Africa’s largest seed producer, Seed Co International, is banking on new varieties to anchor grow in the current financial year as the seeds were widely accepted in all markets.
Seed Co International group CEO Morgan Nzwere told an analysts briefing for the FY 2022 results in Gaborone Thursday that revenue performance remained stable despite economic headwinds that the countries are facing.
“We anticipate serious growth across all markets in the current FY2023 as indications are that the business is doing well and our new varieties now widely accepted as number 1 choice in Africa,” Nzwere said.
Seed Co’s profit after tax went down 36% to US$7.1m in FY2022 from US$11.1m in the previous year due to erratic rains that were experienced in various African countries.
“Profitability was however impacted by erratic rains, adverse currency movement, reduced economies of scale and lower volumes,” he said.
Seed Co said there was an exciting growth in Tanzania and Mozambique.