Zimbabwe’s leading hybrid crop producers’ profit for the for the six months ended 31 March 2018 improved from $20.4 million to $21.4 million recorded during the same period last year.
According to the Group Secretary, John Matorofa, improvement was due to strong performance of continuing operations which was driven by heightened product demand in addition to reduction in finance costs and an improved performance of the associate cotton seed business.
“The improvement was due to strong performance of continuing operations which was driven by heightened product demand in addition to reduction in finance costs and an improved performance of the associate cotton seed business,” he said.
He added that Individual asset and liability values decreased due to reallocation of $42,2 million of property, plant and equipment to assets held for distribution for the regional operations.
“Individual asset and liability values decreased as the regional balance sheet was classified as held for distribution because of the impending unbundling of Seed Co International.
” The reduction was due to reallocation of $42,2 million of property, plant and equipment to assets held for distribution for the regional operations. During the year, $7,9 million was spent on property, plant and equipment.
“This included acquisition of land in Zambia and Botswana for production and future construction of a warehouse respectively; capital improvements at various research stations; purchase of vegetable seed processing and packing plant by Prime Seed; renovations at the factory in Zambia; replacement of processing equipment in Zimbabwe and additional work on the Kenya facility which was commissioned last year,” he added.
Meanwhile the board declared a dividenyd of 2,95 US cents per share and an additional once off special dividend of 1,48 US cents, payable to the shareholders in the register of the company as at 22 June 2018.
