NATIONAL Foods has invested US$26 million over the past two financial years, which has seen the group moving up the value chain to produce a broader range of products.
The country’s largest food manufacturer said the board has also approved additional projects valued at US$15 million, which are currently at various stages of execution, most of which will be concluded during the 2024 calendar year.
“Apart from the new state-of-the-art flour mill installed at our Bulawayo site, the investments made over the last two years largely see National Foods moving up the value chain to produce a broader range of products for the consumer such as breakfast cereal, biscuits, pasta and snacks. Many of these products were previously imported,” National Foods said in a trading update for the quarter ended September 30, 2023.
Flour volumes registered a recovery relative to last year where volumes were impacted by a raw material cost push following the outbreak of war between Ukraine and Russia, which in turn pushed bread prices over $1 per loaf.
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