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IH Securities said government needed to promote growth of other essential sectors, encourage renewable energy investment and promote agricultural resilience.
In its outlook for the sector, IH noted that the market was likely to experience continued volatility, persistent power cuts, and erratic policy shifts.
This year saw Seed Co open direct stores to bypass traditional channels paying in Zimbabwe dollars and increase access to US dollar sales directly from the market.
MMC Capital executive director Itai Chirume told Standardbusiness that anything that causes uncertainty in the market would lead to investors being hesitant to commit capital.
The increase was on the back of price adjustments in response to increasing cost pressures, amplified by currency dynamics embedded in the consumer price index.
The idea was to create demand for local currency and use this increased local currency collections to pay exporters their 25% export surrender portion in Zimbabwe dollars.
Hence, IH Securities expects these “optimal pricing strategies” to continue to grow the group’s revenue further in its current 2023 financial year that will end on June 30, 2023.
Innscor management has revealed that indicative revenue in USD is around US$700 million for the financial year 2022 with a net profit of US$90 million.