Tanganda Tea Company says its revenue grew by 9% to US$25.7 million for the year ended 30 September 2024.
The growth is attributed to an increase in avocado export volumes and firming of prices post covid-19. The company recorded an increase in exports of 39% to US$15.1 during the year. A dip in local sales of 16.9% (10.6 million) was recorded.
The operating profit of the company recorded a 223% to US$1.9 million from a loss of USS$1.6 million in the prior year. The profit after tax was US$1.4 million compared to a US$3.1 million loss in the prior year.
Cost containment measures initiated by the company saw operating expenses reducing by 9% during the year to US$7.5 million. For any business to stay afloat there is need to manage its cost structure.
The company’s accreditation to certification that relates to sustainability business practices remains in place.
No dividend was declared by the company. The funds will be preserved and ploughed back into the business .
The future looks complex as the El nino induced drought is expected to persist.
However the company will continue to pursue market diversification and expand regional and international markets.
