Online Reporter
Sikhulekelani Moyo
Zimpapers Business Hub
ZIMBABWE Stock Exchange-listed manufacturer of building and construction materials, Turnall Holdings, plans to invest further capital in a solar energy plant to reduce electricity costs, improve production reliability and allow greater flexibility in its energy structure.
This comes as several local firms have invested in solar power to bypass grid shortages and secure reliable operations.
Businesses are rolling out both rooftop installations and utility-scale independent power plants, supported by the Zimbabwe Energy Regulatory Authority through net metering and duty-free equipment imports.
Zimbabwe is experiencing a severe power deficit, with an average generation of 1 400 megawatts against a peak demand of 2 200MW, due to limited domestic production capacity and rapidly rising consumption amid surging output in mining and agriculture.
In its first quarter trading update, Turnall Holdings said the power situation remained generally stable for most of the quarter, allowing production activities to continue with minimal disruptions.
“The group is looking to invest further capital in a solar energy plant that will aim to reduce electricity costs, improve production reliability and allow greater flexibility in the overall energy structure,” said Turnall Holdings board chair, Mr Kenneth Schofield, in a trade update.
He also revealed that the group is planning to upgrade the Bulawayo sheeting plant in an effort to resume export sales into the region.
“The group continues to evaluate investment opportunities to ameliorate risk and take advantage of market opportunities,” said Mr Schofield.
On March 15, 2026, Turnall Holdings successfully commissioned its new fibre-cement sheeting plant in Harare.
The new plant represents a key milestone in the group’s strategy to enhance production capacity, improve production efficiency and enrich its product offering to the market.
Mr Schofield said management expects improved performance as the new fibre-cement sheeting plant in Harare stabilises, the tile plant efficiencies improve and market development initiatives begin to yield positive results.
He said focus will remain on improving operational efficiencies, strengthening working capital management and growing revenues, bolstered by an improved product offering to the market.
Turnall Holdings said revenue for the quarter grew by 19 percent compared to the same period last year, whilst sales volumes went up by 39 percent, from 5 464 tonnes to 7 592 tonnes, mainly driven by a strong demand for fascia boards and concrete tiles.
This saw the production volumes similarly increasing by 14 percent compared to the prior year in response to the improved market demand.
“The gross margin declined to 20 percent compared to 22 percent in the prior year, owing to sharp increases in some input costs, particularly in March 2026 following the increases in fuel prices,” said Mr Schofield.
“The business absorbed these costs and maintained the same selling prices. The operating expenses to sales ratio was 27 percent compared to 37 percent in the prior year due to the ongoing cost containment initiatives.
“The group recorded an operating loss of US$208 921 for the quarter compared to a loss of US$258 524 in the comparative period last year, which was a 19 percent improvement.”
