Tanganda’s tea exports down in Q1




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.

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