London Stock Exchange (LSE) has rated Zimbabwean entity, ZONFUL Energy among Africa’s top 360 inspiring companies in a development indicating vast potential in the firm.
The LSE Inspire Africa 2019 report, which identifies a new cohort of fast growing and dynamic private businesses across the continent, confirmed the development which has seen the emerging energy firm being ranked alongside the continent’s powerful brands.
The report says that Nigeria and Kenya have the most companies featured and such entities have an investment turnover rate of 46 percent while 23 percent of the companies are increasingly hiring women to be in leadership positions.
Consumer Services have emerged to be the most represented sector with 79 companies – reflecting the growing middle class and the increasing importance of consumer products and services in African economies.
The fastest growing sectors are Financial Services and Renewable Energy where the entity falls under. They enjoy revenue growth rates of 70 percent and 66 percent, respectively.
ZONFUL Energy founder and chief executive, William Ponela was excited with the development.
“We feel honoured and quite excited that we are moving in the right direction considering our current circumstances and this goes hand in hand with our vision as of building a company which will last for generations,” he said.
He said he founded the company in 2013 after experiencing many evenings of failure to study for his academic advancement due to lack of electricity.
Ponela said that his company was working on a solar pilot project in Ngezi which has since spread into 24 districts across the country with the aim of reaching the rest by end of the year.
“Since the pilot in Ngezi, we have managed to sell a record of more than 10 000 units in a period of not more than 12 months and we have a staff compliment of 37 permanent employees and 70 part-time zone coordinators and we are aiming to recruit over 500 zone coordinators by the end of the year,” he added.
The company is also listed on LSE.