HARARE
–
Innscor
Africa
Limited
has
reported
a
surge
in
annual
turnover
to
more
than
US$1
billion,
powered
by
strong
demand
across
its
food,
beverages
and
light
manufacturing
businesses,
as
the
group
consolidated
gains
from
years
of
expansion.
The
diversified
conglomerate,
which
owns
household
brands
such
as
National
Foods,
Baker’s
Inn,
Colcom
and
Irvine’s,
said
revenue
for
the
year
to
June
30,
2025
climbed
19
percent
to
US$1.086
billion,
up
from
US$910
million
in
the
prior
year.
Profit
before
tax
rose
to
US$68.1
million
from
US$65.2
million,
while
attributable
profit
to
shareholders
increased
to
US$41
million,
translating
to
headline
earnings
per
share
of
7.25
US
cents,
12
percent
higher
than
last
year.
Cash
generated
from
operations
rose
nearly
20
percent
to
US$104
million,
giving
the
group
headroom
to
plough
US$73.9
million
into
capital
expenditure
and
US$14.3
million
into
share
buy-backs.
Total
shareholders’
equity
closed
the
year
at
US$469
million,
with
net
gearing
kept
low
at
just
over
10
percent.
Chairman
Addington
Chinake
described
the
performance
as
“pleasing,”
noting
that
relative
stability
in
the
economy
since
late
2024
had
allowed
Innscor
to
optimise
pricing
and
unlock
efficiencies
across
its
operations.
“The
group
delivered
encouraging
volume
growth
across
its
core
segments.
Our
investments
in
new
capacity,
innovation
and
distribution
are
now
yielding
returns,
while
strong
free
cash
generation
allows
us
to
continue
expanding,”
Chinake
said.
The
Mill-Bake
unit
was
a
standout
performer,
with
Baker’s
Inn
boosting
bread
sales
by
12
percent
after
commissioning
a
new
automated
production
line
in
Harare.
National
Foods
also
expanded
volumes
by
18
percent,
led
by
strong
demand
in
flour,
maize
meal
and
snacks.
In
the
protein
segment,
Colcom
registered
a
25
percent
jump
in
fresh
pork
sales,
while
Irvine’s
lifted
table
egg
and
poultry
volumes.
Beverages
and
light
manufacturing
benefited
from
new
capacity
at
Prodairy
and
Buffalo
Brewing,
although
Probottlers
was
hit
by
the
government’s
Sugar
Tax,
which
has
raised
costs
and
dampened
demand
for
cordials
and
soft
drinks.
Despite
the
positive
momentum,
Innscor
highlighted
challenges,
including
lingering
disputes
with
the
Zimbabwe
Revenue
Authority
over
historical
tax
assessments,
and
a
mounting
burden
of
regulatory
levies.
The
group
said
it
had
already
remitted
over
US$10
million
in
Sugar
Tax
since
its
introduction
last
year.
Directors
declared
a
final
dividend
of
1.5
US
cents
per
share,
bringing
the
total
payout
for
the
year
to
2.95
US
cents
—
up
11
percent
from
last
year.
Payment
will
be
made
in
early
November.
Looking
ahead,
Innscor
said
it
was
entering
“an
exciting
phase,”
with
recently
completed
expansion
projects,
including
new
bakeries,
stockfeed
plants
and
a
fertiliser
granulation
facility,
now
contributing
to
output.
The
group
will
also
roll
out
a
pipeline
of
solar
energy
projects
and
continue
to
drive
contract
farming
through
its
“AGrowth”
platform.
In
2014,
Innscor
became
the
first
Zimbabwean
company
to
pull
in
over
US$1
billion
in
revenue.
A
year
later,
it
unbundled,
spinning
off
Simbisa
and
Axia
as
stand-alone
businesses.
Fast-forward
to
2025,
and
the
company
is
back
over
the
billion
mark.