Harare, Zimbabwe – Delta Corporation posted a robust performance for the six months ended September 30, 2026, demonstrating resilience in a stable but still challenging economic environment. The beverages giant recorded strong growth in volumes, revenue, profitability, and cash generation, supported by firm consumer demand and improving economic fundamentals.
According to the company’s unaudited half-year financial results, relative exchange rate stability, moderating inflation, strong mineral commodity prices, a successful agricultural season, tobacco marketing proceeds, and sustained diaspora remittances helped underpin consumer spending across key markets.
The group’s flagship Zimbabwean operations continued to drive growth. Lager beer volumes increased by 13% during the period, with broad-based demand across the portfolio, particularly for mainstream brands. Improved availability of local premium products, including Zambezi Lager, also contributed to the strong performance. Sorghum beer volumes rose by 19%, while Chibuku Super recorded an impressive 27% growth, benefiting from stable pricing, strong demand, and consistent product availability.
Financially, Delta delivered solid results. Revenue increased by 18% to US$607 million, supported by higher sales volumes and a favourable product mix. Operating income grew by 13% to US$112.2 million, while headline earnings per share rose 15% to US5.91 cents, reflecting the group’s ability to convert market demand into improved shareholder value.
Despite the strong operational performance, the company continues to grapple with a long-running tax dispute with the Zimbabwe Revenue Authority (ZIMRA). Delta disclosed assessments amounting to approximately US$97 million covering the period from 2019 to 2024. The company disputes the basis of the assessments, including the methodology used, apportionment approach, quantification, and currency characterisation. To date, Delta has paid US$22.8 million under the “pay now, argue later” principle while the matter remains unresolved.
The dispute remains one of the most significant uncertainties facing the group and highlights the importance of timely and efficient tax dispute resolution mechanisms. Swift settlement of such matters would provide greater certainty for both investors and businesses, enabling companies to focus on growth, investment, and value creation.
Looking ahead, Delta remains focused on completing its capacity expansion projects, increasing investment in returnable glass and crate infrastructure, and pursuing strategic partnerships that enhance long-term value. Reflecting confidence in the group’s future prospects, the board declared an interim dividend of US2.4 cents per share, payable on December 10, 2026.
Chairman Todd Moyo said the results demonstrate the group’s resilience and adaptability in navigating a complex operating environment while continuing to deliver value to shareholders and other stakeholders. The strong first-half performance positions Delta well to sustain growth momentum in the remainder of the financial year.
