SEED.zw | Unaudited results and presentation for HY ended 30 September 2016

By AfricanFinancials Digital TeamPublished On: November 29th, 2016Categories: Corporate announcement

Seed Co Limited announces the release of the unaudited results and presentation for the half year ended 30 September 2016. Below are excerpts from the results:

Highlights for the period

Financial results

Revenue

Group turnover increased by 32% to $24,8m due to early maize seed sales and improved vegetable sales.

Margins

Gross margins were 4% down due to write down of some old stocks.

Outlook

There are mixed signals for the current year. While the weather forecasts are indicating above normal rainfall the situation on the ground is yet to reflect that. If good rains materialise as anticipated: seed demand and sales should increase especially in light of the food deficits across the region. The vegetable business is now gathering traction with some growth in revenue expected this year. With the impending commissioning of the new seed drying and processing facilities in Kenya, our foothold in the highlands market is expected to strengthen. However, liquidity challenges are still negatively affecting our mature markets in Zimbabwe, Zambia and Malawi.

Dividend

No dividends are declared during the half year period as per Group policy.

By Order of the Board

J Matorofa
SECRETARY

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: 23,020.00 ZWL cents ▲ (0.73 | 0.00% – 22/03/23)

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