Beverage maker Delta Corporation Limited (Delta) recorded a 37% revenue growth during the third quarter to December 31, 2025, and a 31% increase year to date, as the firm enjoys an unprecedented rally in its market capitalisation to US$1.49 billion.
Over the past few weeks, investor appetite for Delta stock on the Zimbabwe Stock Exchange (ZSE) has surged, as investors reposition ahead of the planned delisting of Econet Wireless Zimbabwe on March 31.
Between December 15, 2025, and Wednesday, Delta’s listed market capitalisation on the ZSE rose by over US$525 million to US$1.49 billion.
The rally has also been supported by Delta reporting increased revenue, reflecting volume growth across its Zimbabwe business units and the inclusion of Schweppes as a subsidiary after the beverage maker increased its stake to 69% from 49%.
As a result, market analysts expect Delta to report revenue of about or above US$1 billion for the financial year ending March 31, 2026.
“Group revenue grew by 37% for the quarter and 31% year to date, compared to the prior year. The growth reflects volume growth across the Zimbabwe business units and the inclusion of Schweppes as a subsidiary,” Delta said in its third-quarter trading update for the period ended December 31, 2025.
“The proportion of domestic sales undertaken in foreign currency was above 85% for the quarter under review and year to date. US dollar weakness presents both opportunities and risks, reflected in higher import costs from rand- and euro-denominated markets, firmer commodity prices impacting certain packaging materials, and improved foreign currency inflows supported by stronger mineral prices.”
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Sales during the quarter were also boosted by the December holiday season, typically one of the busiest periods for consumer spending due to bonus payments and savings.
Regarding Schweppes, volumes grew by 31% during the quarter and 16% for the nine-month period compared to the prior year.
“The performance was supported by price moderation on the cordials range and improved product supply of Minute Maid juice drinks and water following the restoration of packaging lines,” Delta said.
“The business continues to face pressure from imported variants originating from markets benefiting from preferential duty protocols under agreements such as COMESA, affecting competitiveness in certain categories.
“The entity has been consolidated as a subsidiary effective April 1, 2025.”
Under the lager beer segment, volumes grew by 16% during the quarter and 19% for the nine-month period compared to the prior year.
“Demand remained strong, supported by increased consumer incomes and stable pricing, with the business exceeding historical sales levels,” Delta said.
In the sorghum beer segment, Zimbabwe volumes grew by 21% during the quarter and 18% for the nine months compared to the prior year, driven by similar demand factors.
National events such as the Chibuku Road to Fame National Finals held at Gwanzura Stadium in October 2025 and the Neshamwari Traditional Dance Festival 2025 finals in Mutare, supported by radio jingles and video commercials, also boosted sorghum sales.
“The product range has also been expanded with the recent launch of Leopard Extra, an aspirational, mass-appeal brand introduced as part of efforts to harmonise the group’s offerings across regional markets,” Delta said.
“United National Breweries (South Africa) recorded volume growth of 10% during the quarter under review and 4% for the nine months compared to the prior year, reflecting promising market penetration of Chibuku Super into formal trade channels.”
Sparkling beverages volumes grew by 18% during the quarter and 14% for the nine months compared to the prior year, reflecting market share gains supported by strong brand equity.
Meanwhile, African Distillers delivered a robust performance in the wines and spirits segment, with volumes growing by 64% during the quarter and 51% for the nine months compared to the same period in the prior year.
“The outturn was driven by strong consumer demand during the festive season,” Delta said.
Delta said the group is experiencing growth in volumes and revenues across its Zimbabwe operations, supported by currency stability, declining inflation, and improved availability of key raw materials.
“The positive economic outlook presents an opportunity for group entities to invest ahead of demand,” Delta said.
“Notwithstanding this, geopolitical developments may place upward pressure on certain input and logistics costs and could disrupt the current momentum. In response, the group has initiated key capacity expansion projects to support the elevated sales rates achieved during the year.”
Delta added that while commissioning lead times remain extended, the business remains focused on capitalising on improved consumer spending and supporting initiatives that stimulate aggregate demand.
