Cyclone dims Illovo outlook
Illovo Sugar Malawi has said its operations have not been spared from the effects of the tropical storm which hit the country end January.
This was revealed Wednesday when the company was updating the public on its performance for the year ending August 31 2021.
Illovo Sugar Malawi Managing Director Lekani Katandula said although the magnitude of the impact is yet to be determined, the storm, which resulted in floods, has affected the company’s sugarcane fields, irrigation infrastructure, dykes, and estate roads, among others.
Katandula added that the only things that have not been affected are the factory and warehouse together with the sugar that was in storage.
“Even though this is so, we, as management, are there to do our best so that the business continues going forward and growing despite the challenges that we are meeting,” Kandaula said.
A statement from the company’s chairman Gavin Dalgleish carried in the company’s annual report indicates that Illovo banked this year’s growth on increased electricity generation by Electricity Generation Company and favourable weather patterns.
The floods also affected Egenco’s machinery and squeezed its energy generation capacity by 32 percent.
Illovo is a public listed company and the highest producer of sugar in the country for local consumption and exports.
Justin Mkweu is a fast growing reporter who currently works with Times Group on the business desk.
He is however flexible as he also writes about current affairs and national issues.
