• About
  • Advertise
  • Privacy & Policy
  • Contact
Sun, Jan 24, 2021
Zim Trending
  • Home
  • Top Stories
  • Breaking NewsHot
  • Entertainment
  • Business
  • Education
  • JobsLatest
  • Scholarships
  • Crime
  • Celebs
No Result
View All Result
  • Home
  • Top Stories
  • Breaking NewsHot
  • Entertainment
  • Business
  • Education
  • JobsLatest
  • Scholarships
  • Crime
  • Celebs
No Result
View All Result
Zim Trending
No Result
View All Result

Tongaat Hulett Targets Increase In Export Volumes

Editorial Team by Editorial Team
07/08/2020
in Business
Reading Time: 3min read
0
Tongaat Hulett Targets Increase In Export Volumes
680
VIEWS
Share On WhatsAppShare on FacebookShare on TwitterShare On LinkedIn

SUGAR processor, Tongaat Hulett, says it is targeting to increase export volumes into the region and internationally this year by 52,8 percent to 136 000 tonnes compared to 89 000 tonnes achieved last year.

In a quarterly trading update for the period ended June 30, demand for sugar in the domestic market remained relatively firm with consumers stocking up ahead of winter and as a precaution in light of Covid-19.

Speculative trading by some traders capitalising on pricing distortions on account of exchange rate differentials also resulted in sugar being diverted from traditional retail chains to the informal market.

“The industry has since taken measures to minimise speculative trade with expectations that the new currency auction system will stabilise the situation.

“Total local industry sales volumes for the quarter amounted to 66 492 tonnes compared to 60 054 tonnes sold during the same period last year,” said the company.

“Export sales to date of 32 080 tonnes were achieved during the quarter compared to 14 587 tonnes over the same period in the prior year, benefitting from increased sales into Kenya.

RelatedPosts

Torn USD Notes In Zimbabwe

Old & Torn USD Notes Are Still Acceptable Says RBZ

22/12/2020
517
Strive Masiyiwa

Strive Masiyiwa Appointed To Netflix Board of Directors

17/12/2020
1.9k
Strive reduces himself to “Simply the largest shareholder of Econet”.

Strive Masiyiwa Named As One Of The 50 Most Influential People In The World

09/12/2020
1k
fuel prices go up again

Fuel Prices Go Up Again Ahead Of The Festive Season

05/12/2020
725

“A season total of 136 000 tonnes (prior year 89 000 tonnes) has been allocated to the export market of which 58 percent has already been contracted to date. A significant volume of 97 500 tonnes will be exported to Kenya and 18 198 tonnes to the United States (inclusive of a prior year reallocation of 4 672 tons).”

It said the recent moves by Government to allow trading in foreign currency in the local market and the return to a market-driven exchange rate regime are positive and welcome developments that would enhance economic stability and business viability.

Turning to the impact of Covid-19, Tongaat Hulett said so far, there have been minimal interruptions to its operations resulting from the pandemic during the quarter as the company remains classified as an essential service.

In addition, the sugar producer said it has in place a robust business continuity plan to mitigate potential negative impacts of the pandemic.

“Regrettably, the company recorded its first Covid-19 case on 20 July 2020. All established Covid-19 protocols were implemented including contact tracing and disinfection of premises. The company’s main priority, as always, remains the health and wellbeing of its employees and all stakeholders in our immediate communities, as well as those visiting the operations at all relevant times,” said the firm.

In May, Tongaat Hulett announced that it was channeling $13 million towards fighting Covid-19 in the workplace while 150 000 litres of ethanol worth $4 million was donated to the State for production of sanitisers.

A total of $6 million was also extended to Masvingo Province towards the fight against Covid-19.

In the outlook, the company said the 2019/20 rainfall season was yet another poor one with very minimal inflows into the industry’s water supply dams, presenting a key risk to the industry.

“Although the industry has sufficient irrigation water to cover the current season, water conservation initiatives including reduced water application rates to levels that are not a deterrent to normal crop growth have been instituted as a precautionary measure.

“Total industry sugar production for the current year is set to be between 445 000 and 455 000 tonnes exceeding prior year production of 441 000 tonnes, with the company’s share of production estimated at 50 percent,” it said.

Tongaat Hulett said regarding its application for a 99-year lease, authorities have assured them that the matter was being attended to with urgency providing and thus raising further confidence and stability to the firm’s operations.

“Work on the 4 000 hectares out-grower cane development project in partnership with Government and local banks (Project Kilimanjaro) is on-going with a total of 2 700 hectares of virgin land having been cleared and ripped, 466 hectares of which have been planted to sugarcane.

