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Tuesday, June 18, 2024

Beverages sector growth spurs NDS1 targets

Story by Stanley James, Business Editor

ONE of the National Development Strategy One (NDS1) aspirations of increasing output in the manufacturing sector is on track as beverage entities roll out more capital projects.

The commissioning of two major plants of listed firm Delta Corporation by President Emmerson Mnangagwa in July this year, has seen shareholders approve an investment roadmap through mobilising more funds.

This emerged during the company’s presentation ceremony for half year financials in Harare this Thursday, where resolutions show that increased investments will in the long term accelerate growth.

The group’s Finance Director, Mr Alex Makamure, is confident of more investments.

“We have been investing what you are seeing in the market specifically in the past three years since 2021. We have done significant investments, most of which were commissioned by his Excellency the President in July. These include the packaging plant in Southerton. A similar PET packaging plant was installed at our Graniteside unit, within the Coca-Cola unit and we have also done a brand new similar plant at our Southerton unit. These investments are all accelerating growth in the sector with the key results being increased returns as over US$70 million has been invested.”

The beverages sector has been cited by the Confederation of Zimbabwe Industries as a key driver of overall manufacturing sector growth riding on new plant investments and capital injection in line with the NDS1 thrust of increased output.

With the coming in of new entrants such as Varun Beverages, competition in the sector has benefitted the economy in the form of stable pricing models, increased availability of products, employment creation and product diversity.

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