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Ivan Zhakata
Herald Correspondent
Triangle Limited, one of the largest sugar producers in Zimbabwe, has announced a phased retrenchment exercise as it grapples with declining profitability.
The decision, described as “difficult but necessary,” aims to safeguard the company’s future amid rising costs and declining profitability.
In a statement, Triangle managing director Tendai Masawi said, “This is not a reflection of our employees’ dedication or performance. It is a painful step dictated by the harsh economic realities we face.
“Our profit margins have plummeted by 55 percent since 2022, and manpower costs have surged by 133 percent relative to revenue. We have no choice but to realign our operations to survive.”
The retrenchment, part of the company’s broader restructuring strategy dubbed “Project Zambuko,” will occur in three phases.
The first phase will be completed by February 2025, followed by two additional stages that will be concluded in May and August.
“We have explored every possible avenue to stabilise the business, including cost-cutting and revenue-enhancing measures, but these have proven insufficient,” Masawi said.
Triangle Limited has pledged to handle the process with fairness and transparency, offering severance packages and emotional support programmes to affected employees.
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