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TSL Revenue Up 9 Percent In Third Quarter

TSL Limited revenue for the third quarter to 31 July 2021 grew by nine percent in inflation-adjusted terms on account of an increase in tobacco handled at its tobacco subsidiary- Tobacco Sales Floor in line with its decentralization strategy.

Tobacco Sales Floor handled 16.7 mkg of tobacco in the quarter against 6.9 mkg handled in the comparative period, an increase of 143 percent.

Of this volume, 60% was on behalf of tobacco contractors in Harare and the new decentralized floors in Karoi and Marondera in line with the group’s strategic thrust.

“The Group achieved good volume growth across most business units and remains profitable. Revenue is ahead of prior year, for the quarter, by 9 percent (inflation adjusted) and 105% (historical cost),” the Group said in its latest trading update.

At Propak Hessian, the group tobacco packaging supplying an distributing unit, volumes were cumulatively 21 percent ahead of prior year.

“Due to the earlier start to the tobacco trading season, most of these volumes were delivered in the first half of the year and consequently the volumes in this quarter are 30 percent lower, reflecting this timing difference,” the Group said.

Agricura achieved strong volume growth across most product lines due to increased market share, stock availability and attractive pricing particularly on locally manufactured products.

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“The prior year drought adversely affected yields for tobacco, banana and chillies as water had to be rationed due to low dam levels. However, the above-normal rainfall season has resulted in good yields for the maize, Seed maize and soya bean crops,”

Bak Logistics recorded good volume growth over prior year in tobacco handling (28%), distribution (36%), ports (285%) and transport (117%) divisions.

“This growth was attributable to new clients being signed up and the commencement of transport services from decentralized tobacco floors. Storage volumes in FMCG and General cargo were well below the comparative period, due to global supply chain disruptions which resulted in product being moved directly to consumers,” the Group said.

Handling volumes at Premier Forklifts improved by 28 percent in the quarter while forklift sales remained depressed as customers slowed down on capital projects.

Avis’ rental days are up 121 percent in the quarter due to lighter lockdown restrictions and commencement of international travel when compared with prior year.


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