INNSCOR Africa (Innscor) says its volume growth on a cumulative nine-month basis remained ahead of the comparative period despite the challenging operating environment.
In a trading update for the third quarter that ended March 31, 2023, the diversified group said it operated under turbulent economic conditions as the market experienced significant inflationary pressure, currency instability and constrained local and foreign currency liquidity.
The Victoria Falls Stock Exchange-listed group said it resulted in weakening disposable income within the consumer market.
“In addition, a marked loss of business sentiment was impacted further by uncertainty across the international financial and political landscape.
“While consumer demand remained relatively buoyant across the informal trade, the formal market continued to face a crowding-out effect arising from policy-induced pricing distortions and resultant arbitrage evident across the formal trade.
Addington Chinake, the group’s chairman
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