DIVERSIFIED firm TSL Limited (TSL) has lined up three major projects in property development, logistics, and industrial infrastructure as it seeks fresh income streams aimed at unlocking new revenue beyond its agro-linked businesses.
While the firm’s segments include agricultural, logistics, and real estate operations, its main revenue driver is its agriculture business.
In a presentation of its full year results for the period ended October 31, 2025, prepared on a historical cost basis, TSL recorded a 24% revenue growth to US$45,6 million from the prior year.
The revenue growth was driven by volume recovery across all business units, supported by the strong 2024/25 tobacco season.
“Revenue from continuing operations amounted to US$45,6 million, representing a 24% increase from prior year, mainly driven by improved volumes across all business units following a successful 2024/2025 summer cropping season,” TSL chairman Anthony Mandiwanza said.
The tobacco industry recorded deliveries of 355 million kilogrammes during the 2024/25 season, up 53% on prior year and generating approximately US$1, 2 billion, with an average selling price of US$3, 32 per kg.
TSL benefited from the boom in tobacco sale because income streams include operating the Tobacco Sales Floor (auctioning), manufacturing packaging materials via subsidiary Propak Hessian (Private) Limited, and providing logistics, warehousing, and, via Agricura (Private) Limited, which trades in agricultural inputs.
One of the firm’s priorities is to expand its existing income streams.
“Three key projects lined for the new financial year: HGPV Land development – board has approved a 73-hectare mixed land use development on land in Harare South that the group owns, 1 900 residential stands targeted together with commercial stands and other community amenities,” TSL said.
“Regulatory approvals are progressing well and expected to be received in the next few months.
“Discussions are underway with potential bulk off-takers of the stands — expected H1 2026.”
TSL said the project was expected to be completed within the next 36 months.
The firm is also working on the HFC Warehouse Development, which involves the construction of two additional world-class warehouses — approximately 8 000 sqm — onto an existing site owned by the group.
TSL said off takers had already been secured for both warehouses, with construction having commenced.
“Development expected to be completed in H1, 2026 for immediate occupation,” TSL said.
Lastly, the firm is creating a larger, better-connected inland cargo hub in Rutenga that links Zimbabwe more efficiently to the Port of Maputo in Mozambique.
“BAK Logistics has been operating an inland port in Harare in collaboration with DP World since 2022. DP World operates the Sea Port in Maputo. Both ports are serviced by rail—albeit constrained,” TSL said.
“Rail volumes have been increasing steadily—four to five trains running per month. Inland Port operations set up by Bak and DP World in Rutenga—providing multimodal solutions (road and rail) across the region—will significantly increase capacity.”
In that regard, TSL expects daily trains from Maputo in the near term.
TSL said the group was cautiously optimistic about the outlook for the current year, suggesting that sustainable growth would be influenced by prevailing economic conditions and climatic factors.
“Good organic growth is expected across all business units—building on existing capabilities,” TSL said.
“Strategic priorities will centre on delivering sustainable growth while enhancing profitability and liquidity.”
TSL said the group would, in the meantime, prioritise revenue growth, improving operational efficiencies, technology-driven process optimisation, and disciplined cost management as well as treasury management to deliver enhanced value for stakeholders.
To support customer service excellence, Agricura branches are expected to be refurbished and modernised nationwide.
TSL said the group was also well positioned and prepared to leverage growth in tobacco crop with irrigated tobacco and overall hectarage up 22% for the current 2025/26 season, according to the Tobacco Industry Marketing Board.
“Increased farmer participation is commendable — overall national tobacco volumes will depend on the outturn of the rain season and adequacy of barn curing capacity,” TSL said.
However, uncertainty remains around TSL’s ambitions to deepen its footprint in the packaging segment after the recent collapse of its planned US$25 million acquisition of Nampak Zimbabwe Limited, which would have significantly expanded its primary and secondary packaging capabilities.
The termination of the transaction, after failing to secure shareholder approval, has left a gap in the group’s packaging growth strategy and raised questions about how quickly, and through what route, TSL can scale this pillar beyond its existing Propak Hessian operations.