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August 10, 2011

Zimbabwe seed company expects 25% higher sales this year

by Godfrey Marawanyika

Seed Co (SEEDCO) Ltd., a Zimbabwean company with operations in several African countries, expects revenue to increase 25 percent this year, said Chief Executive Officer Morgan Nzwere.

Profit for the year through March 2012 will probably “grow exponentially,” Nzwere said at the company’s annual general meeting in the capital, Harare, today. Net income advanced 30 percent last year to $17.4 million.

Sales will probably increase because of rising prices for corn, soya and cotton, Nzwere said. Cotton sales are expected to increase 5 percent this, increasing its contribution to overall sales to 20 percent this year, he said. Malawi may boost seed imports by 87 percent to 2,500 metric tons, he said.

“In Malawi, we expect demand to come from the government and non-governmental organizations,” Nzwere said.

Seed Co, which operates in countries including Swaziland, Kenya and Zambia, develops and sells corn, soya, wheat, barley, groundnut and sorghum seeds. The Harare-based company controls Aico Africa Ltd. (AICO), southern Africa’s biggest cotton seed supplier.

Bloomberg

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