Innscor Africa Limited recorded strong volume momentum across its core manufacturing operations in the third quarter ended March 31, 2026, as it continued to prioritise affordable pricing, operational efficiencies and capacity expansion across its portfolio.
In a trading update for the third quarter of its 2026 financial year, Innscor said growth was anchored by strong performances in the Mill-Bake, Protein, Beverage and Light Manufacturing segments, despite evolving domestic policy conditions and uncertainty in international commodity markets.
“The group continued to register encouraging volume momentum across its core manufacturing operations during the third quarter of the 2026 financial year. The Mill-Bake segment maintained its positive growth trajectory, supported by expanded manufacturing capacity, improved operational efficiencies, and enhanced distribution reach,” the company said.
Innscor said the Protein segment continued to exceed expectations, reflecting strong recovery across key operations.
The Bakery division emerged as one of the strongest performers during the period, recording a 28 percent increase in loaf volumes compared to the comparative nine-month period.
The growth followed the successful commissioning of a new fully automated production line at the Harare facility in May 2025.
Innscor said the uptake of the additional capacity had been excellent, with the investment delivering improvements in product quality, consistency and operational efficiency.
The business is also commissioning a sixth bakery line at the Harare plant, with the new state-of-the-art production facility expected to come on stream before the end of the current financial year.
At National Foods Holdings Limited, aggregate volumes for the nine months closed marginally behind the comparative period as strong growth in higher-margin fast-moving consumer goods categories offset softer demand in maize and stockfeed operations.
The Flour division posted a solid 15 percent increase in volumes, supported by firm demand from bulk bakers and stable contributions from the gloria prepack flour category.
However, the Maize division registered a sharp 56 percent decline in volumes due to drought-related demand distortions experienced in the previous agricultural season under El Niño conditions.
“Despite the contraction, the company said efforts to strengthen sustainability in the unit continued, with growing traction in the premium Pearlenta refined maize meal category,” Innscor said.
The Stockfeed division volumes were 10 percent below the comparative period, largely due to elevated beef stockfeed demand during last year’s drought period, although demand remained firm across poultry and beef categories.
Innscor said the Aspindale expansion and optimisation programme was now at an advanced stage and scheduled for completion before year-end.
The group’s Downpacked division, which includes rice and salt products, recorded a 34 percent increase in volumes, supported by wider distribution and improved operational capacity.
The Snacks division continued its rapid growth trajectory, with sales volumes surging 60 percent ahead of the comparative period, driven by strong consumer demand for the “Zapnax” and “King Kurls” brands.
Similarly, the Pasta division, which produces the Primo and Better Buy brands, delivered a 41 percent increase in volumes as the company scaled up production at its new short-cut pasta facility.
The Biscuits division also recorded significant growth as demand for the “Gloria Munchies” range remained strong.
Innscor’s Harare biscuit plant operated near capacity during the review period, with management assessing options to further expand production and diversify product offerings.
In the Protein segment, the Colcom Holdings Limited division delivered a robust 29 percent increase in aggregate volumes over the comparative period.
The growth was driven by a 35 percent recovery in fresh pork volumes, while processed pork categories also performed strongly, with Polony volumes rising 48 percent and the iconic “Colcom Pie” category growing 38 percent.
Innscor said route-to-market initiatives continued to improve product availability and market penetration.
At Triple C Pigs, volumes increased 25 percent following the commissioning of a new production unit in July 2025.
The company also commissioned a new sow breeder unit during the third quarter, which is expected to further increase pig supply to Colcom Foods.
Innscor said a multi-year upgrade programme for the Colcom Foods processing plant had commenced and would be implemented progressively to avoid production disruptions.
The group’s poultry business, Irvine’s Zimbabwe, maintained strong growth across its operations during the quarter.
Day-old chick volumes increased by 17 percent while frozen poultry volumes rose 16 percent over the comparative period.
The Table Egg category experienced subdued growth due to a temporary layer replacement programme earlier in the year, although production levels have since normalised.
Innscor said the business had nevertheless delivered an improved financial performance overall.
Packaging unit Natpak Holdings achieved aggregate volume growth of 6 percent, supported by a recovery in sugar and bread packaging demand within the Flexibles division, where volumes increased 15 percent.
The Corrugated division recorded an encouraging 11 percent growth across commercial, tobacco and egg tray categories.
At Prodairy, overall volumes increased 6 percent compared to the prior period. “The Revive portfolio, comprising dairy blend and maheu products, recorded 5 percent growth, while the “Life” range of milk, butter, cream and yoghurt products posted similar gains.”
Innscor said the business is currently undertaking an expansion programme at its Ruwa manufacturing operations aimed at increasing production capacity and improving packaging flexibility.
Mafuro Farming also continued to deliver steady raw milk growth, with volumes rising 5 percent as the business benefited from improved yields and efficient pasture management.
Meanwhile, The Buffalo Brewing Company continued to benefit from strong consumer demand for its Nyathi sorghum beer brand, with volumes increasing 30 percent over the comparative period.
The group said it remained focused on sustaining volume growth while maintaining disciplined pricing strategies designed to preserve affordability and market relevance.
“Management remains focused on sustaining volume momentum across the group’s diversified portfolio, while maintaining disciplined pricing strategies that preserve product affordability and market relevance,” the company said.
Innscor said it continued to emphasise operational efficiencies, procurement optimisation and route-to-market improvements to support margin enhancement. “At the same time, the group’s management team remains highly cognisant of the evolving domestic policy environment and increasing uncertainty across international commodity markets,” Innscor said in the trading update.
“Focus will therefore continue to be prioritised to disciplined working capital management, strong free cash generation, and prudent capital allocation.”
The company said additional brewing and filling capacity commissioned at the beginning of the third quarter was already delivering pleasing production performance and supporting further growth momentum.
Innscor said that through its beverage holding entity, Rutanhi Beverages Limited, it recently underwrote a US$8 million rights offer undertaken by Tanganda Tea Company Limited, increasing its shareholding to about 29 percent.
As such, Tanganda is now being integrated into Innscor’s operating and financial systems, with its financial results set to be consolidated into the group’s accounts effective April 1, 2026.-herald
