TSL to complete new warehouse by Feb ’24

ZIMBABWE Stock Exchange-listed company, TSL Limited, says the construction of its new warehouse in Harare should be complete by February next year.
The diversified group is currently expanding its warehousing facilities to improve operating efficiency and generate more income. It recently completed a 9 000 square metre Mvurwi warehouse before the commencement of the tobacco marketing season.
Speaking at the group’s annual general meeting recently, TSL Limited’s chief executive Derek Odoteye said the new 15 000 square-metre warehouse will replace the old one, which was demolished, adding that the new structure will be fit for the group’s business.
“Demolition of a dated warehouse in a prime location in Harare was completed in preparation for the construction of a new world-class 15 000 square meter warehouse in the second half of the financial year.
“This property is the regional tobacco floors and it has been here since 1957. There was about 13 000 square metres of space, which is not suitable for the kind of agriculture and logistics that is needed. We are going to be building a 15 000 square metre facility that will be fit for business. We should be done by February next year,” Odoteye said.

During the half year ended Apri 30, 2023, the group’s revenue and profit from operations were 140 percent and 257 percent above the comparative year while volume growth across all businesses continued to be strong.
“A focus on executing the group’s strategy, which has incorporated investment in expanding capacity, utilising technology, improving operating efficiencies, securing new business and deployment of capital for value has enhanced profitability given the dynamics in the operating environment,” the group’s chairman, Anthony Mandiwanza, said.
Under the group’s tobacco-related services business, volumes for tobacco contractors grew by 44 percent whilst independent auction volumes went up by 63 percent.
Propak’s hessian volumes for the period were 71 percent ahead of the prior year as the business was adequately stocked to meet increased demand on account of the larger tobacco crop.
In agricultural trading, strong volume growth was recorded in most units’ product lines, with the business adequately stocked for the summer season.
The group’s new banana plantation, which went into production during the period under review, witnessed an 87 percent volume growth. The group planted an additional 25 ha of new bananas.
In logistics operations distribution volumes for the end-to-end logistics services were 51 percent ahead of the prior year due to increased volumes for the business’s existing customer base while international services recorded 40 percent growth owing to improved use of rail from Maputo.
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