HARARE- Border Timbers, a Rift Valley company involved in forestry, saw-milling and treated pole business in the Eastern Highlands of Zimbabwe reports that overall performance for the first 5 months of the year has generally been positive and ahead of the prior comparable period.
The company’s financial year begins in October and therefore a 5 months period update would cover the period between October 2018 and February 2019.
In the period revenue rose by 19% ahead of last year to $11.06 million the growth was mainly driven by lumber sales whose volumes surged by 19% to 30,029 setting pace to surpass the prior year full year performance of 60,566.
The surge in lumber volumes as well as production was in turn driven by a firm demand in both the local and foreign market.
Treated poles sales were however lower than the prior year coming in at 7237 a sharp 50% decline on the prior comparable period.
The dearth stemmed not from the demand side but supply side as wet spell period experienced in the first 3 months period of the year hampered production which came off by 128%.
Border Timbers operates 5 Estates all located in the Eastern Highlands namely Charter, Tilbury Sawerombe, Imbeza and Shamba.
The company was placed under judicial management in 2016 after failing to meet financial obligations amounting to $20 million due to several financial institutions.
– Equity Axis News
Equity Axis is an online financial media service platform focused on African markets offering real-time stock quotes, news, analysis and data.