- Profit from continuing operations surged 43% to US$5 million
- Volume growth across all core units, supported by a record-breaking 2025 tobacco marketing season
- Revenue increased by 8% to US$19.6 million
Harare- TSL Limited , a diversified holding company with interests in tobacco auctioning, printing and packaging, agricultural inputs, storage and distribution, and services has posted a 43% increase in profit after tax from continuing operations to US$4.3 million for the six months ended 30 April 2025, driven by strong volume growth and cost containment.
Overall, group volumes rose significantly, buoyed by a strong 2025 tobacco marketing season that commenced in March and has already reached record levels surpassing the target. This upturn created robust demand across the value chain, positioning the Group for continued momentum into the second half of the year.
The packaging division delivered the most notable performance, capitalising on the surge in national tobacco output.
Propak hessian volumes rose 28% compared to the prior year, while tobacco paper volumes increased 6%. The continued market uptake of locally coated paper provided additional tailwinds, and inventory levels remain sufficient to support future demand.
Tobacco related services also recorded strong growth, with contract tobacco volumes up 8% and independent volumes increasing by 18%, driven by improved national tobacco deliveries and a successful 2024/25 summer cropping season.
Contracted growers accounted for 81% of all tobacco volumes handled, highlighting the success of the Group’s strategy to focus on this segment.
Agricura rebounded strongly in the second quarter following a slow start to the rainfall season. Demand surged with the onset of persistent rains, driving a 3% increase in insecticide volumes and a 235% rise in fungicides.
The commissioning of a new animal health plant in November 2024 further boosted capacity, resulting in a remarkable 244% year-on-year volume growth in the animal remedies segment.
In logistics, the bonded warehouse facility which handles up to 88,000 tonnes achieved 70% capacity utilisation, a significant improvement that helped offset the loss of a major FMCG client, Unilever.
Forklift activity remained flat due to the late start of the tobacco season. Meanwhile, the ports segment experienced volume declines in the first quarter as political unrest in Mozambique disrupted operations at Beira and Maputo.
Full container lifts fell 76% and empty lifts dropped 18% compared to the previous year. However, a recovery is anticipated in the second half as regional conditions stabilise.
Infrastructure operations remained stable. Total lettable space rose 9% to 217,000 square metres following the completion of a new 15,000 square metre warehouse last year.
Void levels remained low at 6%.
As part of its strategic realignment, the Board approved the disposal of three underperforming properties representing around 5% of the total portfolio value to generate cash for the acquisition of a 51.43% stake in Nampak Zimbabwe. These assets were reclassified as non-current assets held for sale.
As a result, revenue rose 8% year-on-year to US$19.6 million, supported by broad based performance improvements across key business units.
During the period under review, the Group also exited two non-core operations farming and the car rental business under Avis Budget Group as part of its effort to streamline and focus on strategic growth areas.
Looking ahead, the Group remains optimistic and will continue prioritising cost optimisation, capital efficiency, and operational resilience. The property portfolio realignment and Nampak acquisition are expected to unlock new revenue streams, increase scale, and support sustained long-term value creation for shareholders.
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