Dairibord’s revenue up 17% on overall volumes growth

ZIMBABWE - Dairibord Holdings, Zimbabwe’s leading processor of food and dairy has reported 17% growth in revenue in the first quarter ended April as compared to the same period last year. The company indicated that overall volumes grew 8% above same period last year while demand was firm across all categories, reported the Herald. During…

CDC and Standard Chartered Bank announce investments in Zimbabwe’s agric business

ZIMBABWE - CDC Group plc (CDC), the UK’s development finance institution, and Standard Chartered Bank have announced an investment facility that will lend up to US$100 million to growing businesses in Zimbabwe. According to CDC, this risk-sharing agreement provides much needed foreign currency capital for local businesses, allowing them to grow, create jobs and improve…

Zimbabwe’s TN Beverages invests US$1.5m in new beverages plant

ZIMBABWE - TN Holdings’ beverage unit has invested almost US$1.5 million in a new beverage plant that will see increased production with a long term goal of increasing market share for its products. The Herald reported that the funding has also been invested in new equipment at the plant, expanding capacity for its Mr Juicy…

Inadequate Forex hampers Delta’s soft drinks operations

ZIMBABWE - Delta Corporation has revealed that its soft drinks category that is, its Coca-Cola operations is facing challenges relating to shortage of foreign currency in the country since it relies mainly on imported raw materials. Including its Chibuku Super operations, the company said it was hit hard by the prevailing forex shortages as Zimbabwe…

Zimbabwe’s Delta Corporation revenue up 18% on beer volume growth

ZIMBABWE - Delta Corporation’s, the beer and soft drinks company of Zimbabwe revenue has increased 18% in the year to March 2018, attributed to higher beer volumes and growth in larger sparkling beverages. The Herald report cited a trading update for the fourth quarter and full year to March 2018, which included the results of…

Seed Co Zimbabwe introduces new ‘climate smart’ maize variety

ZIMBABWE - Seed Co Zimbabwe, the country’s largest supplier of certified crops has introduced new climate smart maize seed variety called SC 649, meant to address challenges in climate change experienced by many farmers. The new variety meets breeding objectives which came at a time when Southern Africa has had adverse climate effects, including prolonged…

Simbisa Brands gets a go-ahead for stake in Foodfund, targets AIM listing

ZIMBABWE - Simbisa Brands Limited, a quick service and restaurant company has received a nod from shareholders to acquire a 50% stake in the South African restaurant operating firm, Foodfund Investments. At the same time, the board of directors were given the greenlight to seek listing on the London Stock Exchange’s Alternative Investment Markets (AIM)…

Zimbabwe imports rice worth US$80m, plans to start local production

ZIMBABWE - Zimbabwe plans to cut on its annual rice importation expenditure of up to US$80 million by embarking on commercial rice production in the next season or two, reports the Herald. “Zimbabwe is a net importer of rice and spends about $80 million annually to import the cereal. “We can cut our import bill…

Varun Beverages begins Pepsi production in Zimbabwe

ZIMBABWE - Indian soft drinks manufacturer, Varun Beverages, has started manufacturing operations in the country, but says the cost of setting up its plant might spiral from the initial budget of $30 million to about $40 million due to foreign currency shortages. Most companies in Zimbabwe are struggling to procure to foreign currency to import…

Dairibord considering closing its Malawi dairy business

MALAWI - Milk processor, Dairibord Holdings Limited, will make a decision on the fate of its Malawi division in the next six months after the unit continued on a perennial loss making path. Finance director Mercy Ndoro, told an analysts briefing on Wednesday that Dairibord Malawi had continued to be the group’s problem ‘child’, impacting…