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Natasha Chamba, Business Reporter
SCHWEPPES Zimbabwe Limited has increased the retail price for its Mazoe Orange Crush to $4 from $3,20 for a two-litre bottle citing rising costs of key imported ingredients.
In view of the persistent foreign currency shortages, Schweppes said its production efficiency has been interrupted in the past months leading to high retail pricing. Although the company admitted to support from banking partners, it said the allocations were insufficient to meet demand.
“Owing to an increase in the price of manufacturer grade sugar effective November 2018, as well as an increase in costs of local juice, consumables and spare parts, Mazoe orange crush pricing will be adjusted from current recommended retail price of $3,20 to $4,00 per 2l unit effective 7 November 2018,” it said in a statement.
The company noted that panic buying witnessed in October depleted raw materials and finished their goods inventories resulting in supplies to both their domestic and export market falling short of demand.
Meanwhile, Schweppes said its export volumes and revenues were growing with an average of $750 000 monthly but were still insufficient to meet monthly imported raw material requirements of $2,5 million.
The company’s domestic market in the coming month is expected to account for 95 percent of total beverages output while the export market volume will account for five percent of total output for 2018, it said. — @queentauruszw
Online Reporter