Seed Co sales up nearly 700 %

Seed Co, which already has operations in South Africa, Mozambique, Zambia and Botswana and is looking at Cameroon, Egypt and East Africa, saw its regional sales for the year to February almost equal local sales.

Regional sales brought in $41.2 billion up from $5.5 billion while local sales totalled $51.3 billion compared with $6.3 billion in 2003.

About half of the sales in Zimbabwe went to the government’s input programme.

Though local sales were 33 percent down, turnover was up by 720 percent.

Regional sales grew by 649 percent due to favourable selling prices because of seed shortage in the region.

All units recorded operating profits except Semoc in Mozambique which had a marginal loss.

Operating income for the group increased from $3.7 billion to $42 billion, but taxation rose from $577 million to $9.1 billion because of the introduction of taxation in Export Processing Zones where corporate tax is now 15 percent.

Net profit stood at $29.3 billion, up from $3 billion.

The company says it released five new varieties in Tanzania, two in Kenya, one in Malawi, two in Zimbabwe and two in Zambia.

A new research centre has been established in Mpongwe in Zambia.

(27 VIEWS)