TSL employee turnover rises 59% in FY2025

…as restructuring drives exits

By ETimes

HARARE – DIVERSIFIED group TSL Limited said employee turnover rose sharply in FY2025 as retrenchment programmes and role restructuring reduced its workforce, while hiring remained selective.

The company reported total employee turnover of 73 workers in FY2025 up from 46 in FY2024 while total headcount fell to 823 employees from 850 a year earlier.

“In FY2025, TSL Limited’s employee turnover was mainly due to targeted retrenchment programs supporting operational efficiency and long-term sustainability,” the company said in its 2025 annual report.

“The majority of departures were within the 30–50 and over-50 age groups, aligned with role restructuring and planned exits.

“Female turnover stayed low across all
ages, indicating a stable and inclusive workplace. These workforce changes aided succession planning, talent renewal, and strategic goals.”

Total staff turnover comprised 60 men and 13 women.

TSL said it hired only 10 employees during the year down from 19 in FY2024, as recruitment focused on specialised and supervisory roles.

“TSL Limited’s FY2025 recruitment was selective, targeting essential roles to support operations and renew capabilities,” the company said.

The group said its workforce model combines permanent and fixed-term contracts to support projects and seasonal needs.

Overall headcount declined as part of efficiency initiatives.

“Overall headcount decreased as part of efficiency efforts, while gender distribution stayed consistent,” TSL added.

TSL’s financial performance strengthened in 2025, with revenue rising 24% to US$45.6 million on higher volumes across its businesses following a strong summer cropping season.

EBITDA jumped 70% to US$19.3 million, while profit from continuing operations climbed 85% to US$10.5 million, supported by revenue growth, cost-saving measures, property fair-value gains and asset disposals.

Total assets increased 11% to US$99.4 million, gearing improved to 13% from 18%, shareholders’ equity rose 11% to US$68.4 million, and cash reserves grew fivefold to US$8.6 million.