“During the first quarter ended 30 June 2020, work on the project has been slowed down by delays in obtaining adequate funding from financial institutions due to the prevailing adverse economic environment.

“Alternative funding structures for the project are under consideration in consultation with Government, which will result in the project being progressed on a phased approach,” it said.

On completion, the Kilimanjaro project will contribute significantly to the industry target of full utilisation of installed milling capacity of 600 000 tonnes of sugar by 2023/24, positioning the country to be one of the most competitive sugar producers in the region and globally.

“The company remains optimistic that notwithstanding the Covid-19 pandemic and the current economic challenges, the Zimbabwe sugar industry is well-positioned to be one of the most competitive in the region by 2023 on the back of increased production and operating efficiencies,” it said.  The Chronicle

SendShareTweetShare
Editorial Team

Editorial Team

Related Posts

Torn USD Notes In Zimbabwe
Business

Old & Torn USD Notes Are Still Acceptable Says RBZ

by Editorial Team
22/12/2020
0
517

The Reserve Bank Of Zimbabwe (RBZ) has released a public statement saying that old and worn USD notes are still...

Read more
Strive Masiyiwa

Strive Masiyiwa Appointed To Netflix Board of Directors

17/12/2020
1.9k
Strive reduces himself to “Simply the largest shareholder of Econet”.

Strive Masiyiwa Named As One Of The 50 Most Influential People In The World

09/12/2020
1k
fuel prices go up again

Fuel Prices Go Up Again Ahead Of The Festive Season

05/12/2020
725
Ecommerce Sales In Africa

 The Growth Of Internet Retailing In Africa in 2020 & Beyond

04/12/2020
149
Business Ideas To Make Money in Zimbabwe

Business Ideas To Make Money in Zimbabwe in 2021 Part 1

04/12/2020
772

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
List of Top 100 Best ‘O’ Level Schools In Zimbabwe (2020)

List of Top 100 Best ‘O’ Level Schools In Zimbabwe (2020)

24/01/2021
Emap System in Zimbabwe

How To Apply For 2021 Form 1 Boarding Places On eMAP

08/01/2021
Provisional Driving Licence Test Possible Questions & Answers

Provisional Driving Licence Test Possible Questions & Answers pdf

06/12/2020
Indian sweets for bedroom use

Indian Bedroom Sweets & Love Portions Floods Harare

13/11/2020
Four Teachers Suspended After Writing Exams For Their Girlfriends.

Just In: Zimsec O’Level 2019 Results Out

6
How To See Zimsec Results Online

How To See Zimsec O Level November 2019 Results Online

4
2020 Zimbabwe Universities Application Forms (Download Now)

2020 Zimbabwe Universities Application Forms (Download Now)

3
Four Teachers Suspended After Writing Exams For Their Girlfriends.

‘O’ Level ZIMSEC Results Now Accessible Online

3
Ignore Lockdown Reports: Mangwana

Lockdown Update:Local Businesses Put On Hold For 30days

02/01/2021
Breaking News: Police Arrest 200 Teenagers At A Party In Westgate

Breaking News: Police Arrest 200 Teenagers At A Party In Westgate

02/01/2021
synthetic Indices

How To Trade Synthetic Indices: A Comprehensive Guide For 2021

01/01/2021
zesa

You Can Now Buy Zesa Using Foreign Currency

22/12/2020

Recent News

Ignore Lockdown Reports: Mangwana

Lockdown Update:Local Businesses Put On Hold For 30days

02/01/2021
738
Breaking News: Police Arrest 200 Teenagers At A Party In Westgate

Breaking News: Police Arrest 200 Teenagers At A Party In Westgate

02/01/2021
1.1k
synthetic Indices

How To Trade Synthetic Indices: A Comprehensive Guide For 2021

01/01/2021
1.9k
zesa

You Can Now Buy Zesa Using Foreign Currency

22/12/2020
760

ZimTrending

For all the trending news for Zimbabweans at home and abroad

Follow Us

Search this site

No Result
View All Result

Partner Websites

www.taydigital.net
www.openclass.co.zw
www.mrtaylor.me

  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2021 Zim Trending If its Trending You WIll Find It Here - Website Developed & Maintained By Tay DIgital.

No Result
View All Result
  • Home
  • Top Stories
  • Breaking News
  • Entertainment
  • Business
  • Education
  • Jobs
  • Scholarships
  • Crime
  • Celebs

© 2021 Zim Trending If its Trending You WIll Find It Here - Website Developed & Maintained By Tay DIgital.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.