Diversified agro-industrial concern, Ariston Holdings posted a 15 percent growth in revenue for the nine-months ended June 30 on account of positive export sales of macadamia and local sales of tea.
Tea exports were affected by weaker global demand as production reached record levels leading to a glut in the market.
Consequently, the Group has large tea stocks but local tea sales improved as a result of improved marketing strategies on the local market.
“The Group’s revenue remains predominantly foreign currency denominated. Revenue for the nine months period to 30 June 2020, grew by 15% in inflation adjusted terms compared to the prior comparative period,” the Group said.
Sales of macadamia, fruit, poultry and maize were in line with production levels.
However, global demand for macadamia has remained very firm, enabling the Group to sell its entire crop.
But the Covid-19 pandemic has negatively impacted the company, with disruption in air travel affecting smooth deliveries of export samples.
“Although there was a decline in overall macadamia yields in the current year compared to the previous two comparative periods, improvement in quality resulted in improved selling prices,” the Group added.
The fruit category comprising of bananas, pome fruit and stone fruit showed a decline against the 2019 comparative period arising from lower banana production which declined from 924 tons in 2019 to 661 tons in 2020.
Ariston has six strategic business units across Zimbabwe which includes, Blended Tea Factory, Claremont Estate, Clearwater Estate, Kent Estate, Roscommon Estate and Southdown Estate.
Going forward, the Group is now concentrating on activities for the start of the next summer season, with all factories going into shutdown for repairs and maintenance, and lands and orchards being prepared for the next season.
