Sugar giant Tongaat Hulett eyes increasing revenue to US$610 million
By Brilliant Mukaro | Masvingo Mirror |
MASVINGO – Sugar producing giant Tongaat Hulett is looking at increasing its revenue from the current US$300 million to US$610 million by 2030, the company’s General Manager Infrastructure and Support Services, Ushe Chinhuru has said.
He was speaking at Masvingo All Stakeholders meeting held at the Great Zimbabwe University Law School on Thursday.
He said such revenue growth will significantly contribute to Masvingo Province’s vision of becoming a US$8 billion economy and fulfil the national vision of achieving a middle income economy by 2030.
He said the company’s aspiration is to be one of the biggest contributors to the national vision of a middle income economy by 2030.
Tongaat is the country’s second largest employer after Government with 15 000 workers.
Turning to the company’s plans, Chinhuru said Tongaat currently produces 400 000t of sugarcane annually but this can be increased to 600 000t if all small scale outgrower farmers are incentivised to produce a minimum of 100t of sugarcane per hectare.
Such incentives have already been initiated with the establishment of 100 tonne per hectare farmers’ club.
The company is also looking at further production from Kilimanjaro, a new project where virgin land is being cleared and will bring in 2 300h to be distributed to small scale farmers working under the supervision of the company. Some 700h are already in place for farming, said Chinhuru.
The company will also expand its ethanol and cattle production businesses.
“We hope to become the biggest contributor to the US$8 billion economy that Masvingo Province wants to become. We intent to double our business by transforming it from being a US$300 million to US$610 million by 2030,” said Chinhuru.