Zimbabwe | ZSE

The Group registered strong revenue growth albeit a harsh macro-economic environment characterized by hyperinflation, high interest rates, tight liquidity, and local currency depreciation. However, the Group was not significantly affected by COVID-19 lockdown measures owing to its classification as an essential business. Resultantly, maize seed sales volumes for the period went up 100% while wheat seed sales volumes registered a 10% increase.

The Group registered robust revenue growth in the period under review on the back of early seed deliveries to customers in Malawi and Zambia, exports from Kenya to Rwanda and a strong demand in Nigeria. While the operating environment was unconducive for business for most entities due to the unprecedented COVID-19 pandemic, the Group’s operations in its multiple jurisdictions were not significantly impacted owing to its classification as an essential business. As a matter of fact, the pandemic drove the increase in the Group’s maize seed sales volumes and revenue as food security became a priority on the agenda of most countries, resulting in an unusually high early season demand for summer seeds.