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
Group turnover increased by 32% to $24,8m due to early maize seed sales and improved vegetable sales.
Gross margins were 4% down due to write down of some old stocks.
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.
No dividends are declared during the half year period as per Group policy.
By Order of the Board
SEED.zw | 2017 Interim financial results.pdf
SEED.zw | 2017 Interim financial results presentation.pdf
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