- Innscor reported a 12% increase in revenue to US$535.8 million for the six months ended December 31, 2024
- Growth was driven by strong performances in key divisions: Mill-Bake, Beverage, and Light Manufacturing
- The Bakery segment is constructing a new, fully automated production line for its Harare operation
Harare-Innscor, a leading Zimbabwean conglomerate, has reported a 12% increase in revenue to US$535.8 million for the six months ended 31 December 2024 according to the latest financial report from the group.
The growth was driven by strong performances in key divisions, Mill-Bake, Beverage, and Light Manufacturing despite challenges in others.
As a result profit for the period was US33.4 million a slight increase from US33.2 million in the same period the previous year.
"This was driven by strong volume growth concentrated in the Mill-Bake, Beverage, and Light Manufacturing segments, supported by an intense focus on optimal pricing strategies to protect critical consumer price points," said Group Chairperson Addington Bexley Chinake.
National Foods, Innscor's food manufacturing division, recorded a 25% volume growth, primarily driven by its milling operations highlighting the division's ability to adapt to changing market conditions and capitalize on opportunities.
In contrast, Nutrimaster, Innscor's agricultural inputs division, experienced an 11% decline in volumes due to late rains while Colcom, the company's pork production division, saw a 3% decline in volumes, attributed to challenges in formal retail and the reclassification of pork from "exempt" to "standard-rated" for VAT purposes.
This change has had a significant impact on formal operators, forcing them to heavily discount prices to compete with non-compliant operators.
Despite these challenges, other Innscor divisions recorded notable growth, Irvine's, the company's poultry division, saw an 11% increase in egg volumes.
Prodairy, the company’s dairy division, posted a 20% sales increase while Mafuro Farming, the company's dairy farming operation, produced 14% more milk.
Nyathi beer also delivered a strong volume performance, supported by improved capacity utilization and more efficient distribution.
Innscor continued to invest in growth initiatives. Profeeds, the animal feed division, commissioned a new US$7.5 million factory in Bulawayo in November 2024.
This investment is expected to enhance the division's capacity and competitiveness.
Bakery segment is constructing a new, fully automated production line for its Harare operation, set to be commissioned toward the latter part of the current financial year.
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