- Macadamia Production Soars: Macadamia output surged by 61%, driven by increased yields
- Tea Exports Dip: Despite recovering bulk tea production, export volumes fell by 9%
- Financial Performance Mixed: While revenue remained stable, profit after tax declined by 8%
Harare- Tanganda Tea Company, a leading producer in Zimbabwe, has reported mixed results for the third quarter of its financial year, with a strong performance in macadamia production offsetting a decline in tea exports.
Despite a late start to the rainy season, bulk tea production recovered to match the previous year's output at 7,293 tonnes.
However, export volumes dipped by 9% to 4,504 tonnes due to sales timing, with production concentrated in the third quarter.
This decline was further reflected in packed tea volumes, which fell by 11% to 1,303 tonnes compared to the previous year.
However, the company's macadamia production saw a significant surge of 61% to 1,487 tonnes, driven by increased yields from maturing plantations.
This growth, despite a 33% decline in nut-in-shell exports due to a delayed marketing season, highlights the increasing profitability of the macadamia segment.
The company's financial performance for the quarter reflected this mixed picture.
Revenue remained in line with the previous year at USD3.4 million, while revenue for the nine months ended June 30th, 2024, registered a 5% decline to USD14.5 million.
Profit after tax also declined by 8% to USD1.2 million.
Looking ahead, the company remains optimistic about its future, citing its focus on enhancing process efficiencies, managing costs, and diversifying its markets.
The demand for its packed tea products remains strong both locally and regionally, while the continued growth of its macadamia operations positions the company for future success.
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