Ariston FD steps down

Ariston Holdings Limited’s finance director (FD) Acquilina Chinamo has resigned after nearly nine years in charge of the agro-industrial firm’s finances.

The firm’s company secretary, Anesu Museta, takes over the FD position in an acting capacity, the company said.

“Ariston Holdings Limited wishes to announce the resignation of Acquilina Chinamo from her position as finance director, effective 2 April 2025,” Ariston said in a statement.

“Mrs Chinamo was appointed to the position in 2016 and achieved significant milestones during the companys recovery and renewal period. The board will always be grateful for Acquilinas contributions. The board wishes Acquilina the best as she embarks on her new endeavours.”

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In its financial results for the year that ended September 30, 2024, Ariston narrowed its loss to US$4,28 million from US$6,04 million recorded in the previous year.

The company increased its borrowings by US$2,54 million last year, ending the period in an illiquid position, with US$0,66 to every dollar of short-term debt.

“In the comparative year, the group had unrealised exchange losses, mainly arising from United States of America dollar-denominated liabilities. Since the change in functional currency, exchange gains have been generated arising from Zimbabwe Gold-denominated liabilities,” Ariston chairperson Alexander Jongwe said.

“Finance cost increased by 23% compared to the prior year. As a result of all the above, the group posted a 29% improvement in the loss for the year before other comprehensive income.”

However, the improvement in the loss-making position is not tied to actual operational or bottom-line gains.

This can be seen in that Ariston’s total comprehensive loss for the period under review was US$4,28 million, widening by approximately 257,3% from 2023’s US$1,19 million.

“Revenue of US$7 066 043 generated during the year was 9% ahead of the prior year. This was mainly attributable to improved macadamia volumes and selling prices,” Jongwe said.

“The cost of sales, however, worsened slightly by 3% as a result of the increased costs of fertilisers, crop chemicals, and electricity, resulting in the group reporting a gross loss of US$1 389 028 despite improved revenue.”

The firm’s operations centres on tea and macadamia nuts.

During the period, the average export tea selling prices declined by 21% resulting in a 60% decline in export tea revenue, although a 39% increase in local demand minimised the effects.

For macadamia nuts, the average selling price improved by 13%.

“The ‘other products’ comprise commercial maize, seed maize, soya beans, avocados and bananas. These products contributed 21% to the group’s revenue, which was similar to the prior year,” Jongwe said.

“In response to the dry spell, other products such as potatoes were not grown to preserve the dam water for the commercial row crops that were planted under irrigation.”

Total assets were down 6% to US$29,88 million from the comparative 2023 period, owing to revaluations of Ariston’s property, plant and equipment.

“The group will continue to focus on quality, production efficiencies, and cost-cutting measures to maximise shareholder value,” Jongwe said.-newsda