- No major disruptions from COVID-19
- Production and marketing of sugar progressing as planned
- Firm solvency position
Harare – With many businesses reeling from the effects of the coronavirus, albeit an already tough economic environment gripping the nation, Hippo Valley Estates Limited’s operations remain afloat.
“With these measures in place, the Company has not, to date, experienced any major disruptions to its operations with all key activities that include sugar cane maintenance, harvesting, sugar packing and distribution operations progressing satisfactorily.” said the chairman, Mr D Marokane.
The company highlighted that sugar milling for the season commenced on 5 May 2020 following a successful off-crop program.
Zimbabwe has thus far recorded relatively few cases of infection compared to other countries and Hippo Valley, as part of its risk mitigation strategy, has developed a robust Business Continuity Plan (BCP) premised on the worst case scenario that the pandemic may take a turn for the worst and that the lockdown period maybe extended for most of the season with highly disruptive consequences for the business.
Meanwhile, the Company said the production and marketing of sugar in the local and export market is progressing as planned.
However, there have been acute sugar shortages that have seen sugar prices soaring and this could be a case of hoarding or unscrupulous businesses and retailers who seek hiking prices.
Demand for sugar in the local market has remained strong and as a result, Hippo Valley is adequately funded and is able to meet its working capital requirements.
To date, The Company has invested a total of ZWL13 million in COVID-19 mitigation measures in its workplace.
In addition, the Company has also taken robust steps to assist central, provincial and local governments and communities in combating the pandemic.
“The Company has to date donated 150 000 litres of ethanol worth ZWL4 million to the State for the manufacture of sanitizers, ZWL6 million to Masvingo Province to assist with the procurement of surgical gloves, masks, critical equipment and materials for the rehabilitation of 8 district hospitals which are designated COVID-19 isolation centres.” said the company
The Company’s financial results with the full operations report for the year are due for release before 30 June 2020.
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