ZIMBABWE
Industrial holdings group, TSL which has operations in agriculture, logistics, and real estate, has recorded a 19% jump in revenue to US$52.1 million in the full year to October 2018, driven by a strong performance of its agriculture-related business. The group enjoys a dominant position in the tobacco auction market through its subsidiary, Tobacco Sales Floor (TSF).
In a released statement the group said, “The agriculture cluster performed strongly. The tobacco-related business benefitted from the growth in national tobacco volumes. The agro inputs business had a good year, given the reasonable 2017/18 rainfall season and its early procurement of product to ensure better availability. These factors resulted in marked volume growth.”
“Overall, the farming operations had a good year, with the tobacco crop fetching better prices under the existing off-taker arrangement. Commercial and maize seed yields were down given disease pressures and the dry spell in January. The wheat and soybeans crop have fared reasonably well both in terms of yield and prices.”
The group’s profit-after-tax more than doubled to US$12.9 million compared to the US$4.8 million recorded in the previous year.