Innscor reports strong H1 performance
RYAN CHIGOCHE
Expansive manufacturing and retail conglomerate, Innscor Africa Limited’s, profit doubled to ZWL$7.6bn in the six months to December 31, 2021 from a comparable period buoyed by a strong business performance across all segments.
Profit for the group increased by 101% from ZWL$3.7bn reported in the prior comparable period in 2020 attributed to a strong volume performance, enabled by competitive pricing, supported by continuous investments in greater capacity and enhanced production efficiency in the reported period.
The milling division, National Foods, reported a 15% volume increase in the reviewed period.
Volumes at the Colcom Division, which includes Triple C Pigs and Colcom Foods, increased 11% with the processed pork category performing particularly well, reporting a 27% increase.
Pig production hit a new high of 61,000 animals for the period, owing to continued investment in new capacity and continual genetic improvement in the herd.
Irvine’s reported a 37% volume growth.
Volumes at Natpak increased by 14% over the previous year as capacity expansion activities in this category became fully operational, with the rigids category seeing a 68 % increase in volume over the previous year.
At Profeeds, the stock feed category grew 15% over the year prior, as the new Aquafeeds line saw a 62% gain.
Both poultry stockfeed and day-old chick demand benefited from the recovery of the small scale poultry sector.
Prodairy had a 32% increase in volume over the previous year, with the milk and dairy blend categories seeing remarkable growth of 22% and 49%, respectively.
Volumes in the Bakery Division soared 23% owing to strong market demand, which was encouraging.
Probottlers had a strong showing as well, with total volumes closing 25% higher than the previous quarter.
The company said it was still focused on capacity expansion and product development, and a new 500ml filling machine is now being installed to supplement the company’s popular two-litre offering. It is expected to be operational this month end.
Innscor Africa board chairman Addington Chinake said the company’s US$70m expansion programme was close to completion.
He said the expansion project would improve the group’s overall operations.
“It is against this backdrop that the group continues to execute on its US$70m expansion programme, with exciting new investments spanning the beverage, milling, baking, protein, and packaging segments, all scheduled for completion within the next financial year.
These investments will result in capacity increases on existing categories, improvement in manufacturing operating efficiencies through the utilisation of new technologies, and, most importantly, will enable growth into new and adjacent products and categories,” Chinake said.
