LISTED sugar manufacturer,
Due to poor financial performance almost eight years ago, SACL struggled to settle a
In an update covering the financial year up to
"The Secondary Scheme of Arrangement, whose tenure expires in
The company continues with efforts to trace the whereabouts of the few remaining local scheme creditors with a view to clearing the small amounts still outstanding within the time frame of the arrangement.
"The group's resilient efforts in clearing the Secondary Scheme of Arrangement debts resulted in 99.8% of the liabilities having been paid off by the end of the year under review," said Mutizwa.
During the period under review, the group turnover increased by 23 % to
A downward adjustment in the fair value on investment properties caused by loss in value of properties in the market in real terms impacted negatively on profitability.
The group also incurred a monetary loss of
In historical terms, revenue increased by 542% to
Net working capital position strengthened significantly by 78% to
"The group has expunged the legacy liabilities and is now on a renewed drive to re-tool its operations, attend to plant downtime through replacement of critical machinery and grow its market share locally and in the region," added Mutizwa.
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