• Mon. Apr 15th, 2024

Shipping delays drag down Ariston export sales volumes in Q3

ByETimes

Aug 17, 2023

By ETimes

Ariston Holdings’ macadamia export sales volumes for the third quarter ended 30 June 2023 fell 35% to 513 tonnes from 785 tonnes sold in the prior comparative period.

As the nuts reached maturity in March 2023, macadamia harvesting began around that time.

“The harvesting season was later than prior year which also resulted in the selling season starting later,” the company said in a trading update.

“Export supply contracts are on hand with various customers for the majority of the tonnage produced to date, however shipping delays have been experienced which has resulted in slower movement of the macadamia nuts.”

At 1,313 tonnes at the end of the third quarter, macadamia output levels were 29% higher than those of the preceding comparative year’s 1,020 tonnes.

Ariston’s inflation adjusted revenue rose 18% to $28.26 billion in the third quarter ended 30 June 2023 from $23.88 in the comparative period.

Operations were still being impacted by rising production costs for vital production inputs like fertilisers and crop chemicals, as well as persistent power outages that resulted in higher fuel consumption for generators, according to the company.

In July 2023, the firm decided to invest in a solar power production project.

“This will have the effect of underpinning uninterrupted production whilst at the same time reducing the cost of producing tea to sustainable levels. The full effect of this significant investment will be felt in the year ending 30 September 2024 and not in the current year’s performance,” the company said.

In the outlook, the agriculture concern expects the sum of all the modifications made to have a favourable financial impact on its financial performance in the current year and an even bigger impact on the next year – Harare

By ETimes

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