Farai Mabeza, Senior Staff Writer 
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“The period was marked by continued global economic headwinds as the Russo-Ukraine and Israel-Palestine conflicts exacerbated global supply-chain disruptions and inflationary pressures.
SEED Co International says it is well prepared to respond to the needs of farmers in light of the mixed rainfall forecasts.
Latest forecasts indicate normal-to-above normal rainfall in most parts of East Africa, and below-normal rains in Southern Africa from November 2023 to January 2024.
“A mixed selling season is being anticipated benefiting from the group’s diversified geographical footprint and a diverse climate-smart product portfolio with potential downside from unfavourable rains in Southern Africa,” Seed Co chairman Eric Kalaote said in a statement accompanying the company’s financials for the half year ended September 30, 2023.
“The period was marked by continued global economic headwinds as the Russo-Ukraine and Israel-Palestine conflicts exacerbated global supply-chain disruptions and inflationary pressures.“Regional currencies continue to weaken against the US dollar owing to unfavourable economic developments,” Kalaote added.
“Despite enormous and largely exogenous challenges, the Seed Co brand continues to demonstrate resilience as evidenced by open market sales growth in our various markets.”
He said first-half financial performance was in tandem with the seasonality of the business.
“However, the group achieved an interim operating profit of US$1,3 million,” Kalaote said.
“This outturn is a rebound from the prior year’s US$2,6 million interim operating loss.”
A combination of volume growth and a better product mix boosted revenue by 23 percent compared to the comparative period.
“Encouraging first half maize sales were booked in Kenya, Malawi, Mozambique, Tanzania, and Zambia buoyed by firm grain prices in the region and globally,” Kalaote said.
Seed Co recently announced that it was also making headway in its efforts to come up with fall armyworm and cob rot tolerant maize germplasm.
Fall armyworm is a pest that has spread across Africa destroying maize crops, posing a major threat to food security.
Seed Co has over the years embarked on different climate-smart mitigation measures which include ultra-early (short season) maturity varieties, adaptation to drought inclusive of the medium and late maturity varieties that are adapted to high temperatures and heat stress with a high nitrogen use efficiency to manage leaching, which is caused by heavy downpours.
Seed Co International is incorporated and domiciled in Botswana and listed on the Botswana Stock Exchange and the Victoria Falls Stock Exchange.
The group has subsidiaries, an associate, and joint ventures in Angola, Botswana, the Democratic Republic of Congo (DRC), Ethiopia, Ghana, Kenya, Malawi, Mozambique, Nigeria, Rwanda, South Africa, Tanzania and Zambia.
