Cheers from Zimbabwe

Posted: 22nd February 2012 by admin in Remittance methods

Zimbabwe economy is being boosted by beer sales, every little bit helps when it comes to boosting the image and economy of a country. This in turn equates to money as we all know. Here is a report that we came across
Delta Corp., Zimbabwe’s biggest brewer, said full-year profit surged more than sevenfold as beer sales jumped.

Net income climbed to $39.7 million in the 12 months through June, from $5.4 million in the same period a year earlier, the Harare-based company said in an e-mailed statement today. Beer volumes increased 50 percent, it said. The company said it changed its financial year from March.

Delta, which also owns the Coca-Cola franchise for Zimbabwe, said soft-drink sales soared 81 percent in the period. It didn’t provide more specific figures.

Zimbabwe’s economy is recovering after a decade of recession that followed a drought and President Robert Mugabe’s seizure of white-owned commercial farms for redistribution to blacks deprived of land under colonial rule. Mugabe and opposition leader Morgan Tsvangirai last year formed a coalition government that has lobbied for increased foreign investment in the southern African nation. The economy may expand 5.4 percent this year, Finance Minister Tendai Biti said last month.

Delta said beer production was improving after “years of under-utilization and limited maintenance.”

Delta has about 95 percent of the beer market and an 85 percent share of soft-drink consumption in Zimbabwe, according to the company. It competes mainly with imports from neighboring South Africa and Namibia.