TSL Limited FY 2022 Earnings Flash – Significant Growth in Logistics and Avis Vehicle Hire

Published On: May 8, 2023By Tags: Southern-Africa

TSL Limited, trucking logistics business, rail volumes to Maputo and Avis vehicle hire increased by 32%, 117% and 71% respectively in FY 2022.


  • TSL has a 71% market share of tobacco auctions in Zimbabwe.
  • A new tobacco floor was opened in Mvurwi and has been operating successfully.
  • Sales revenue increased by 238% against an inflation rate of 269%.
  • Tobacco auction tonnage decreased by 5% in FY 2022.
  • Zimbabwe Mercantile Exchange was launched during the year 2022.

Investor Issues

  • TSL has a long-term debt to equity ratio less than 1% and an interest cover of 19.2 times.
  • Operating margins declined to 14% from 33% year prior.

Download the full report

Sign up to The Investor Mailing List to receive equities reports for listed companies in Sub-Saharan African markets in your email inbox and to AfricanFinancials’ Equity Valuation Insights LinkedIn page for access to African stock market valuation insights, annual and earnings reports.

About the Author: Hartland-Peel Africa Equity Research

Sub-Saharan Africa ex SA: Equity, debt and FX research covering sixteen countries and advising institutional investors. Proprietary data base of sixteen African stock markets, 250+ companies which is one of the most extensive and complete. New issues, IPO’s and distribution of equity on privatisation. Development of lending and corporate finance opportunities for the bank, privatisation and asset management. An ‘A’ rated equity analyst by South African institutional investors as polled by the Financial Mail in 1998 and 1999.