Foreign Currency Shortage still a challenge on Day Old Chicken Imports
Zimbabwe Stock Exchange listed company, Innscor Africa Limited operations, says the volumes of processed chicken has normalised, but constant supply might be hampered by the acute foreign currency shortages in the country
Forex shortages has also negatively impacted on the small scale sector which depend on day old chicks for production.
“The shortage is also affecting small scale sector which relies on day old chickens for production.
“Table egg productions remains at around 43 per cent of normal capacity,” said Mr Schonken.
He added that the introduction of family loaf was very well received by the market and accounted for 47 per cent of total loaves sold so far.
“The business continued to invest in extending its pipeline of key raw materials to this end, working capital increased by $9.3 million during the quarter to $88.3 million and we have a good pipeline of raw materials in most of our key categories at this point,” said Mr Schonken.
He added that revenue continued to show good growth on the back of a 13 per cent increase in average loaves sold per day versus the comparative quarter.