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Oliver Kazunga, Senior Business Reporter

SUGAR processor, Tongaat Hulett, has in the financial year ended March 31, 2021 spent more than US$2,9 million towards initiatives aimed mitigating the Covid-19 pandemic in local communities.

In a statement accompanying financial results for the year under review, Tongaat said it continues to develop and implement mutually beneficial and collaborative initiatives with Government and local communities to improve the quality of life of its employees and the surrounding communities at large.

“Over the year under review, Tongaat Hulett Zimbabwe donated over US$2,9 million worth of essential goods and materials towards Covid-19 mitigation initiatives to local communities.

“The company remains on the path of strengthening its governance structures at all levels of the business,” it said.

During the year under review, total revenue for the year increased by 34 percent to ZWL$16,8 billion (2020: ZWL$12,5 billion), largely due to

the increased export volumes.

Operating profit and profit for the year decreased by 28 percent to ZWL$3,8 billion (2020: ZWL$5,3 billion) and by 58 percent to ZWL$1,1 billion (ZWL$2,6 billion) respectively, weighed

down by a fair value loss on biological assets of ZWL$1,1 billion (2020: gain of ZWL1,7 billion. – @okazunga