TSL Limited says it remains committed to operational efficiency, disciplined capital allocation, automation, and enhanced customer experience to deliver sustainable stakeholder value.
The update follows a strong first-quarter performance for the period ended January 31, 2026, with group revenue rising 45% year-on-year, driven by higher demand for agricultural inputs and increased activity across its business units.
In a trading update, TSL said improved rainfall associated with the La Niña weather phenomenon supported demand for agricultural inputs and is expected to boost agricultural output in the 2025/2026 season.
“The group expects improved activity in the coming quarters following the commencement of the 2025/2026 tobacco marketing season on March 4, 2026,” it said.
“The group remains focused on operational efficiency, disciplined capital allocation, automation and customer experience to deliver sustainable stakeholder value.
It added that it would continue to monitor the evolving macroeconomic and geopolitical environment, particularly in the Middle East, which is affecting commodity prices, energy costs, supply chains, currency movements, and import costs.
The regional tensions, involving the United States, Israel and Iran, have disrupted global commodity markets.
TSL reported that performance at Agricura improved year-on-year following a delayed rainfall season in the prior comparative period.
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Herbicide volumes rose 361% due to heightened weed-management needs, while insecticide volumes were up 9% on increased demand for fall armyworm control.
Fungicide volumes decreased by 19% due to rainfall-related disruption to spraying programmes, while dip volumes increased by 6%.
Doses volumes decreased by 76% due to supply chain disruptions, which have since been resolved; management expects to recover volumes over the remainder of the financial year.
At Propak, Hessian hire volumes fell 13% due to timing differences in uptake by growers and merchants, while tobacco paper volumes declined 1%. TSL said these timing effects are beginning to unwind in the second quarter, in line with expectations of a larger national tobacco crop of 400 kilogrammes for the 2025/2026 season, up 13% from the previous year.
The company also revealed the continued automation of key processes across all auction floors to improve efficiency and support targeted throughput volumes.
“Further initiatives focused on space optimisation and customer experience enhancements, including payment system upgrades and facility improvements at Mvurwi.”
TSL owns the Tobacco Sales Floor.
At BAK Logistics, it recorded an improved performance year-on-year on higher activity across service lines.
“Equipment handling contributed 45% of revenue; general cargo handling and warehousing contributed approximately 40%.
“Forklift hours increased by 21% and utilisation improved to 89% (January 2025: 76%) supported by an extended tobacco processing season,” TSL said.
“The business continues its transition to electric forklifts, with 41 units acquired to date.
“General cargo handling volumes increased by 54% and storage volumes increased by 5%, supported by fertiliser handling for a new customer (over 12 000 metric tonnes).
“General warehouse utilisation increased to 93% (prior year: 90%). Port full container lifts increased by 48%, while empty container lifts decreased by 50% due to lower container turnover and shipping line routing changes.”
Under its infrastructure arm, portfolio occupancy remained stable at 80%, while average rental rates increased by 1% following selected rent reviews.
“Development of the 73-hectare Harare South land bank remains subject to outstanding regulatory approvals,” TSL said.
