HARARE — Seed Co International Limited has delivered a strong turnaround in the year ended 31 March 2026, lifting turnover by close to a third and more than doubling profit after tax despite climate volatility, currency pressure and geopolitical disruption across its African markets.
The company posted revenue of $161.3 million, up 30% from $124.3 million in FY25. The growth was supported by brand strength, an improved product mix, and continued investment in regional production hubs, with volumes holding broadly steady despite an erratic rainy season.
Profitability advanced even faster than the top line. Gross margin improved to 53% from 50%. Operating profit climbed 88% to $28.8 million. Profit before tax more than doubled to $25.7 million, while profit after tax rose 131% to $13.1 million. Basic earnings per share increased to 3.26 cents from 1.38 cents.
In his Chairman’s letter to shareholders, Pearson Gowero said the year was defined by geopolitical turbulence and climatic uncertainty, but steady board stewardship and team resilience delivered growth.
“In a year defined by geopolitical turbulence and climatic uncertainty, the Board’s steady stewardship and the resilience of Team Seed Co delivered another year of strong growth in turnover and profitability – a testament to the confidence of our funders and shareholders, and the enduring trust of our farmers and government partners across Africa,” Gowero said.
He noted that imported inflation, fiscal and monetary constraints, and conflict in the Middle East pushed fertiliser and fuel prices higher, adding an estimated 8% to 10% to the weighted cost of seed. However, seed sales were minimally affected as most sales had been concluded before the escalation.
Chief Executive Officer Morgan Nzwere said the performance was anchored by brand equity built over generations. “At Seed Co, our team remains united in purpose, advancing sustainable operations across Africa. Buoyed by a heritage rooted in Africa and an enduring brand, we deliver climate-smart seed solutions that strengthen food security and agricultural resilience across the continent,” Nzwere said.
The company reached 1,490,587 farmers in FY26, compared to 1,325,450 in FY25. Seed distributed rose marginally to 46,836 metric tonnes from 46,317 tonnes, spanning maize, wheat, soybeans and small grains. The company estimates that seed sold in the year will support grain output of 7.8 million metric tonnes, underscoring its contribution to food security.
Maize remained dominant, accounting for 89% of volume, while legumes and wheat made up 5% and 4% respectively. Zambia, Tanzania and Malawi anchored volume growth. Tanzania was the standout performer.
Performance across the company’s various operations was mixed, reflecting the differing impact of climate, regulatory and economic conditions in each market. While Zambia, Tanzania and Malawi delivered strong volume and profit growth, softer demand in Kenya and Botswana weighed on the overall result. The diversity of the Group’s footprint, however, provided resilience and enabled continued growth in turnover and profitability at the consolidated level.
Equity strengthened by $29.7 million to $123.5 million, reflecting robust profitability and favourable currency translation. The net debt-to-equity ratio improved from 16% to 11%. Inventories rose due to early seed deliveries, while receivables increased with grower advances linked to production scale-
The Group invested in property, plant and equipment in Zambia and Tanzania, and continued mechanisation of production to improve efficiency and buffer stocks ahead of the next season.
With early forecasts pointing to El Niño and below-normal rainfall across Southern Africa in 2026/27, Seed Co said its drought-tolerant portfolio and agronomic advisory services position it well to support farmers. During the year the company released and registered new varieties, including drought-tolerant maize hybrids in Malawi, Zambia and Kenya, and pest- and drought-tolerant lines in Nigeria.
The company continues to promote conservation agriculture practices such as minimum tillage, tied ridging and zero-tillage to preserve soil moisture and improve long-term soil health.
“We are conscious of the impact our hybrids have on the ecosystem as well as the sustainability of the agricultural value chain,” Gowero said.
Looking ahead, the Board expects the operating environment to remain challenging due to supply chain disruptions, imported inflation and climate variability. However, it said fundamentals remain compelling given resilient food demand and agriculture’s relative insulation from economic shocks.
“Food self-sufficiency remains central to our strategy, and we will continue to advance farmer livelihoods and durable growth across our markets,” Gowero said. Nzwere added that growth will be driven by government focus on food security, development-finance support for agriculture, and supply-chain investments in Tanzania and Zambia.
The company’s Board thanked staff, management, farmers, governments, funders and shareholders for their continued support. “Built on the foundations laid by those who came before us, we will carry our mission and vision forward with purpose, resilience and unity,” Gowero concluded.
