Turnall record volumes decline, Ukraine war taking its toll

Turnall Holdings Limited recorded a 7% decline in volumes in the third quarter (Q3) of 2023 compared to prior period last year due to supply of raw material constraints.

The company released a Q3 trading update which showed a decline in volumes to 8,526 tonnes from 9,132 tonnes compared to the same period last year.

The decline was attributed to product shortages as a result of the war in Ukraine.

” Business performance was negatively affected by product outages of roofing sheets owing to delays in the supply of the key raw material, fibre, due mainly to the impact of the war in Ukraine,” read the trading update.

In order to mitigate losses and volumes decline the company secured alternative sources of fibre from Brazil to complement the existing fibre supplies. Expectations are that operations will normalise in the fourth quarter of 2023.

Trading activity was also negatively affected by the liquidity crunch, low disposable incomes and price distortions prevailing in the economy.

Building products, concrete products and AC Pipes contributed 53% and 46% and 1% of the sales volumes respectively.

The company benefited from the multi-currency regime as they were able to pay for their foreign currency obligations.

The company is retooling after acquiring a new state-of-the-art fibre cement sheeting plant and a Glass Reinforced Plastic (GRP) Plant. These new plants were funded using proceeds from a Rights issue.

Leave a Reply

Your email address will not be published. Required fields are marked *


ZIMTRADE’s Training Propels SMEs Towards International Market Success

In Bulawayo, a transformation is underway as small to medium enterprises (SMEs) gain the confidence to enter the export market, thanks to a strategic initiative by Zimbabwe’s trade promotion authority, ZIMTRADE. These ventures, which began as modest local businesses, are now gearing up to compete on the international stage.Bulawayo’s entrepreneurs are seizing the vast opportunities […]

Read More

Unifreight buoyant as it registers 58% Q1 volumes growth

Diversified logistics concern Unifreight has announced a remarkable 58% increase in volumes for the first quarter of 2024. This growth is attributed to the company’s strategic fleet expansion, increased capacities, and aggressive marketing efforts. Unifreight has placed significant resources into the Full Truck Load (FTL) market segment, which has paid off handsomely. The FTL market […]

Read More

AirZim starts accepting ZiG

National carrier, Air Zimbabwe is now accepting payment in Zimbabwe Gold (ZiG), boosting confidence in the new currency. In a statement on X (formerly Twitter) yesterday, Air Zimbabwe said the ZiG payments reflected a commitment to adapting to the evolving financial landscape by offering stakeholders convenient payment methods. “As we integrate Zimbabwe Gold currency into […]

Read More