Agro-logistics firm strategises to boost manufacturing

TSL, a listed agro-logistics firm, says it is pursuing strategic initiatives in line with its “moving agriculture” drive to scale up manufacturing and expand the capacity of the different business units.

In its abridged audited results for the year ended 31 October 2023, the agriculture-focused company chairman, Mr Anthony Mandiwanza said focus will be on enhancing the group’s earnings, returns on invested capital, the group’s long-term value proposition and strengthen the group’s financial positioning.

Already, it has assumed 100 percent ownership of Agricura after buying out minority shareholding in Agricor (Private) Limited, its previous co-owner.

“This acquisition is expected to create increased flexibility for the business to expand and deepen its product offering to the market,” reads part of the results.

It provides a comprehensive range of crop chemicals that include grain protectants, herbicides, and fertilisers.

“The group will continue to pursue key strategic initiatives in line with its “moving agriculture” strategy. Several investments are lined up to scale up manufacturing, expand the capacity of the different business units, and improve efficiencies to deliver a superior offering to the marketplace across the agriculture and mining value chains,” Mr Mandiwanza noted.

The firm said its digitalisation drive continues to bear much fruit with more digital investments earmarked for the upcoming year.

On its agricultural operations, Propak hessian volumes were 32 percent ahead of prior year owing to stock availability and a larger tobacco national crop size.

Tobacco paper volumes were 27 percent ahead of prior year, as the market continued to respond positively to the locally coated paper.

“This strategic move to increase paper production is in line with the Group’s sustainability drive.”

Agricura’s volume performance for the year was mixed as some product lines, particularly the locally produced animal health remedies and new grain protectants performed better than in the previous year on the back of product availability while other product lines’ volumes lagged due to depressed demand.

Mr Mandiwanza said farming operations produced a superior quality of tobacco and achieved improved yields.
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