Zimbabwe Stock Exchange-listed Tanganda Tea Company suffered a 33% drop in tea export volumes in the quarter to December 31, 2022, compared to the year ago quarter, Business Times can report.
Company secretary, Sharon Kodzanai, said: “Bulk tea export volumes were 33% below prior year as 52% of the total volume was produced in the month of December and would be exported in subsequent months.”
Kodzanai said revenue for the group, however, surged 48% in the reviewed period compared to the same period in 2021.
“Performance remained satisfactory in spite of inflation induced increase in operating costs. Despite the late onset of the rainy season, bulk tea production volumes were in line with the comparable prior year period,” she said.
About 325 tonnes of macadamia nuts were exported as nuts in a shell.
In the outlook, Kodzanai expects the operating environment to remain difficult on the backdrop of the “envisaged macro-economic instability due to inflationary pressure, currency instability, fast rising operational costs and external exogenous shocks such as implored global inflation”.
She said the company will focus on exploring value addition options and cost management to mitigate against reduced profit margins and is optimistic about its prospects during the financial year as all crops are looking good and there is firm demand for its products.