Tanganda to turn 100 on a high note

By Allan Mbotshwa  

Tea-producing giant, Tanganda Tea Company Limited’s revenue for the year of ZWL128.99 billion grew by 42% from the prior year of ZWL90.77 billion, in historical cost terms, a 678% growth from ZWL7.35 billion to ZWL57.24 billion was achieved.

The Company suffered an inflation-adjusted loss after tax of ZWL17.05 billion compared with a profit after tax of ZWL4.33 billion in the previous year, in historical cost terms, the profit after tax of ZWL15.45 billion grew by 270% over ZWL4.17 billion in the previous year.

“The Company will reach a hundred years of existence in 2024.

This is a milestone achievement for the Company and its stakeholders.

At this important juncture we will not only celebrate the growth and resilience of the business over the years but also reposition the iconic brands within our stable,” said the Company Chairman, Mr Herbert Nkala.

In the agriculture value chain, Bulk tea, the late onset of the rain and its relatively uneven distribution led to a decline in bulk tea production. The volume of 7 894 tonnes was 9% below 8 670 tonnes produced in the prior season.

Avocado, as a result of the biennial bearing phenomenon coupled with the impact of the extensive pruning carried out on 55 hectares of mature trees to rejuvenate them, avocado exports of 2 148 tonnes were 50% below the prior year of 4 321 tonnes.

The average export price remained at 44 US cents per kg, as achieved in the prior year.

Macadamia, the Company exported 1 551 tonnes of macadamia (nut-in-shell) compared to 621 tonnes sold in the prior year. The unsold balance of 350 tonnes from the preceding year’s stocks was exported during the financial year.

Coffee production of 87 tonnes was 28% above the 68 tonnes achieved in the prior season; the current year’s crop will be sold in the ensuing financial year.

Beverage, The decline in packed tea sales volumes of 6% from 1 994 tonnes achieved in the prior year to 1 873 tonnes sold in this financial year was mainly due to logistical global challenges in sourcing inputs.

Plans are in place to clear unfulfilled orders, which will see volumes of our brands growing as we go into the coming year.

“The Board has recommended not declaring a dividend following the depressed performance of macadamia and avocado crops during the financial year,” said Mr Nkala.