Logistics provider, TSL Limited, in a Trading Update for the Third Quarter Ended 31 July 2019, is strategizing against economic challenges facing Zimbabwe.
The group that also ventures into agriculture says it will continue to position itself to take advantage of the opportunities for growth in pursuit of the ‘moving agriculture’ strategy, the group reports.
“We will continue to invest in our people, upgrading our infrastructure, market presence, developing our technology platforms and leveraging on our local and international partnerships,” the company says.
“Foreign currency generation remains a key priority and strategies are being deployed to preserve value.”
The company that has interests in the agricultural business reports of economic challenges that faced business in the past year.
“Rising inflation eroded disposable incomes and reduced consumer spend. The exchange rate rapidly depreciated whilst access to foreign currency remained problematic,” the company says.
“Shortages of fuel and electricity became more pronounced and impacted businesses to varying degrees.”
“These factors combined, made for a very difficult operating environment.”
The TSL update says yields for all crops in its farming business were higher than in prior year given the thrust to only grow irrigated plants.
Occupancies were at the same levels as in the prior year in the real estate business.
The logistics business however experienced a 10% decline in customs clearance as access to foreign currency continues to constrain imports by its customer base.