Natasha Chamba, Business Reporter
TONGAAT Hulett’s subsidiary, Hippo Valley Estates Limited says the successful implementation of the Government’s Transitional Stabilisation Programme (TSP) would turn around business fortunes by reversing the prevailing economic challenges.
Under the TSP blue-print, which covers the period October 2018 to 2020, Government has set its focus on fiscal consolidation, economic stabilisation, growth stimulation and creation of employment.
Hippo Valley acting chief executive officer, Mr Adiev Mhere, said for the company to bear positive results the Government’s TSP reforms be put into effect.
“Expectations of a positive turnaround will depend largely on the successful implementation of the Government’s Transitional Stabilisation Programme Reforms Agenda (October 2018 – December 2020) and commitment to good governance in both the public and private sectors,” he said.
Despite the economic challenges, Hippo Valley Estates has reported total revenue increase for the six months ended 30 September 2018 by 29 percent to US$93,2 million when compared to US$72,4 million in the same period in 2017, spurred by increased sugar production.
Mr Mhere said growth was partially negated by inflationary pressures that were experienced in the previous months fuelled by shortages of foreign currency and speculative pricing activities by suppliers of production inputs.