ESA REVENUE UP BY 13%, HITS E7.4BN
MBABANE – The Eswatini Sugar Association’s (ESA)2023/24 performance has shown moderate improvement over the previous year’s disappointing results.
The ESA integrated report for 2023/24 indicated that despite poor yields and the quality of sugar challenges, the organisation’s revenue was up by 13 per cent to reach E7.4 billion, when compared to the E6.44 billion recorded in 2023. This was mainly due to the high world market sugar prices supported by a favourable foreign exchange rate. “Despite a tough year, we successfully navigated our challenges and are pleased with our results,” read the report.
Profits
The organisation reported that the cost of sales increased from E6.10 billion to E7.04 billion, in line with an increase in distributable proceeds. Profits that are made by the association are distributed in full to millers and growers and form part of the cost of sales. Distribution costs incurred during the year were E69.31 million (2023:E 24.67 million), increasing mainly because of an increase in freight rates from the previous year.
A foreign exchange gain of E36.15 million was realised compared to a loss of E84.98 million in the previous year.
Interest paid increased from E121.35 million to E228.85 million mainly due to an unanticipated increase in the sugar price per tonne when compared with the previous year. Total overheads increased from E105.95 million to E115.33 million mainly driven by an increase in donations made, an increase in contractual rates and other administrative-related expenses. Inventories increased from E345.24 million to E473.37 million due to higher closing stock quantities when compared to the previous year, which is in line with our stock policy.
Trade receivables decreased by E240.22 million due to early collection of funds from debtors. Trade payables increased by E79.15 million, mainly because of higher proceeds due to members at year-end. A bank overdraft decrease of E332.9 million is a direct result of the decrease in debtors.
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