Online Reporter
Nelson Gahadza
TSL Limited is poised for sustained earnings growth underpinned by a strong agricultural season, logistics business expansion and a planned migration to the Victoria Falls Stock Exchange (VFEX), market watchers say.
The group said in its half-year financial statement that, in the outlook, it will continue to focus on its strategic priorities, improve operational efficiency, allocate capital efficiently and deliver sustainable returns to shareholders.In its half-year earnings analysis for the six months ended April 30, 2026, FBC Securities said TSL’s strong operational performance and diversified earnings base positioned the company favourably for medium-term growth.
“TSL offers investors US dollar-denominated exposure to Zimbabwe’s agricultural recovery at a discount to intrinsic value,” the brokerage said.
The company recorded a 33 percent increase in revenue to US$26,23 million during the period, from US$19,67 million in the comparable period last year, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose 29 percent to US$9,74 million.
Profit after tax climbed 45 percent to US$5,6 million, while earnings per share improved 47 percent to 1,50 US cents.
The improved profitability was attributed to lower finance costs, operational efficiencies and stronger demand across its agriculture-related businesses following favourable rainfall conditions.
Agriculture remained TSL’s dominant revenue contributor, accounting for 66 percent of total turnover, reinforcing the group’s exposure to Zimbabwe’s agricultural value chain.
FBC Securities said strong crop production had boosted demand for inputs and services across the business, with crop chemical volumes increasing by 47 percent and contract tobacco volumes surging 87 percent to 36 million kilogrammes.
