By Jonathan Mbiriyamveka
HARARE – Delta Corporation Limited, Zimbabwe’s beverage giant, has staged a spectacular financial comeback, reporting a surge in profitability that has enabled it to double its interim dividend payout to shareholders.
Unaudited results for the six months ended 30 September 2025 reveal a company in high gear. Profit after tax attributable to owners skyrocketed to US$75.2 million, a dramatic increase from US$44.4 million in the same period last year.
This propelled earnings per share to 8.65 US cents, up 157% from 3.37 US cents, allowing the board to declare an interim dividend of 2.00 US cents per share, up 100% from the 1.00 US cent declared last year.
The stellar performance was driven by a potent mix of volume growth across its key segments and a more stable operating environment.
Lager beer volumes grew 21%, while the traditional Sorghum Beer segment saw a 16% uplift. The Wines and Spirits unit, operated by African Distillers (Afdis), was a standout performer with a 43% volume increase.
In a letter to shareholders, the Board Chairman credited “a relatively stable operating environment” characterized by a firm Zimbabwe Gold (ZWG) exchange rate, a record tobacco marketing season, and firm mineral prices for bolstering consumer disposable income.
“The business continues to surpass historical daily sales rates,” the chairman stated, pointing to “record monthly and daily sales rates” particularly in the sorghum beer category during the winter months.
Operating income jumped 54% to US$99.6 million, underscoring improved operational efficiency and the benefits of higher sales volumes.
The company also reported that a significant 92% of its domestic sales were conducted in foreign currency, insulating its revenue from local currency volatility.
“This is a phoenix-like rise from the challenges of the prior year, which was marred by pricing distortions and drought,” said independent economist Tinashe Mupaso.
“Delta’s results are a key barometer for the Zimbabwean consumer market, and these numbers suggest a significant, albeit cautious, recovery in spending power.”
With critical capacity expansion projects underway at its Southerton and Belmont breweries to meet “buoyant sales rates,” Delta signals its confidence that the current demand surge is more than a fleeting trend.
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