RYAN CHIGOCHE
Zimbabwe’s biggest tea producer, Tanganda Tea Company’s bulk tea exports rose 7% in the nine months to June 30, 2022 despite the adverse impact of Russia’s war in Ukraine.
The on-going Russia-Ukraine conflict has serious consequences contributing to an increased disruption in global trade and supply chain.
However, the impact was less felt by Tanganda in the period under review.
The Zimbabwe Stock Exchange listed company’s coffee export also grew 14% above the same period in prior year.
“Despite the geo-political instability in Russia-Ukraine, Bulk tea export volumes achieved for the nine months were 7% above the same period in the prior financial year,” company secretary, Sharon Kodzanai said.
She said revenue from the export of avocado fruit and macadamia nuts is expected to be recognised in the last quarter of the financial year.
Avocado production volumes of 3 494 tonnes in the reported period was 12% above 3 108 tonnes achieved in the same period prior year whereas harvested macadamia nuts recorded a 2% increase.
Revenue for the group, however, slumped 6% in the period under review following a prolonged dry spell at the onset of the season.
Volumes declined 7% in the reviewed period.
Kodzanai said inflationary pressures will continue to hit the economy.
Annual inflation rate raced to 257% in July from 192% in June.
Kodzanai said Tanganda will focus on mitigation measures against rising inflation.
In the outlook, Kodzanai said the company is optimistic about its prospects heading into the final quarter of the financial year.
