HomeNewsTobacco revenue soars to $244 million

Tobacco revenue soars to $244 million

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Revenue from the sale of the tobacco crop has reached $244 million since the start of this year’s selling season.

The sales revenue was reached on day 46, after 64,4 million kg of the crop was delivered at the country’s four auction sales floors.

This was up from the 54,2 million kg that fetched $155,2 million at the same period last year.

Favourable prices this year have been attributed to the revenue percentage rise as by day 46, the average buying price stood at $3,79 while last year it was $2,86.

Contracted growers have delivered 36,2 million kg worth $139,3 million, while independent growers have contributed 28,2 million kg of the crop valued at $104,6 million.

Average buying prices for the contracted growers’ crop was $3,85 by day 46 while that for independent growers stood at $3,70 the same period.

On the auction floors, Tobacco Sales Floors had so far received 9,6 million kgs of the crop worth $35,8 million by day 46 of season, followed by Boka Tobacco Floors where farmers had delivered 9,2 million kg valued at $33,5 million.

Despite offering higher buying prices than the other three auction floors, Millennium Tobacco Floors, which started operations last year, has so far received 4,6 million kg of the crop, which is worth $17 million.

The company has of late received stiff competition from Premier Tobacco Floors, which came into play this selling season.

Farmers had delivered 4,9 million kg of the golden leaf to the new players which was worth $18,3 million by day 46.

So far this season, 795 188 bales have been sold at all auction floors after 35 018 bales were rejected from the 838 644 that had been laid out for auctioning.

Last selling season, 672 521 bales had been sold by the same period after 52 836 had been rejected for various reasons from the total of 725 357 that had been laid out for auctioning.

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