Zimbabwe’s biggest tea producer, Tanganda Tea Company, says was faced with a slower global avocado market in the year to September 30, 2022, after Peruvian growers swamped the markets with their higher production volumes.
The Zimbabwe Stock Exchange-listed Tanganda has now stated that avocado prices tumbled 7% during the period, but it fended off the storms, pushing volumes up following an expansion program.
According to company chairperson Herbert Nkala, who presented the firm’s first financial statements since listing in February, Covid-19 volatilities were still haunting European markets during the period, hitting at the hospitality industry’s capacity to absorb avocados. But Tanganda, which saw inflation-adjusted revenue rise by 7,7% to $12,22 billion, will be accelerating its diversification plan, Nkala noted, as he shared results for the period with investors.
Source: theindependent.co.zw