INDUSTRIAL belt manufacturer General Beltings Ltd has blamed the company’s reduced export volumes, especially to the Zambian market, on Zimbabwe’s punitive Value Added Tax policy on local produc
Chairman Hillary Munyati said the situation saw export volumes especially to the Zambian market decrease by 20%.
“The picture was dampened by the loss of volumes in the export markets, particulary Zambia, which resulted in a decrease of 20 % in the total volumes,” Munyati said.
The company however managed to produce respectable results mainly due to the increase in demand from the local local mining sector, with the conveyer belting sales dominating.
“Margins improved as the mix was biased towards the local sales which were more profitable. Conveyer belting dominated sales both locally and in the region,” Munyati said.
He said the company had managed to secure a five-year contract to supply Debswana, one of Botswana’s largest diamond mines.