Seed Co Limited’s overall sales dropped by nearly a third compared to the previous year on the backdrop of the El Nino-induced drought for the year ended March 31, 2024.
Due to the drought, the sales volumes of maize and soya beans were adversely affected.
“The extensively publicised drought dampened cropping plans as farmers cautiously tried to curb the risk of crop failure due to moisture stress,” said Tineyi Chatiza, the group’s secretary.
He said the sales volume of maize seed, the organisation’s key agricultural product, declined substantially from the previous year with a decrease of close to one-third.
The business experienced a significant increase in export sales, which provided the company with valuable foreign currency and helped offset the impact of reduced local demand for seed products.
Despite the challenges faced by farmers, such as power outages, high prices of critical inputs like fertiliser, and exchange rate volatility, the sales volume of the company’s wheat products remained consistent with the previous year’s performance.
malvernmugadzikwa
Online Reporter
