million (see Schedule B for a reconciliation to net income) Diluted EPS of $0.79 and Adjusted Diluted EPS of $0.91 compared to $0.63 and $0.80, respectively, in the same period one year ago (see Schedule B for a reconciliation to Diluted EPS) Graham Purdy, President and CEO, commented, 'We are pleased with our first quarter results. Modern Oral sales were $22.3 million, up nearly 10-times versus the prior year and nearly double the prior quarter. Stoker's MST and looseleaf exceeded our expectations, and Zig-Zag was in line with our expectations.' Zig-Zag Products Segment (44% of total net sales in the quarter) For the first quarter, Zig-Zag Products net sales increased 1.2% to $47.3 million. For the quarter, the Zig-Zag Products segment gross profit decreased 7.2% from the prior year but was up 2.9% sequentially from Q4 2024 to $25.6 million. Gross margin declined 490 basis points from the prior year but was flat sequentially at 54.1%. Stoker's Products Segment (56% of total net sales in the quarter) For the first quarter, Stoker's Products net sales increased 62.7% to $59.2 million, driven by strong growth in Modern Oral sales, low double-digit growth in MST and low single-digit growth in looseleaf. For the first quarter, total Stoker's Products segment volume increased 55.1%, while price / product mix increased 7.6%. For the quarter, Stoker's Products segment gross profit increased 63.6% from the prior year, and 23.5% sequentially from Q4 2024 to $34.0 million. Gross margin increased 30 basis points from the prior year, but decreased 20 basis points sequentially to 57.5%. Performance Measures in the First Quarter First quarter 2025 consolidated selling, general and administrative ('SG&A') expenses were $36.4 million compared to $29.1 million in the first quarter of 2024 primarily driven by ALP-related SG&A that was not in the prior year period. First quarter SG&A included the following notable items: $1.6 million of FDA PMTA-related expenses for modern oral products compared to $0.8 million in the prior year period; and $0.2 million of transaction-related costs compared to $0.0 million in the prior year period. Total gross debt as of March 31, 2025 was $300.0 million. Net debt (total gross debt less unrestricted cash) as of March 31, 2025 was $200.4 million. The Company ended the quarter with total liquidity of $161.8 million, comprised of $99.6 million in cash and $62.2 million of availability under its asset backed revolving credit facility. 2025 Outlook The Company is increasing projected Modern Oral sales from $60.0 – 80.0 million to $80.0 – 95.0 million. The Company is maintaining its previous expectation for full-year 2025 adjusted EBITDA of $108.0 – 113.0 million. Earnings Conference Call As previously disclosed, a conference call with the investment community to review TPB's financial results has been scheduled for 9:30 a.m. Eastern on Wednesday, May 7, 2025. Investment community participants should dial in 10 minutes ahead of time using the toll-free number (800) 715-9871 (international participants should call (646) 307-1963) and follow the audio prompts after typing in the event ID: 6640134. A live listen-only webcast of the call will be available on the Events and Presentations section of the investor relations portion of the Company website ( A replay of the webcast will be available on the site two hours following the call. Non-GAAP Financial Measures In addition to financial measures prepared in accordance with generally accepted accounting principles in the United States (GAAP), this press release includes certain non-GAAP financial measures including EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS and Adjusted Operating Income (Loss). A reconciliation of these non-GAAP financial measures accompanies this release. About Turning Point Brands, Inc. Turning Point Brands (NYSE: TPB) is a manufacturer, marketer and distributor of branded consumer products including smoking accessories and consumables with active ingredients through its Zig-Zag®, Stoker's®, FRE ®, and Alp Pouch ® brands. TPB's products are available in more than 220,000 retail outlets in North America, and on sites such as For the latest news and information about TPB and its brands, please