During the period, the Group faced an evolving landscape which was characterised by political and exchange rate instability, price controls and trade barriers. Tanzania and Zambia faced stockouts though they managed to still post volumes growth and were the top two main volume contributors at 36% and 27%, respectively. Delayed rains in Kenya led to lower volume contributions, contributing 10%, down from 12% in the prior year and political disturbances plagued Mozambique, leading to a contribution of 3%, down from 5% in 2024. Consequently, volumes were 9% down y/y to 46,317 tonnes though the Group has seen emerging markets such as Ethiopia which had a launch of 841mt and Nigeria whose volume contribution rose to 3% from 2%, come to the fore. Revenue for the period was 5.34% ahead of the prior year at US$124.30mn (FY24: US$118.00mn). EBITDA margin softened from 16.2% in FY24 to 15.0% in FY25 weighed down by a once-off write off from a South African joint venture.
