On the global front, geopolitical tensions continued to disrupt global supply chains, fuelling global inflation. Locally, liquidity and foreign currency shortages sustained during the period under review, in addition to rapid local currency devaluation, prohibitive borrowing costs and power shortages. difficulties and unavoidable funding gaps. The extensively publicised El-Nino-induced cropping plans as farmers cautiously tried to curb the risk of crop failure because of moisture stress. Moreover, government reduced traditional orders in favour of small grains. Consequently, sales volumes fell 27% y/y to 19,726MT as maize and soya seed sales volumes were impacted However, export sales increased notably and accounted for 11% of revenue, earning the business increased foreign currency while reducing the impact of lower local demand for seed. Wheat sales volumes on the other hand remained constant at 6.041MT in comparison to prior year despite challenges experienced by farmers. The Group's historical revenue increased 608% to ZWL$228.10bn from ZWL$38.22bn in FY23. Seed Co registered ZWL$799.68bn in other income, derived from exchange gains on US$-denominated receivables and increase in non-seed sales. Therefore, EBITDA closed the period 1,487% higher than the prior year at ZWL$662.72bn. The business remained reliant on borrowings to fund the cash flow gap created by delayed settlement of government-related receivables and the inflationary increase in operational costs. The average interest rate on borrowings was 90% p.a. compared to 112% p.a. in the prior year. The Group closed the period with a PAT of ZWL$591.95bn, up 2,071% from ZWL$41.77bn in FY23. Seed Co did not declare a final dividend in view of the uncertain local and global economy.
