eBusiness Weekly
HARARE – Diversified agro-industrial firm, TSL Limited is pressing ahead with the development of an industrial complex and upgrading of its properties in the second half of the current financial year, as its real estate business is poised for good performance.
The upgrade of key properties will bring them in line with international standards.
At a recent annual general meeting held in the capital, outgoing chief executive Washington Matsaira told shareholders the firm would embark on the second phase of the Vorsterman’s industrial development project in the second half of the year.
The first phase of the Vorstermans industrial development project is at an advanced stage which looks at the development of three new warehouses, expanded container yard and supporting roads and drainage works.
This comes as the firm’s real estate segment had a stable performance although industrial properties have been experiencing high voids due to subdued activity in local industry.
“The real estate unit has always performed well relative to industry average and we plan to upgrade our properties,” said Matsaira.
During the financial year 2017, TSL’s real estate segment reported $3, 8 million revenue compared to $4, 7 million reported in the prior year while profit went down 23 percent to $1, 6 million.
Operating assets rose by 3, 5 percent to $56, 1 million from $54, 2 in the prior year. Operating liabilities also improved by 50 percent to $0, 4 million from $0, 8 million in 2016.
TSL has indicated the group’s thrust would be growing current business while looking for new opportunities that provide export revenues.
This will be complimented by upgrading of technologies as well as development of human capital base.
