Top African seed producer, Seed Co International Limited recorded a 14% increase in revenue to US$103.5m during its 2023 full year from US$88.5m recorded during the comparable period due to increased volumes in East Africa and Zambia.
Despite the increase in revenue the company suffered exchange losses in various regional countries due to global shocks that quickened inflation.
In the 2023 financial year presentation, group CEO Morgan Nzwere said the company stood tall in the region in terms of sales despite the global challenges.
“Revenue increased buoyed by good volume performance in East Africa and Zambia. Turnover and volume growth registered this year confirms the strength of the group’s marketing standing and brand equity amid global and regional challenges,” Nzwere said.
Profit for the year decreased to US$2.9m from US$7.1m in 2022 due to exchange rate losses across the region.
Nzwere said receivables increased mainly due to the growth in business this year.
In the outlook, the group remains optimistic about the prioritisation of primary food production in Africa to mitigate global shocks.