By Alois Vinga
LEADING beverages manufacturer, Delta Corporation has tabled plans to tap into the country’s huge foreign currency sales potential on the back of firm aggregate product demand obtaining in the market.
Presenting financial information for the period ended September 30, 2021, Delta board chairperson Sternford Moyo said there is huge potential to tap into the US$ sales.
“The businesses in Zimbabwe are geared to exploit the opportunities to grow volume and profitability on the back of improved access to foreign currency through domestic Nostro sales and firmer aggregate demand,” he said.
The central bank has since put in place policy measures through Statutory Instrument 85 of 2020, allowing companies and members of the public to trade in US$ currencies using their free funds.
The measures, coupled with foreign currency access on the Foreign Exchange Auction platform, have increased access to foreign currency for productivity stimulation across the nation.
The company will continue placing the safety and health of its workers first, abiding by best practices and protocols dictated by the authorities while seeking to exploit any opportunities to grow the business.
During the review period, lager beer volume for the six months grew by 57% compared to the same period last year attributable to competitive pricing and consistent product supply with respect to both brand and pack.
The sorghum beer volume remained buoyant to register a growth of 68% for the six months in comparison to the prior year.
In inflation-adjusted terms, the Group recorded revenue of $ 33,59 billion to achieve a growth of 99% above the prior year and $31,03 billion to grow by 192% in historic cost terms.
In inflation-adjusted terms, earnings before interest and tax grew by 5% to $6,44 billion and a 91% growth to$ 6,63 billion in historic cost terms
“In the outlook, the Zimbabwean operating environment is expected to remain complex as the country begins to focus on the 2023 general elections in the circumstance of difficult economic policy choices. This may be further complicated by the Covid-19 pandemic which remains a factor into the short-term,” added Moyo.