visit Forward-Looking Statements This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may generally be identified by the use of words such as "anticipate," "believe," "expect," "intend," "plan" and "will" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. As a result, these statements are not guarantees of future performance and actual events may differ materially from those expressed in or suggested by the forward-looking statements. Any forward-looking statement made by TPB in this press release, its reports filed with the Securities and Exchange Commission (the 'SEC') and other public statements made from time-to-time speak only as of the date made. New risks and uncertainties come up from time to time, and it is impossible for TPB to predict or identify all such events or how they may affect it. TPB has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws. Factors that could cause these differences include, but are not limited to, those included in the Company's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed by the Company with the SEC. These statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995. Turning Point Brands, Inc. (unaudited) Three Months Ended March 31, 2025 2024 Net sales $ 106,436 $ 83,064 Cost of sales 46,826 34,710 Gross profit 59,610 48,354 Selling, general, and administrative expenses 36,421 29,084 Operating income 23,189 19,270 Interest expense, net 4,414 3,479 Investment gain (291 ) (119 ) Loss on extinguishment of debt 1,235 - Income from continuing operations before income taxes 17,831 15,910 Income tax expense 2,040 3,729 Income from continuing operations 15,791 12,181 Loss from discontinued operations, net of tax - (2 ) Consolidated net income 15,791 12,179 Net income attributable to non-controlling interest 1,396 169 Net income attributable to Turning Point Brands, Inc. $ 14,395 $ 12,010 Basic income per common share: Continuing operations $ 0.81 $ 0.68 Discontinued operations - - Net income attributable to Turning Point Brands, Inc. $ 0.81 $ 0.68 Diluted income per common share: Continuing operations $ 0.79 $ 0.63 Discontinued operations - - Net income attributable to Turning Point Brands, Inc. $ 0.79 $ 0.63 Weighted average common shares outstanding: Basic 17,795,243 17,654,684 Diluted 18,249,306 20,170,314 Expand Turning Point Brands, Inc. Consolidated Balance Sheets (dollars in thousands except share data) (unaudited) March 31, December 31, ASSETS 2025 2024 Current assets: Cash $ 99,640 $ 46,158 Accounts receivable, net of allowances of $75 in 2025 and $66 in 2024 14,861 9,624 Inventories, net 104,440 96,253 Current assets held for sale - 11,470 Other current assets 40,072 34,700 Total current assets 259,013 198,205 Property, plant, and equipment, net 27,659 26,337 Deferred tax assets, net - 995 Right of use assets 10,788 11,610 Deferred financing costs, net 1,662 1,823 Goodwill 135,780 135,932 Other intangible assets, net 64,939 65,254 Master Settlement Agreement (MSA) escrow deposits 29,317 28,676 Noncurrent assets held for sale - 3,859 Other assets 35,394 20,662 Total assets $ 564,552 $ 493,353 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 27,007 $ 11,675 Accrued liabilities 31,596 31,096 Current liabilities held for sale - 2,049 Total current liabilities 58,603 44,820 Deferred tax liabilities, net 885 - Notes payable and long-term debt 293,062 248,604 Lease liabilities 8,565 9,549 Total liabilities $ 361,115 $ 302,973 Commitments and contingencies Stockholders' equity: Preferred stock, $0.01 par value; authorized shares 40,000,000; issued and outstanding shares -0- - - Common stock, voting, $0.01 par value; authorized shares, 190,000,000; 20,366,910 issued shares and 17,895,505 outstanding shares at March 31, 2025, and 20,200,886 issued shares and 17,729,481 outstanding shares at December 31, 2024 204 202 Common stock, nonvoting, $0.01 par value; authorized shares, 10,000,000; issued and outstanding shares -0- - - Additional paid-in capital 124,811 126,662 Cost of repurchased common stock (2,471,405 shares at March 31, 2025 and December 31, 2024) (83,144 ) (83,144 ) Accumulated other comprehensive loss (2,363 ) (2,903 ) Accumulated earnings 160,182 147,164 Non-controlling interest 3,747 2,399 Total stockholders' equity 