Zimbabwe Tea producer Tanganda invests US$15m in solar power plant

ZIMBABWE – Zimbabwe’s largest grower and producer of tea and coffee, Tanganda Tea Company Limited is set to complete the construction of US$15m solar plant to power its production facilities. Tanganda Tea, a subsidiary of Meikles Limited, specializes in production and packaging of tea and coffee both for the domestic and foreign markets. The company also exports macadamia and avocado. According to reports by Business Times, the plant is scheduled to be completed by December this year and is targeted to produce 7.55 megawatts. Zimbabwe has been battling power shortages…

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Zimbabwe’s Pick n Pay operator Meikles Supermarkets reports decline in sales volume

ZIMBABWE – Meikles Limited, operators of TM Pick n Pay retail outlets in Zimbabwe saw sales volumes retreat by 28% and 24% for the third quarter and nine months ended December 2019, respectively, as disposable incomes continue to decline. Since reintroduction, the Zimbabwean dollar has continued to devalue as the country lacks adequate foreign currency and market confidence, resulting in wage erosion. “The stores are reasonably stocked despite challenges in supply chain arising from shortages of foreign currency,” said Meikles Limited company secretary Thabani Mpofu, in a trading update. “Trading…

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Zimbabwe’s Meikles posts solid performance as revenues grow 50.8%

ZIMBABWE – Meikles Limited, operators of TM Pick n Pay retail outlets in Zimbabwe, reported posted financial positives across all segments for the year ended March 31, 2019 as revenues grew 50.8% to US$791.6 million The company, which manages several brands across the retail, agriculture and manufacturing segments, saw its profits during the period skyrocket to US$66 million compared to a measly US$8.2 million in the previous year.  The group’s earnings before interest, taxation, depreciation and amortisation (EBITDA) went up from US$40.6 million in 2018 to US$101.5 million in the…

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