Zambia Sugar, the country’s largest sugar producer, recorded a 3% increase in revenue in 2022, reaching 5.1 billion Kwacha. This was up from 4.9 billion Kwacha in 2021.
The company’s Managing Director, Oswald Magwenzi, attributed the growth to a rise in domestic sales volume of over 276,000 tonnes. He said this was testament to the success of the company’s commercial strategy, despite the challenging market environment.
Magwenzi said the company had faced a number of challenges in 2022, including the appreciation of the Kwacha, which made it more expensive to import raw materials. However, he said the company had managed to mitigate these challenges by increasing production and efficiency.
He said the company was confident that it would continue to grow in the coming years, and that it would play a key role in Zambia’s economic development.
The company’s growth is a positive sign for the Zambian economy. It shows that the country’s manufacturing sector is still capable of growth, even in the face of challenges. It is also a sign that Zambia is becoming more self-sufficient in terms of food production.