Seed-Co Q3 volumes buoyed by forex sales, exports

Zim Now Writer

Seed-Co Limited has announced that the company recorded a 516 percent revenue increase in financial performance with regards to volume growth and the evolution of the ZWL/USD exchange rates.

In a trading update for the third quarter ending December 31, 2022, company secretary Tineyi Chatiza said revenue increased by 425 percent during the nine months compared to the same period the prior year.

“When adjusted for inflation, revenue increased by 12 percent compared to the same nine months period in the prior year, and by 14 percent compared to the same quarter prior year, reflecting the volume rise,” he said.

Chatiza also said volume sales increase strengthened the firm’s earnings over the past nine months compared to the same period in the previous year.

He added that the volume sales increase was aided by ample stocks, exports, record local sales of wheat and soybeans, as well as favourable rainfall projections towards the start of the main planting season.

“Volume increased by 14 percent over the past nine months compared to the same period the prior year, and by 46 percent compared to the same quarter prior year, helped by ample stocks, exports, record local sales of wheat and soybeans, as well as favourable rainfall projections towards the start of the main planting season,” Chatiza said.

Seed Co Limited is set to join the Victoria Falls Stock Exchange becoming the latest to migrate to the dollar denominated Stock Exchange.

The migration comes after the central bank blocked its planned merger with VFEX-listed Seed Co International that would have seen the creation of one company listed on the Stock Exchange.