Domestic cement sales for Porthold increased by 10 percent during the year ending September but the company had an operating loss of R8.7 million because of hyperinflationary cost pressures of about 143 percent and controlled prices on cement.
Though there was a sharp fall in cotton production due to the drought, the Cotton Company of Zimbabwe (Cottco) still managed to increase sales by 51 percent from $7.1 billion to $10.7 billion.
A change in focus from a dwindling Zimbabwean market to an expending regional one saw newly listed Amalgamated Regional Trading (ART) almost treble its sales from $4.5 billion to $12.4 billion during the year ended September.
Hyperinflation and the country’s inability to generate foreign currency has had a disastrous effect on medical inflation with claims costs going up by three to four times the rate of inflation, one of the country’s largest medical aid societies, CIMAS, says in its annual report for June.
TZI, which has transformed itself into an investment company leaving management to the boards that are running its investments, had a turnover of $22.6 billion in the year ended September.
Despite a difficult agricultural year marred by an industrial strike in December 2001 and poor rains, Tanganda Tea managed to produce a record crop of 11 011 tonnes.