{"id":96817,"date":"2024-07-22T23:00:41","date_gmt":"2024-07-22T21:00:41","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/tanganda-profit-up-25-on-costs-cuts"},"modified":"2024-07-23T01:06:56","modified_gmt":"2024-07-22T23:06:56","slug":"tanganda-profit-up-25-on-costs-cuts","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/tanganda-profit-up-25-on-costs-cuts","title":{"rendered":"Tanganda profit up 25% on costs cuts"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>TEA producer, Tanganda Tea Company Limited, has posted a 25% increase in profit after tax to US$1,97 million in the half year ended March 31, 2024 on the back of reduction in costs and expenses, despite a drop in revenue.<\/p>\n

In the comparable period last year, profit was US$1,38 million.<\/p>\n

In the period under review, the firm\u2019s finance costs, other expenses and selling and distribution expenses totalled US$3,84 million, down from a prior year comparative of US$4,96 million.<\/p>\n

For the reporting period, Tanganda abandoned the local currency and adopted the United States dollar as its accounting currency, joining several other firms who took similar measures owing to the volatile exchange rates.<\/p>\n

\u201cRevenue for the half year of US$11,1 million was 6% lower than the prior year of US$11,8 million,\u201d Tanganda chairperson Hebert Nkala said in a statement accompanying the firm\u2019s half year financial results for the period ended March 31, 2024.<\/p>\n

In its agriculture segment, Tanganda reported that the late onset of the rains resulted in an 8,96% decline in tea production to 5 082 tonnes in the reporting period from the prior year.<\/p>\n

Bulk tea exports were down by 12% to 3 415 tonnes for the period under review from last year.<\/p>\n

Further, the export selling price for bulk tea declined to US$1,38 per kilogramme (kg) in the period under review from US$1,45 over the similar 2023 timeframe.<\/p>\n

\u201cPacked tea volumes of 625 tonnes were 33% below 929 tonnes achieved in the prior year,\u201d Nkala said.<\/p>\n

\u201cNotwithstanding that the consumer order book was full, a combination of managing customers to reduce defaulting customer risk and packaging supply constraints are among factors that resulted in reduction in sales volumes.\u201d<\/p>\n

However, the firm recorded an increase in packed tea and coffee exports of 78% and 32%, respectively.<\/p>\n

While Tanganda rakes in significant foreign currency revenue from avocado and macadamia exports, the harvest season only commenced after the reporting period.<\/p>\n

Nkala said sustainable market diversification will continue to be pursued to expand the regional and international markets.<\/p>\n

\u201cThe company is optimistic that it has put in place mitigatory strategies to navigate the difficult terrain. Focus is on improving efficiencies across the company by re-engineering all processes and managing costs,\u201d Nkala said.<\/p>\n

In terms of liquidity, the firm had US$1,58 to every dollar of short-term debt showing the firm remained fairly capitalised for the near period.<\/p>\n

Total assets were US$39,17 million at the end of the period under review, up from US$31,9 million recorded on September 30, 2023.<\/p>\n

The rise was due to increases in inventories and amounts owed to Tanganda by its customers and other parties.<\/p>\n

