Leafias Mazviro
The Zimbabwe Stock Exchange listed company Tanganda Tea Company Limited’s revenue has increased by 70 percent from ZWL6, 46 billion to ZWL1 097 billion which was recorded last year.
The company continue to gain some pleasing profits despite being operating under harsh economic environment.
The firm’s financial results indicates that, the profit after tax for the period increased by 24 percent to ZWL 1,47 billion from a profit of ZWL1,18 billion in the comparable period.
Total export sales increased by 91 percent to ZWL 5,37 billion while local sales increased by 53 percent to 5,6 billion.
However, the production Bulk tea decrease by 6 percent as the firm produced 5 582 tons being lower than prior year production of 5 935 tons.
Bulk tea exports did a nosedive of 9 percent as the company managed to export 3 415 tonnes while last year 3 747 tons were exported.
The export average selling price firmed slightly to US$1,45 per kg from prior year average selling price of US$1,43 per kg.
Despite the liquidity challenges and waning consumer demand affected by reduced disposable income on the local market, packed tea sales volumes of 929 tonnes remained resilient, 7 percent below 993 tonnes achieved in the prior year.