203,437 190,380 Total liabilities and stockholders' equity $ 564,552 $ 493,353 Expand Turning Point Brands, Inc. Consolidated Statements of Cash Flows (dollars in thousands) (unaudited) Three Months Ended March 31, 2025 2024 Cash flows from operating activities: Consolidated net income $ 15,791 $ 12,179 Loss from discontinued operations, net of tax - 2 Adjustments to reconcile net income to net cash provided by operating activities: Loss on extinguishment of debt 1,235 - Loss on sale of property, plant, and equipment 40 1 Depreciation and other amortization expense 1,309 848 Amortization of other intangible assets 307 305 Amortization of deferred financing costs 448 696 Deferred income tax expense 1,716 114 Stock compensation expense 1,664 2,062 Noncash lease income (380 ) (42 ) Loss on MSA investments - 6 Changes in operating assets and liabilities: Accounts receivable (5,539 ) 1,846 Inventories (8,310 ) (7,488 ) Other current assets (5,399 ) 1,050 Other assets (4,201 ) (270 ) Accounts payable 15,433 10,800 Accrued liabilities and other 512 (2,933 ) Operating cash flows from continuing operations 14,626 19,176 Operating cash flows from discontinued operations - 3,463 Net cash provided by operating activities $ 14,626 $ 22,639 Cash flows from investing activities: Capital expenditures $ (2,185 ) $ (366 ) Purchases of investments (714 ) (7,119 ) Proceeds from sale of investments 500 - Purchases of non-marketable equity investments - (500 ) MSA escrow deposits, net (48 ) (1 ) Investing cash flows from continuing operations (2,447 ) (7,986 ) Investing cash flows from discontinued operations - - Net cash used in investing activities $ (2,447 ) $ (7,986 ) Cash flows from financing activities: Redemption of 2026 Notes $ (250,000 ) $ - Proceeds from 2032 Notes 300,000 - Payment of dividends (1,385 ) (1,149 ) Payment of financing costs (6,582 ) - Exercise of options 973 3 Redemption of options (33 ) - Redemption of restricted stock units (1,828 ) (136 ) Redemption of performance based restricted stock units (2,625 ) (1,212 ) Common stock repurchased - (2,079 ) Financing cash flows from continuing operations 38,520 (4,573 ) Financing cash flows from discontinued operations - - Net cash provided by (used in) financing activities $ 38,520 $ (4,573 ) Net increase in cash $ 50,699 $ 10,080 Effect of foreign currency translation on cash $ (48 ) $ (58 ) Cash, beginning of period: Unrestricted $ 48,941 $ 117,886 Restricted 1,961 4,929 Total cash at beginning of period $ 50,902 $ 122,815 Cash, end of period: Unrestricted $ 99,640 $ 130,903 Restricted 1,913 1,934 Total cash at end of period $ 101,553 $ 132,837 Expand Non-GAAP Financial Measures To supplement our financial information presented in accordance with generally accepted accounting principles in the United States, or U.S. GAAP, we use non-U.S. GAAP financial measures, including EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS, and Adjusted Operating Income . We believe Adjusted EBITDA provides useful information to management and investors regarding certain financial and business trends relating to our financial condition and results of operations. Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS, and Adjusted Operating Income are used by management to compare our performance to that of prior periods for trend analyses and planning purposes and are presented to our board of directors. We believe that EBITDA, Adjusted EBITDA, Adjusted Net Income, Adjusted Diluted EPS, and Adjusted Operating Income are appropriate measures of operating performance because they eliminate the impact of expenses that do not relate to business performance. We define 'EBITDA' as net income before interest expense, gain (loss) on extinguishment of debt, income tax expense, depreciation, amortization. We define 'Adjusted EBITDA' as net income before interest expense, gain (loss) on extinguishment of debt, income tax expense, depreciation, amortization, other non-cash items and other items that we do not consider ordinary course in our evaluation of ongoing operating performance. We define 'Adjusted Net Income' as net income excluding items that we do not consider ordinary course in our evaluation of ongoing operating performance. We define 'Adjusted