TSL Limited said 2015’s performance is expected to be in line with the prior year and the tobacco season’s national output was down due to the late start to the trading season.
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TSL Limited chief executive officer Washington Matsaira said at the company’s annual general meeting held yesterday that liquidity constraints are impacting logistics and trading businesses. Hire and business travel remained subdued, he said.
“I think the issue of liquidity is more on the trading side. We continue working to mitigate the impact of the adverse factors in the environment and initiatives are being pursued to improve cash flows,” the group said.
Matsaira said the company was seeking partnerships and new businesses to introduce efficiencies and volumes to complement existing service offerings at Bak logistics, while Premier Forklifts business has been impacted by the late start to the tobacco season.
“Efforts continue to grow revenues and expand, customer base,” he said.
He said TSL Properties performed satisfactorily at the beginning of the year in line with expectations.
Matsaira said the realignment of organisational cost structure yielding results into 2015 at TSL Trading was set to improve margins due to more efficient product sourcing.
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The group is a supplier of agricultural products that include seed, fertilisers, crop chemicals, animal health, general and agricultural hardware, safety wear, electrical and irrigation components.
The company’s subsidiaries include Bak Logistics, Premier Forklifts, TSL Properties, TSL Trading, Agricura and the associates companies are Nampak Zimbabwe and Cut Rag.
Matsaira said the performance for Cut Rag remains subdued due to market challenges.
