Innscor Africa Achieves US$910 Million Revenue, Ma...

Innscor Africa Achieves US$910 Million Revenue, Marking 13.2% Growth

Zim Now Writer

Innscor Africa Limited has reported robust performance for the financial year ending June 30, 2024, achieving a 13.2% increase in revenue despite a challenging economic landscape.

Innscor’s revenue rose to US$910 million, driven by volume growth across its diverse portfolio of businesses. Earnings before interest, taxes, depreciation, and amortization increased by 13.7% to US$86.05 million, while profit before tax surged by 35% to US$65.19 million, showcasing the company’s resilience and operational efficiency.

The company maintained a strong cash flow, generating US$106.1 million from operations, which supported ongoing investments. Capital expenditure for the year totalled US$72.77 million, reflecting Innscor’s commitment to capacity expansion and operational efficiency.

In the Mill-Bake Segment, loaf production grew by 12%, bolstered by the commissioning of a fully automated bread production line in Bulawayo.

National Foods, part of this segment, achieved 6% volume growth, supported by increased demand for maize and stockfeed products.

Colcom Foods recorded a 5% increase in fresh pork volumes, while Associated Meat Packers reported a 7% rise in overall volumes.

The Texas Meats retail chain expanded to 35 outlets.

Prodairy posted a 26% increase in volumes, driven by strong demand for its “Revive” dairy blend products.

Probottlers introduced new products, including the “Activ8” sports drink and “Mammoth” energy drink, contributing to 12% volume growth.

Innscor emphasised environmental responsibility by reducing reliance on imported raw materials and investing in solar power projects.

The introduction of new taxes on basic commodities and beverages impacted operating costs and profit margins. However, the company adapted by investing in automation and expanding its product range to mitigate these effects.