DIVERSIFIED group TSL Limited strengthened its balance sheet in the financial year ended October 31, 2025, with total assets rising 11% to US$99,4 million, as improved operating performance lifted cash reserves fivefold.
Total assets increased from US$89,71 million in the prior year, driven mainly by stronger cash generation across the group’s core operations.
Net cash from operating activities rose to US$10,22 million, up from US$4,36 million previously, supported by higher volumes and improved profitability across key business units. As a result, cash and cash equivalents climbed to US$8,62 million at year-end from US$1,75 million, reflecting disciplined capital spending and lower borrowings.
TSL chairperson Anthony Mandiwanza said the improved cash position strengthened the group’s liquidity and balance sheet metrics.
“The group’s financial position strengthened during the year, with total assets increasing by 11% to US$99,4 million. The gearing ratio improved from 18% to 13%, while shareholders’ equity rose by 11% to US$68,4 million,” Mandiwanza said in the group’s financial year
results for the period ended October 31, 2025.
“The group generated positive operating cash flows and increased cash reserves fivefold to US$8,6 million.”
The stronger cash position left the firm liquid, with US$1,08 available for every dollar of short-term debt.
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Revenue from continuing operations rose 24% to US$45,6 million, largely driven by improved volumes across all business units following a successful 2024/2025 summer cropping season.
Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 70% to US$19,3 million, while profit from continuing operations surged 85% to US$10,5 million.
Mandiwanza said the improvement in profitability was underpinned by higher revenues, ongoing cost optimisation initiatives, fair value gains on investment property, and gains on disposal of property and equipment.
TSL operates across agriculture, logistics and real estate, with agriculture remaining the group’s primary revenue driver.
Under this segment, Agricura (Private) Limited recorded volume growth across most product lines, while packaging unit Propak Hessian (Private) Limited delivered strong results supported by expansion in the national tobacco crop.
Positive market response to Propak’s locally coated paper product also contributed to performance. Hessian hire volumes increased 26%, although tobacco paper volumes declined 6%, mainly due to lower export demand during the period, Mandiwanza said.
The group’s tobacco auction business, Tobacco Sales Floor (Private) Limited (TSF), also delivered a strong performance, with volumes handled increasing to 81 million kilogrammes, up from 52 million kilogrammes in the prior year.
This represented 56% growth, driven by increased throughput across TSF sales floors in Harare, Mvurwi, Karoi and Marondera.
Improved tobacco volumes supported stronger performance in the end-to-end logistics cluster. Forwarding volumes grew 107% year-on-year, largely driven by fertiliser-related clearances following the commissioning of a bonded warehouse in the final quarter of the previous year.
General warehouse utilisation increased to 91% from 88%, while general cargo storage and handling volumes improved on the back of additional business from an existing customer.
In the real estate segment, rental income from third-party tenants rose 51%, supported by a full year’s contribution from 15 000 square metres of warehouse space added to the portfolio in the prior year, as well as rental escalations.
Occupancy levels remained stable at 87%, while net yields on the property portfolio were maintained at 10%.
On the back of the strong performance, the board declared a special cash dividend of US$1,2927 per ordinary share, amounting to US$4,8 million, which was paid on November 3, 2025.