Diluted EPS' as diluted earnings per share excluding items that we do not consider ordinary course in our evaluation of ongoing operating performance. We define 'Adjusted Operating Income' as operating income excluding other non-cash items and other items that we do not consider ordinary course in our evaluation of ongoing operating performance. Non-U.S. GAAP measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with U.S. GAAP. EBITDA, Adjusted Net Income, Adjusted EBITDA, Adjusted Diluted EPS, and Adjusted Operating Income exclude significant expenses that are required by U.S. GAAP to be recorded in our financial statements and is subject to inherent limitations. In addition, other companies in our industry may calculate this non-U.S. GAAP measure differently than we do or may not calculate it at all, limiting its usefulness as a comparative measure. In accordance with SEC rules, we have provided, in the supplemental information attached, a reconciliation of the non-GAAP measures to the next directly comparable GAAP measures. Schedule A Turning Point Brands, Inc. (dollars in thousands) (unaudited) 2025 2024 Net income attributable to Turning Point Brands, Inc. $ 14,395 $ 12,010 Add: Interest expense, net 4,401 3,479 Loss on extinguishment of debt 1,235 - Income tax expense 2,040 3,729 Depreciation expense 828 741 Amortization expense 822 412 EBITDA $ 23,721 $ 20,371 Components of Adjusted EBITDA Corporate restructuring (a) - 1,261 ERP/CRM (b) 211 138 Stock based compensation (c) 1,664 2,062 Transactional expenses and strategic initiatives (d) 176 30 FDA PMTA (e) 1,591 841 Mark-to-market loss on Canadian inter-company note (f) 315 - Adjusted EBITDA $ 27,678 $ 24,703 (a) Represents costs associated with corporate restructuring, including severance and early retirement. (b) Represents cost associated with scoping and mobilization of new ERP and CRM systems and cost of duplicative ERP licenses. (c) Represents non-cash stock options, restricted stock, PRSUs, etc. (d) Represents the fees incurred for transaction expenses. (e) Represents costs associated with applications related to FDA premarket tobacco product application ('PMTA'). The PMTA regime requires the Company to submit an application to the FDA to receive marketing authorization to continue to sell certain of its product lines with continued sales permitted during the pendency of the applications. The application is a onetime resource-intensive process for each covered product line; however, due to the nature of the implementation process for those product lines already in the market, applications can take multiple years to complete rather than the typical one-time submission. The Company currently has only two product lines currently subject to the PMTA process, having utilized other regulatory pathway options available for our other product lines. The Company does not expect to submit additional PMTA applications for any new product lines after the submission for the remaining two are complete. (f) Represents a mark-to-market loss attributable to foreign exchange fluctuation. Expand Schedule B Turning Point Brands Reconciliation of GAAP Net Income to Adjusted Net Income and Diluted EPS to Adjusted Diluted EPS (dollars in thousands except share data) (unaudited) Three Months Ended Three Months Ended March 31, 2025 March 31, 2024 Income from continuing operations before income taxes Income tax expense (i) Net income attributable to non-controlling interest Net Income Diluted EPS Income from continuing operations before income taxes Income tax expense (i) Loss from discontinued operations, net of tax (j) Net income attributable to non-controlling interest Net Income Diluted EPS GAAP Net Income and Diluted EPS $ 17,831 $ 2,040 $ 1,396 $ 14,395 $ 0.79 $ 15,910 $ 3,729 $ 2 $ 169 $ 12,010 $ 0.63 Loss on discontinued operations (a) - - - - - - - (3 ) - 3 0.00 Loss on extinguishment of debt (b) 1,235 141 - 1,094 0.06 - - - - - - Corporate restructuring (c) - - - - - 1,261 295 - - 966 0.05 ERP/CRM (d) 211 24 - 187 0.01 138 32 - - 106 0.01 Stock options, restricted stock, and incentives expense (e) 1,664 190 - 1,474 0.08 2,062 483 - - 1,579 0.08 Transactional expenses and strategic initiatives (f) 176 20 - 156 0.01 30 7 - - 23 