Innscor Records Recovery Despite The Pandemic Raging On
Innscor Africa Limited has seen a significant volume recovery despite the prevailing coronavirus pandemic that has dampened growth for many companies worldwide.
The Zimbabwe Stock Exchange (ZSE) listed conglomerate attributes the recovery and growth trajectory to deliberate reviewing of the business models in light of a changing operating environment.
Presenting a trading update for the third quarter ended March 31 2021 recently, Innscor’s company secretary, Andrew Lorimer said:
_Whilst the prospects of the local agricultural season appear very positive and the prevailing economic stability proving conducive for business, inherent complexities remain._
_Ongoing Covid-19 related cost and inefficiencies continue to periodically affect global supply chains, while the real cost-push effects of transitioning out of a hyper-inflationary environment have required continual evaluation and adjustment of the Group’s business models._
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_At present, the financial status of the group remains healthy, and the impact of the Covid-19 has not created any issues from a solvency or liquidity perspective._
Lorimer reported that National Foods’ cumulative nine-month aggregate volume growth remained steady at 14% over the comparative period while the flour division experienced strong consumer demand.
The poultry sector recovery continued to drive favourable growth within the stockfeed division while the groceries division maintained good growth momentum, driven by firm demand in both the rice and salt categories.
The Reserve Bank of Zimbabwe (RBZ)’s foreign exchange auction system launched last year has been largely credited for placing local companies, including Innscor, on a recovery and growth trajectory.
Under the system, companies bid for the scarce foreign currency which is a key resource as they get most of their commodities abroad.
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More: Pindula News; NewZimbabwe
