Audrey Galawu
Innscor Africa Limited (Innscor), a leading diversified industrial group in Zimbabwe, announced robust financial results for the six-month period ending December 31, 2023. The company achieved a remarkable 20.2% increase in revenue, reaching US$480.409 million, compared to the same period last year.
This significant growth is attributed to Innscor’s strategic investments in capacity building, product diversification, and optimised market reach. The company experienced improved capacity utilisation across its core manufacturing units, allowing them to meet the rising demand for their bakery, protein, beverage, and light manufacturing products.
Innscor’s focus on product development proved successful, with the introduction of new product categories and extensions within existing categories stimulating sales and attracting new customers. Additionally, the company invested heavily in strengthening its sales and distribution network, particularly for consumer-facing business units. These efforts in optimising their route-to-market strategies resulted in improved product accessibility and ultimately, higher sales volume.
Recognising the current economic realities, Innscor prioritised maintaining affordability across its product range. This strategic pricing approach ensured continued customer satisfaction and loyalty.
The company’s financial performance reflects this success. Profit Before Tax saw a 15.4% increase compared to the same period last year, reaching US$45.161 million. Additionally, a significant reduction in the Group’s interest expense due to a shift away from high-interest local currency borrowings further bolstered their financial standing. Furthermore, Innscor’s strong focus on working capital efficiency and free cash flow generation positions them for further investment and growth initiatives.
Divisional performance mirrored the overall positive trend. The Bakery division achieved an exceptional 23.3% volume growth, benefiting from consistent wheat pricing and innovative distribution strategies. These strategies included the expansion of express shops and upgrades to their delivery fleet
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