For More News And Analysis About Zimbabwe Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. TEA producer, Tanganda Tea Company Limited, has posted a 25% increase in profit after tax to US$1,97 million in the half year ended March 31, 2024 on the back of reduction in costs and expenses, despite a drop in revenue. In the comparable period last year, profit was US$1,38 million. In the […]<\/p>\n","protected":false},"author":84,"featured_media":96816,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[19],"class_list":{"0":"post-96817","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-zimbabwe"},"yoast_head":"\nTanganda profit up 25% on costs cuts - zimbabwe<\/title>\n<meta name=\"description\" content=\"TEA producer, Tanganda Tea Company Limited, has posted a 25% increase in profit after tax to US$1,97 million in the half ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/tanganda-profit-up-25-on-costs-cuts\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tanganda profit up 25% on costs cuts\" \/>\n<meta property=\"og:description\" content=\"TEA producer, Tanganda Tea Company Limited, has posted a 25% increase in profit after tax to US$1,97 million in the half ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/tanganda-profit-up-25-on-costs-cuts\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-22T21:00:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-22T23:06:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/07\/sm_1721676759.630221.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/tanganda-profit-up-25-on-costs-cuts\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/tanganda-profit-up-25-on-costs-cuts\",\"name\":\"Tanganda profit up 25% on costs cuts - zimbabwe\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/tanganda-profit-up-25-on-costs-cuts#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/tanganda-profit-up-25-on-costs-cuts#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/07\/sm_1721676759.630221.jpg\",\"datePublished\":\"2024-07-22T21:00:41+00:00\",\"dateModified\":\"2024-07-22T23:06:56+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/2e02b5816e71b1149d79877f669a85e4\"},\"description\":\"TEA producer, Tanganda Tea Company Limited, has posted a 25% increase in profit after tax to US$1,97 million in the half ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/tanganda-profit-up-25-on-costs-cuts#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/tanganda-profit-up-25-on-costs-cuts\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/tanganda-profit-up-25-on-costs-cuts#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/07\/sm_1721676759.630221.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/07\/sm_1721676759.630221.jpg\",\"width\":1200,\"height\":675,\"caption\":\"Tanganda profit up 25% on costs cuts\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/tanganda-profit-up-25-on-costs-cuts#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.cc\/zimbabwe\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Tanganda profit up 25% on costs cuts\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#website\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/\",\"name\":\"zimbabwe\",\"description\":\"\u0623\u062e\u0628\u0627\u0631 \u064a\u0648\u0645\u064a\u0629 \u0639\u0644\u0649 \u0645\u062f\u0627\u0631 \u0627\u0644\u0633\u0627\u0639\u0629\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/zimbabwe\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/2e02b5816e71b1149d79877f669a85e4\",\"name\":\"cfeditoren\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Tanganda profit up 25% on costs cuts - zimbabwe","description":"TEA producer, Tanganda Tea Company Limited, has posted a 25% increase in profit after tax to US$1,97 million in the half ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/tanganda-profit-up-25-on-costs-cuts","og_locale":"en_US","og_type":"article","og_title":"Tanganda profit up 25% on costs cuts","og_description":"TEA producer, Tanganda Tea Company Limited, has posted a 25% increase in profit after tax to US$1,97 million in the half ...","og_url":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/tanganda-profit-up-25-on-costs-cuts","og_site_name":"zimbabwe","article_published_time":"2024-07-22T21:00:41+00:00","article_modified_time":"2024-07-22T23:06:56+00:00","og_image":[{"width":1200,"height":675,"url":"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/07\/sm_1721676759.630221.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/tanganda-profit-up-25-on-costs-cuts","url":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/tanganda-profit-up-25-on-costs-cuts","name":"Tanganda profit up 25% on costs cuts - zimbabwe","isPartOf":{"@id":"https:\/\/www.africa-press.net\/zimbabwe\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/tanganda-profit-up-25-on-costs-cuts#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/tanganda-profit-up-25-on-costs-cuts#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/07\/sm_1721676759.630221.jpg","datePublished":"2024-07-22T21:00:41+00:00","dateModified":"2024-07-22T23:06:56+00:00","author":{"@id":"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/2e02b5816e71b1149d79877f669a85e4"},"description":"TEA producer, Tanganda Tea Company Limited, has posted a 25% increase in profit after tax to US$1,97 million in the half ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/tanganda-profit-up-25-on-costs-cuts#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/zimbabwe\/all-news\/tanganda-profit-up-25-on-costs-cuts"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/tanganda-profit-up-25-on-costs-cuts#primaryimage","url":"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/07\/sm_1721676759.630221.jpg","contentUrl":"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/07\/sm_1721676759.630221.jpg","width":1200,"height":675,"caption":"Tanganda profit up 25% on costs cuts"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/tanganda-profit-up-25-on-costs-cuts#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.cc\/zimbabwe\/"},{"@type":"ListItem","position":2,"name":"Tanganda profit up 25% on costs cuts"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/zimbabwe\/#website","url":"https:\/\/www.africa-press.net\/zimbabwe\/","name":"zimbabwe","description":"\u0623\u062e\u0628\u0627\u0631 \u064a\u0648\u0645\u064a\u0629 \u0639\u0644\u0649 \u0645\u062f\u0627\u0631 \u0627\u0644\u0633\u0627\u0639\u0629","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/zimbabwe\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/2e02b5816e71b1149d79877f669a85e4","name":"cfeditoren"}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/posts\/96817","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/comments?post=96817"}],"version-history":[{"count":1,"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/posts\/96817\/revisions"}],"predecessor-version":[{"id":96823,"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/posts\/96817\/revisions\/96823"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/media\/96816"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/media?parent=96817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/categories?post=96817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/tags?post=96817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}