Almot Maqolo, Staff Writer 
HIPPO Valley says it plans to heighten its thrust on engaging in sustainable practices.
In a recent trading update, the company said it aimed to do this both “in its processes and within the community in which it operates, with special focus on improving its ESG (environmental, social and governance) footprint”.
ESG aspects are emerging as core values of companies, major financial institutions and shareholders around the world.
In Zimbabwe, the central bank directed banks to integrate their sustainability principles, including those covering environment and climate-related issues and social areas, into their corporate governance framework and risk management systems and practices.
The country has also taken a pre-emptive approach to sustainability disclosures in financial reporting by electing early adoption of International Financial Reporting Standards (IFRS), which are yet to be issued.
Meanwhile, Hippo Valley says its current marketing initiatives remain focused on growing and optimising returns from both local and premium export sales.
“While the local market remains pivotal for the industry, management prioritises efficient fulfilment of commitments to existing regional and premium international markets as well as the development of new markets, necessary for the generation of additional foreign currency to sustain the industry’s requirements for critical imports.”
And while El Niño episodes, characterised by dry and warm conditions, are expected between December 2023 to March 2024, the company said the industry’s major water supply dams are envisaged to provide sufficient cover for the industry’s irrigation regimes for approximately two seasons.
The company’s share of the total industry sugar sales volume of 91 239 tonnes for the three months to June 30, 2023 was 52,12 percent.
Industry sugar sales into the domestic market for the same period, amounting to 87 816 tonnes was four percent above the comparable period in the prior year.
“The increase was largely on account of firm demand from industrial customers during the quarter ending June 30, 2023.
“Revenue realisation on the local market, in both local and foreign currency, remained firm as most customers continued to support local brands for the better part of the first quarter although volume decline was evident in the last weeks of June 2023 as the impact of duty-free sugar imports set in.”
newsdesk@fingaz.co.zw
