SEED.zw | Release of 2017 Annual Report

By Published On: August 16th, 2017Categories: Corporate announcement

Dear Shareholders,

Introduction

I am pleased to present to you the Annual report of your Company for the financial year ended 31 March 2017, my first as your Chairman.

Your Company has once again posted commendable growth in earnings; underpinned by strong seed demand in Southern Africa which was blessed with a good rain season during the year.

Environmental Overview

GDP growth in the Sub-Saharan Africa (SSA) region stagnated in 2016. The region recorded the softest economic growth in over two decades, with slowdowns in key economies such as Nigeria and South Africa accounting for most of the deceleration. That said; the region was a tale of two distinct trajectories – non commodity-dependent economies such as Cote d’Ivoire and Ethiopia benefited from lower oil prices and countries such as Kenya and Tanzania showed robust growth due to an improved business environment and strong capital investments in the services, mining and quarrying industries…

Financial Review

The Group achieved a turnover growth of 40% to $135m compared to last year. The PAT grew by 41% to $20.7m compared to prior year driven by strong demand for and superior performance of your Company’s products…

Future Prospects

I am confident that your Company will remain a dominant player in the seed industry in Africa because of its full product pipeline of superior products developed to replace those currently deployed in the market and still out-performing the competition. Your Company will continue to increase its investment in Research and Development in order to bring forward new products for new markets thereby remaining ahead of the competition.

Directorate

I would like to welcome those directors who were appointed during this past year and to thank all of my colleagues on the board for their support and guidance. I should also like to compliment your Company’s management and staff for delivering what I consider to be most impressive results.

By Order of the Board

D E B Long
Chairman

SEED.zw – 2017 Annual Report.pdf

The contents of the post above were obtained from third parties, which We, AfricanFinancials, believe to be reliable. However, We do not guarantee their accuracy and the above information may be in condensed form. The reader is encouraged to refer to the original source of the information, which, in most cases, is in PDF format and on the originating company's letterhead. While We endeavour to replicate the original content accurately, We cannot guarantee the absence of errors in the above article and We disclaim any liability regarding reliance on information provided in this article.

Seed Co Limited (SEED.zw)

Share price: 22,995.96 ZWL cents ▼ (-4.04 | -0.02% – 28/03/23)

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