British High Commissioner to Zambia Nicholas Woolley has described Zambia Sugar as a central part of Zambia’s agricultural and food processing industries, providing employment and a great end product to the market.
Speaking after he toured Zambia Sugar’s plant in Mazabuka, His Excellency observed that the company employs over 7,200 people in its operations directly, with many more benefiting through its supply chains.
He added that the company was bringing more cash and additional foreign exchange into the Zambian economy through its export facility, despite it focusing its products more on the local market due to the appreciated Kwacha.
The British High Commissioner pointed out that Zambia Sugar’s parent company – Illovo Sugar Africa, was a subsidiary of the UK giant, Associated British Foods (ABF).
He remarked that the UK – Zambia partnership was therefore enshrined in a lot of what the company does.
Meanwhile, Zambia Sugar Country Managing Director Oswald Magwenzi took pride in the company’s performance in the 2022 financial year disclosing that the sugar Company grew its revenue to K5.115 billion and posted a profit of K1.005 billion after tax.
Although he emphasized that the appreciation of the Kwacha was good for Zambia’s economy, Magwenzi, noted that the company’s operating profits dropped slightly, owing to factors such as the appreciation of the Kwacha, as it previously realised K24 for every dollar earned from exports, but now realises about K17 from a dollar earned. In addition to an attraction to illegally imported sugar in mostly border towns of Zambia.
Magwenzi also observed that COVID-19 continued to affect the Company although robust COVID-19 management systems were in place to address the pandemic, which sadly resulted in the loss of three lives since the pandemic broke out.
He commended the employees’ continued resilience throughout the pandemic and has since pledged the company’s commitment to delivering on its role of feeding the Zambian population, by making products readily available where customers need them. This is contained in a report published by Byta fm.