Ariston Holdings Invests In A New Macadamia Nuts M...

Ariston Holdings Invests In A New Macadamia Nuts Machine To Enhance Export Quality

Audrey Galawu

Ariston Holdings Limited has recently acquired a macadamia scanning machine, which allows for the scanning of nut-in-shell macadamia nuts to determine their quality before export.

This will enable the Group to determine nut quality and defects and assists in pricing the macadamia nuts more effectively for export by being able to grade better and guarantee the quality being sold.

The equipment was commissioned in April 2024, in time for the current year macadamia selling season.

The interim report for the half year 2024, revealed that Ariston generated total revenue amounting to US$2,427,642 during the first half of the year, marking a 7% decrease from the previous comparable period. This was mainly attributable to a decline in export tea volumes.

“The decline in revenue posted, coupled with the 27% increase in the cost of production resulted in the Group posting a gross loss during the period.

“In the comparative period, the Group had unrealised exchange losses, mainly arising from United States Dollar denominated liabilities.

“Since the change in functional currency, exchange gains have been generated arising from Zimbabwe dollar denominated liabilities.

“Finance cost declined by 5%, when compared to the prior comparative period. As a result of all the above, the Group posted a 14% improvement in the loss incurred during the first half of the year," reads the report.

Macadamia production volumes for the period at 603 tonnes were 4% below the prior comparative period.

During the current period, 386 tonnes of macadamia nuts were sold, but all these nuts related to the stocks held at the start of the current year. No current season macadamia nuts had been sold as at March 31 2024 as the season commences in April.

In the prior comparative period, no macadamia nuts were sold during the first half of the prior year as sales commenced in the second half of the year.

During the period, 1,830 tonnes of tea were produced. This was a 14% improvement on the prior comparative period’s volume of 1,599 tonnes.

“A 6% improvement in the average selling price of export tea was noted, however, this was coupled by suppressed export tea demand which resulted in export tea volumes declining by 56%. This resulted in a 53% decline in export tea revenue.

“Local tea demand remained firm as evidenced by a 40% increase in local tea sales volumes compared to the prior comparative period."