THE turnaround of Allied Timbers continues to gain momentum with the parastatal declaring a ZWL$5 million dividend to government and raising ZWL$18.1 million in exports receipts last year.
The commissioning of equipment sourced from Belarus this Saturday coincided with the official hand over of ZWL$5 million dividend by Allied Timbers,bouyed by successful turnaround strategies.
“The audited books of Allied Timbers has moved from red to blue after several years of losses.In 2016 we were battling with salary areas of upto 9 months.We have managed to pay dividends, owing to revival of the entity. We are grateful for the support by the shareholder to recapitalise,” said the firms Board Chairperson, Itayi Ndudzo.
Government expressed gratitude for the positive strides in turning around the entity and all other state enterprises that are performing according to expectations.
“Allied Timbers is increasingly becoming a house hold name.This will help to grow our provincial GDP.Manicaland can be a leading province in the country due to such investments,” said the Manicaland Minister of State & Devolution, Nokuthula Matsekenyere.
“Forest sector export receipts continued to grow from 8.6m in 2018, 16.8m in 2019 to 18.1m in 2020.We appreciate, as the shareholder, the dividend of ZWL$5m that we have received from profits achieved in 2019, after many years of austerity,” said Mangaliso Ndlovu, the Minister of Environment, Climate, Tourism and Hospitality Industry.
Minister Ndlovu also gave assurance on reforestation commitment, plans and successes.
“We have witnessed more robust planting in the plantation forest sector with more than 3,400 hectares in 2018 and more than 4,600 hectares both in 2019 and 2020 while slightly more than 1,800 hectares were planted by the whole sector in 2017,” he said.
The equipment sourced from Belarus that include fire-fighting machines is expected to play a pivotal role towards boosting operations in the face of veld fires that are destroying an average of 1,700 hectares every year from 2018 to 2020.
Allied Timbers Zimbabwe (ATZ) was re-branded from the Forestry Company of Zimbabwe (Private) Limited on the 19th of October 2007.
The firm is the largest timber resource base in Zimbabwe Northern Timbers situated in the Nyanga area, Southern Timbers in Gwendingwe, Chimanimani timbers in Chimanimani, and Mtao pole plantations.