Illovo Sugar undertakes top leadership changes at its subsidiaries in Zambia, Eswatini

ZAMBIA – Zambia Sugar, subsidiary of pan-African sugarcane grower and sugar producer, Illovo Sugar Africa has appointed Oswald Magwenzi as its new Managing Director.

Oswald joins the company from Ubombo Sugar Limited, Illovo Sugar’s operating unit in Eswatini, bringing a wealth of knowledge to this role including a track record of business performance excellence and value-proposition innovation.

He has served as MD for Ubombo Sugar since 2013, but started his career in the sugar industry in 1998.

Oswald has general management and operational experience as well as development finance experience with the World Bank Group (IFC).

He takes over the helm of Zambia Sugar from Rebecca Katowa, the group’s first-ever woman Managing Director, who has so ably led the single largest cane sugar producer in Africa since February 2015.

“We are grateful for her contribution, her commitment and her successful stewardship of Zambia Sugar over the past 6 years.

“We welcome Oswald Magwenzi, former Managing Director of Ubombo Sugar Limited in Eswatini, to Zambia. Oswald will be stepping up as Managing Director of Zambia Sugar Plc to build on Rebecca’s legacy,” stated the company.

Rebecca joined Zambia Sugar in 1997, as marketing services manager, rising through the ranks to be appointed MD in 2015.

Her career has been spent in the manufacturing and FMCG sector working in either sales or marketing roles.

“Rebecca and Oswald have been integral to the success of our Group. Their insights, commitment and resilience as strong, authentic leaders have been invaluable.

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“We are grateful to have them as invested members of our team, and we wish them every success as they transition into their new life chapters,” indicated the company.

Rebecca is an alumna of the University of Zambia where she obtained her Bachelor of Arts Degree, and later got a Master’s degree in the field of business administration and management from Copperbelt University.

Meanwhile Oswald, has a Master of Business Administration (MBA) in the field of finance from University of Southern Queensland Master of Science (M.Sc.) in the field of irrigation engineering from the University of Southampton.

Zambia Sugar realises 52% rise in revenue

In the company’s first 6 months to ended February 2021, Zambia Sugar’s total revenue was K2.121 billion (US$116.79m), 52% above the comparative period last year.

This was largely driven by growth in domestic sales volume (28%) and a higher realisation of export sales (39%).

Its operating profit for the period under review was K768 million (US$42.2m) compared to the K235 million (US$12.94m) operating profit the comparative period in the prior year.

This increase is mainly driven by significant growth in the non-cash fair value of growing cane and higher net revenue.

Headline earnings increased to K579 million (US$31.8m) from K32 million (US$1.7m) reported for the corresponding prior year period to 29 February 2020.

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