TSL revenues up 33% in H1
Harare, (New Ziana) – Diversified agro-industrial firm, TSL Limited saw its revenues for the half-year ended April 2021 jump 33 percent to $1.5 billion compared to the same period last year driven by agriculture input sales.
Despite other segments of its business having been hit by the ravaging Covid-19 pandemic, the group posted a net profit of $467.4 million up from $308.8 million during the same period in 2020.
TSL has operations spanning across the agriculture sector, logistics and storage, as well as vehicle rentals.
“Revenue at ZWL$1.5 billion is 33 percent above prior year largely driven by volume growth in the agro inputs business,” TSL said.
“There has been an earlier start to the tobacco selling season resulting in increased volumes on auction in the first half of the year.”
Improved profitability saw earnings per share jump to 101.99 cents from 77.89 cents.
TSL declared an interim dividend of 28 cents per share.
The company said a third wave of the Covid-19 outbreak would impact on its business.
“A national vaccination program is ongoing and it is hoped that with increased uptake, this may mitigate some of the more severe effects of the pandemic,” the firm said.
The group is also working to expand its Agricura exports to Zambia, with product registration already underway.
TSL subsidiaries include Avis car rental, BAK Logistics, Propak and TSL Properties.