HARARE – Innscor Africa Limited has reported a surge in annual turnover to more than US$1 billion, powered by strong demand across its food, beverages and light manufacturing businesses, as the group consolidated gains from years of expansion.
The diversified conglomerate, which owns household brands such as National Foods, Baker’s Inn, Colcom and Irvine’s, said revenue for the year to June 30, 2025 climbed 19 percent to US$1.086 billion, up from US$910 million in the prior year.
Profit before tax rose to US$68.1 million from US$65.2 million, while attributable profit to shareholders increased to US$41 million, translating to headline earnings per share of 7.25 US cents, 12 percent higher than last year.
Cash generated from operations rose nearly 20 percent to US$104 million, giving the group headroom to plough US$73.9 million into capital expenditure and US$14.3 million into share buy-backs. Total shareholders’ equity closed the year at US$469 million, with net gearing kept low at just over 10 percent.
Chairman Addington Chinake described the performance as “pleasing,” noting that relative stability in the economy since late 2024 had allowed Innscor to optimise pricing and unlock efficiencies across its operations.
“The group delivered encouraging volume growth across its core segments. Our investments in new capacity, innovation and distribution are now yielding returns, while strong free cash generation allows us to continue expanding,” Chinake said.
The Mill-Bake unit was a standout performer, with Baker’s Inn boosting bread sales by 12 percent after commissioning a new automated production line in Harare. National Foods also expanded volumes by 18 percent, led by strong demand in flour, maize meal and snacks.
In the protein segment, Colcom registered a 25 percent jump in fresh pork sales, while Irvine’s lifted table egg and poultry volumes. Beverages and light manufacturing benefited from new capacity at Prodairy and Buffalo Brewing, although Probottlers was hit by the government’s Sugar Tax, which has raised costs and dampened demand for cordials and soft drinks.
Despite the positive momentum, Innscor highlighted challenges, including lingering disputes with the Zimbabwe Revenue Authority over historical tax assessments, and a mounting burden of regulatory levies. The group said it had already remitted over US$10 million in Sugar Tax since its introduction last year.
Directors declared a final dividend of 1.5 US cents per share, bringing the total payout for the year to 2.95 US cents — up 11 percent from last year. Payment will be made in early November.
Looking ahead, Innscor said it was entering “an exciting phase,” with recently completed expansion projects, including new bakeries, stockfeed plants and a fertiliser granulation facility, now contributing to output.
The group will also roll out a pipeline of solar energy projects and continue to drive contract farming through its “AGrowth” platform.
In 2014, Innscor became the first Zimbabwean company to pull in over US$1 billion in revenue. A year later, it unbundled, spinning off Simbisa and Axia as stand-alone businesses. Fast-forward to 2025, and the company is back over the billion mark.
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