- Delta Corporation’s half-year revenue surged 32% to US$514.2 million, positioning the group to surpass the US$1 billion annual milestone
- Strong performance driven by lager and sorghum beer volumes, and the Schweppes Zimbabwe acquisition, which boosted non-alcoholic beverage sales
- Despite tax pressures and rising input costs, Delta continues to invest in capacity expansion and maintain market dominance across key beverage segments
Harare - Delta Corporation Limited, Zimbabwe’s largest beverages manufacturer, has crossed the half-billion-dollar revenue mark in the first half of FY2026, recording US$514.2 million for the six months to September 30, 2025 a 32% rise from US$389.1 million in the same period last year.
The performance, buoyed by solid lager and sorghum beer volumes and the consolidation of Schweppes Zimbabwe, places the group on course to potentially breach US$1 billion in full-year revenue, joining a rare class of local corporates such as Innscor Africa and Zimplats that have achieved that milestone.
‘’ The revenue growth was weighed down by the price moderations in the Sparkling Beverages business, which partly absorbed the sugar tax to maintain volume and competitiveness,’’ Todd Moyo group chairperson said.
Innscor Africa Limited, the country’s largest food processor, was the first company to surpass US$1 billion in revenue , first in 2014 (US$1.04 billion) and again in 2025 (US$1.08 billion), thanks to its integrated food and manufacturing operations.
On the other hand was Zimplats Holdings Limited, which posted US$1.4 billion in FY2021 and US$1.2 billion in FY 2022 , a 56% year-on-year surge propelled by soaring platinum prices above US$1,200 per ounce amid global demand for clean-energy metals.
Meanwhile ,Delta’s growth was anchored by its beer portfolio, which remains the backbone of its earnings. Lager beer volumes expanded by 21%, while sorghum beer (Chibuku) advanced 16%, benefiting from firm consumer spending, stable pricing, and stronger rural incomes supported by the record-breaking tobacco season which surpassed 350 million kilograms, generating US$1.2 billion in revenue according to the Tobacco Industry and Marketing Board (TIMB).
The two segments together contributed over US$338 million, reaffirming Delta’s dominance in the market where it commands about 90% of lager sales and a near-monopoly in opaque beer.
The company’s non-alcoholic beverages division, which now incorporates Schweppes Holdings Africa Limited following Delta’s acquisition of a 69% stake in April 2025, generated US$135.6 million, up sharply from US$74.9 million a year earlier.
The Schweppes integration has expanded Delta’s footprint in juices, cordials, and bottled water, with early synergies seen in shared logistics and packaging efficiencies.
As a result, operating income jumped 54% to US$99.6 million, while profit before tax nearly doubled to US$104.8 million.
However, Delta’s profitability continues to be constrained by rising taxes and input costs. The sugar tax, initially pegged at US$0.02 per gram of sugar in 2024 before being revised down to 0.001 and 0.005% from January 2025, extracted roughly US$15 million from Delta and Schweppes in the period. Much of this cost was absorbed to maintain price competitiveness, reducing margins in the soft drinks unit.
This comes atop a 30% import surtax on sugar, local sugar prices averaging US$890–900 per tonne compared to US$800 for imports, and a lingering US$73 million tax dispute with the Zimbabwe Revenue Authority (ZIMRA) covering VAT and income tax assessments from 2019–2022.
Looking ahead, the company remains optimistic and is installing new brewing and storage vessels at Southerton Brewery, expanding packaging capacity at Belmont, and ramping up Maheu production, which saw 250% volume growth after its relaunch under the Shumba brand.
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