LETTICIA MAGOMBO
General Beltings Holdings Limited’s sales volumes more than doubled to 1 488 metric tonnes in the year ended December 31, 2021 from 699 tonnes in 2020 on the back of a stellar performance by its chemicals division.
Group chairman, Godfrey Nhemachena, said volumes at Cernol Chemicals division increase by 196% to 1,178 metric tonnes from 398 metric tonnes in 2020 due to consolidation efforts in new market niches with deliveries in the fourth quarter accounting for 514 metric tonnes.
“Following concerted effort to penetrate and consolidate in new markets, the Chemical division shored up volumes in the last quarter which contributed significantly to the increase,” Nhemachena said.
Volumes at the rubber division increased by 3% 310 metric tonnes compared with the prior year’s same period of 301 metric tonnes.
Revenue for the group grew to ZWL$ 575m from ZWL$ 537m registered in the previous year.
Nhemachena said the company benefited from its technical partnerships as the flow of materials was sustained despite the violent disruptions in South Africa and the logistical delays further afield in countries of raw materials origin.
He said operating costs increased by 35% to ZWL$203m from ZWL$150m reported in 2020.
In its outlook the group expressed concerns about the ongoing Russia-Ukraine conflict and increases in fuel and natural gas prices which the group believes will lead to logistical supply chain constraints.
However, General Beltings is optimistic that ongoing conflicts will channel consumers towards locally produced products and with rising mineral commodity prices there is an expectation of increased global demand.
