Innscor Africa’s quarterly revenue down as bird flu hits income

ZIMBABWE - Diversified industrial conglomerate Innscor Africa Limited’s revenue for the first quarter of financial year 2018 was marginally lower compared to same period in the prior year on the back of a mixed performance across subsidiaries. Group chief officer Julian Schonken told shareholders at the annual general meeting yesterday that the group’s cost control…

Olivine to invest US$5m in margarine plants

ZIMBABWE - Fast moving consumer goods manufacturer Olivine Industries will invest $5 million in the final phase of the margarine processing technology and soap plant upgrade. Margarine production at Olivine was being hampered by old equipment, some of it dating back to 1947, which saw the firm losing a considerable market share to other brands.…

Delta to complete Natbrew Zambia acquisition next year

ZIMBABWE - Delta Corporation Limited says the transaction for the acquisition of National Brewery Zambia (Natbrew) is expected to be completed by March next year as the beverages maker consolidates its position as a multi- beverages firm in the region. Delta said it would acquire a majority stake in Natbrew in order to boost its…

AFDIS registers double-digit growth, eyes plant upgrade

ZIMBABWE -
 Spirits and wine maker, African Distillers Limited (Afdis), says it will embark on plant and equipment upgrade to enhance production as the firm maintains a double-digit growth in volumes. AFDIS managing director Cecil Gombera, told shareholders at the group’s annual general meeting yesterday that the firm was looking at ways of cushioning itself…

Natfoods invests US$7.7m in contract farming

ZIMBABWE - Listed firm, National Foods has invested $7.7 million through Paperhole Investments Commodities towards contract farming for the 2017-2018 summer cropping season. The NatFoods scheme comes at a time when farmers are increasingly turning to contract farming and joint ventures for inputs and equipment at lower interest rates compared to banks. For years, farmers…

Farmers start wheat deliveries to Grains Board

ZIMBABWE - Farmers have started delivering their winter wheat to the Grain Marketing Board (GMB) depots across the country. Most of the farmers who are delivering the crop are the ones who benefited from the Command Agriculture programme. Agriculture, Mechanisation and Irrigation Development Deputy Minister (Cropping) Davis Marapira confirmed that wheat harvesting had started in…

Delta Corp urges Govt to adopt new excise duty regime

ZIMBABWE – Zimbabwe’s largest beverages manufacturer Delta Corporation has proposed that Government adopts a new excise duty regime on alcoholic beverages premised on absolute alcohol content as opposed to the type of alcoholic beverage, ahead of the 2018 National Budget. In its 2018 National Budget Submission to the Ministry of Finance and Economic Development seen…

Zimbabwe bans horticultural products imports

ZIMBABWE - Zimbabwe has been engulfed by fruit shortages after the government banned imports and other horticultural products with immediate effect. Producers yesterday said while the ban would be welcome for some products it would shorten the availability of apples and pears whose production in Zimbabwe is constrained. Agriculture Minister Joseph Made told state media that…

Zimbabwe denies food insecurity fears

ZIMBABWE - Zimbabwe has in excess of 700,000 tonnes in grain and Government has put in measures that will ensure that no one will starve before the next harvest, Acting President Emmerson Mnangagwa has said. Acting President Mnangagwa said this in the National Assembly yesterday while responding to a question by MDC-T Bulawayo Representative Dr…

Report shows one million at risk of hunger in Zimbabwe

ZIMBABWE - At least one million food-insecure households in Zimbabwe are at high risk of exhausting their food stocks between January and March next year despite the bumper maize harvest recorded this year, a United Nations agency has warned. Unicef in its end of September 2017 situational report highlights that there would be food insecurity,…