Despite a 40 percent decline in volumes, which was due to market shrinkage and not loss of market share, Chemco Holdings still managed to earn a net profit of $5.2 billion in the year ending October. This was a 648 percent increase over the previous year.
Turnover increased from $3.9 billion to $20.3 billion while operating profit shot up from $1.4 billion to $12.1 billion, an increase of 748 percent.
The company says there was a significant drop in sales of tobacco chemicals from Agricura because of the reduced crop. It did not even participate in the Tobacco Growers Trust scheme because margins were not realistic.
Agricura switched to horticultural chemicals and made strong inroads.
The home and garden market dominated the small pack retail market but there was growing consumer resistance to prices.
The advent of growing schemes had helped stabilise the market for Agricura’s chemicals which should augur well for profits in 2004.
There was also significant growth in seed sales at Agpy. The seed maize range was extended to include two new open pollinated varieties.
This market remained strong because maize seed continued to be scarce both locally and regionally.
(15 VIEWS)
The role of social media on how people get their news in Zimbabwe is being…
Ten African countries are amongst the biggest debtors to China, but Zimbabwe is not among…
The Reserve Bank of Zimbabwe’s Monetary Policy Committee, which met on Friday last week, says…
Zimbabwe’s new currency further weakened to 13.4407 to the United States dollar today down from…
The United States lost its place as the most influential global power in Africa last…
The Reserve Bank of Zimbabwe governor John Mushayavanhu says street money changers who cash in…