0.00 FDA PMTA (g) 1,591 182 - 1,409 0.08 841 197 - - 644 0.03 Mark-to-market loss on Canadian inter-company note (h) 315 36 - 279 0.02 - - Tax benefit (i) - 2,329 - (2,329 ) (0.13 ) - (93 ) - - 93 0.00 Adjusted Net Income and Adjusted Diluted EPS $ 23,023 $ 4,963 $ 1,396 $ 16,664 $ 0.91 $ 20,242 $ 4,650 $ (1 ) $ 169 $ 15,424 $ 0.80 Totals may not foot due to rounding (a) Represents loss on discontinued operations. (b) Represents loss on extinguishment of debt as a result of the redemption of the 2026 Notes. (c) Represents costs associated with corporate restructuring, including severance and early retirement. (d) Represents cost associated with scoping and mobilization of new ERP and CRM systems and cost of duplicative ERP licenses. (e) Represents non-cash stock options, restricted stock, PRSUs, etc. (f) Represents the fees incurred for transaction expenses. (g) Represents costs associated with applications related to FDA premarket tobacco product application ("PMTA"). The PMTA regime requires the Company to submit an application to the FDA to receive marketing authorization to continue to sell certain of its product lines with continued sales permitted during the pendency of the applications. The application is a onetime resource-intensive process for each covered product line; however, due to the nature of the implementation process for those product lines already in the market, applications can take multiple years to complete rather than the typical one-time submission. The Company currently has only two product lines currently subject to the PMTA process, having utilized other regulatory pathway options available for our other product lines. The Company does not expect to submit additional PMTA applications for any new product lines after the submission for the remaining two are complete. (h) Represents adjustment from quarterly tax rate to quarterly projected tax rate of 21% in 2025 and 23% in 2024. (i) Income tax expense calculated using the effective tax rate for the quarter of 11.4% in 2025 and 23.4% in 2024. (j) Tax allocation for discontinued operations excluded from adjusted net income. Expand
Business Insider
28-04-2025
- Business Insider
Zimbabwe resumes gold coin minting amid soaring bullion prices
Zimbabwe's central bank has resumed issuing gold coins, a move it had suspended 10 months ago. Zimbabwe's central bank has resumed issuing gold coins after a 10-month suspension. The move is aimed at boosting the bullion reserves backing the local currency, ZiG. Gold coins are available through the country's banks and are seen as a valuable asset amidst trade war uncertainties. Zimbabwe's central bank has resumed issuing gold coins, a move it had suspended 10 months ago. This decision aims to boost the bullion reserves backing the local currency, the ZiG, which is teetering on the brink amid policy missteps, according to Imara Asset Management, the country's oldest independent brokerage. The 22-carat coins halted in July, are once again available through the country's banks, at a time when the appeal of bullion is high, according to Persistence Gwanyanya, a member of the central bank's monetary policy committee. ' Gold is more attractive to the market at the moment and it supports our value preservation efforts, ' Gwanyanya said Sunday in a phone interview. 'We are taking advantage of firm gold prices and re-injecting the gold coins into the market.' Two banks have confirmed the sale of newly minted gold coins: the Central Africa Building Society (CABS), a subsidiary of Old Mutual Zimbabwe, and a local branch of South African lender Nedbank Group Ltd, Bloomberg reported. These coins, first issued in 2022, were introduced as a store of value for pension funds and individuals looking for a haven from recurring inflation and currency volatility. Nedbank described the coins as an 'alternative investment option' that can be used to enhance investment portfolios with a 'valuable asset.' The coins are available in denominations ranging from one-tenth of an ounce to one ounce of gold. A surge in global gold prices, which have increased by around 25% this year due to trade war uncertainties sparked by the U.S., is expected to benefit Zimbabwe, a key producer of the precious metal.
