Tongaat aims to up revenue to US$0.6bn

Zim Now Writer

Tongaat Hullet said the company is working on becoming one of the biggest contributors to the national vision of a middle-income economy by 2030 by increasing its revenue from US$300 million to US$610 million, the sugar manufacturer’s General Manager Infrastructure and Support Services, Ushe Chinhuru, has said.

Addressing stakeholders at the Masvingo All Stakeholders meeting held at the Great Zimbabwe University Law School on Thursday, Chinhuru said the company will also expand its ethanol and cattle production businesses.

“We hope to become the biggest contributor to the US$8 billion economy that Masvingo Province wants to become. We intend to double our business by transforming it from being a US$300 million to US$610 million by 2030.

“Tongaat currently produces 400 000t of sugarcane annually but this can be increased to 600 000t if all small scale out grower farmers are incentivised to produce a minimum of 100t of sugarcane per hectare.

“The company is also looking at further production from Kilimanjaro, a new project where virgin land is being cleared and will bring in 2 300h to be distributed to small scale farmers working under the supervision of the company. Some 700h are already in place for farming,” Chinhuru said.

Tongaat is the country’s second largest employer after the government with 15 000 workers.

Such incentives have already been initiated with the establishment of a 100 tonne per hectare farmers’ club.