Ariston Holdings Limited, a diversified agricultural company, has reported a 21% decline in revenue to $5.6 million for the year ended September 30, 2025, compared to $7.1 million in the previous year. The decline was primarily attributed to lower macadamia production volumes.
Chairman Michael Allan Bailey noted that the 2025 agricultural season benefited from improved climatic conditions, with normal to above-normal rainfall received across all operations. However, the local trading environment remained predominantly USD-based, with ongoing liquidity challenges associated with the Zimbabwe Gold (ZWG) currency.
The company’s cost of production declined by 32% year-on-year, reflecting ongoing cost containment initiatives implemented by management, including staff rationalization and tighter control over discretionary expenditure. Finance costs increased by 46% due to higher borrowing levels and prevailing interest rates.
Tea production declined 51% to 1,487 tonnes due to agronomic and climatic factors, while Macadamia production decreased 22% to 1,090 tonnes. Other products, including commercial maize and avocados, contributed 18% to revenue.
The 2025/2026 agricultural season is expected to experience normal to above-normal rainfall. The company remains cautiously optimistic, focusing on production efficiencies, cost containment, and quality improvements to support operational recovery and enhance shareholder value.
The company’s current liabilities exceeded current assets by $2.06 million, reflecting continued liquidity pressure. The company prepared cash flow forecasts, assuming the successful implementation of mitigating actions, including funding support, debt restructuring, and operational recovery initiatives.
The company resolved to defer dividend declarations for the year to preserve liquidity and support asset revitalization.
Mr. Alex Crispen Jongwe retired as Board Chairman, effective July 28, 2025. Mr. Innocent Chagonda resigned as Director, effective July 25, 2025. Mr. Paul Timothy Spear resigned as Director, effective October 14, 2025. Michael Allan Bailey appointed as Chairman, effective September 1, 2025. New directors were appointed, including Ms. Charity J. Murandu, Mr. Tendai Mupfumira, and Ms. Josephine Takundwa.
