Online Reporter
Michael Tome
Business Reporter
Delta Corporation’s revenue grew by 32 percent to US$514 million in the half-year to September 2025, buoyed by a stable operating environment and firm consumer demand across the group’s product categories.
Zimbabwe’s macroeconomic landscape has stabilised significantly since the introduction of the ZiG in April 2024, replacing the inflation-weary Zimbabwe dollar.
The combination of tight monetary and fiscal policies has seen a sustained decline in inflation, amid a more stable exchange rate.
The ZiG monthly inflation has averaged 0,5 percent since February this year and is projected to close the year below 30 percent, while the parallel market exchange rate has plunged from 0ver 100 percent early last year to less than 20 percent.
ZiG has held firm, with the exchange rate averaging ZiG26,7 to US$1 over the course of this year, a development that has helped restore pricing predictability and confidence in the market.
Delta said its revenue growth was driven by volume expansion and the consolidation of Schweppes as a subsidiary.
The beverages giant said the strong performance reflected strong demand across its product portfolio, stronger consumer spending power, and reduced pressure from informal imports due to stronger regulatory enforcement.
In the period under review, lager beer volumes grew by 21 percent, attributable to stable pricing during the half year and rising disposable incomes as farmers benefited from a good 2024/25 cropping season and notable performance in the gold sector.
Sorghum beer volumes were up 16 percent while African Distillers (Afdis) posted a 43 percent rise in volumes, underpinned by a 59 percent increase in wines, 47 percent in ready-to-drink beverages, and 36 percent in spirits. Sparkling beverages saw more modest growth at 11 percent.
“The group benefited from a relatively stable operating environment during the half-year period under review. Consumer spending remained strong, driven by a stable ZiG exchange rate, a record-breaking tobacco marketing season, increased mining activities and firm mineral prices, particularly gold.
“Diaspora remittances are also benefiting from the strengthening of key source currencies such as the Rand and Pound,” said Delta Corporation chairman Mr Todd Moyo in a statement accompanying the half-year financials.
He noted that the group’s trading margins also improved on the back of lower cereal and packaging costs and higher production throughput.
However, these gains were partially offset by under-recovery related to the sugar tax.
Delta said the proportion of domestic sales undertaken in foreign currency was 92 percent during the period under review, maintaining the firm’s US dollar liquidity and helping to support overall financial stability.
Operating income rose by 54 percent to US$99,6 million, while profit before tax surged to US$104,8 million from US$55,8 million in the prior comparable period.
In its commentary on the beverage firm’s results, stockbroking firm IH Securities said Delta was well-positioned for further growth as the country heads into the festive season, traditionally the strongest period for beverage sales.
“Leading into the busy festive period, consumer spending is expected to remain resilient, supported by strong performances in artisanal mining and agriculture, as well as the 13th cheque, sustaining volume momentum through informal distribution channels.
“In our view, topline growth is expected to remain volume-driven in the short term, given the price sensitivity of the market amidst rising competition across all segments,” IH Securities said.
Delta’s positive first-half performance signals strengthening demand and reflects the broader stabilisation of Zimbabwe’s consumer market as the ZiG continues to anchor improved economic conditions.
