It acquired this debt and ran its overdraft to ease working capital pressure. Revenue was negatively affected by the company’s Goldstar Sugar brand which saw a 41% fall in volumes.
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By Alois Vinga
LISTED sugar processor, Star Africa Corporation Limited (SACL) recorded significant sales volume growth across the main segments on the strength of exchange rate stability among other factors.
Presenting a trading update recently for the quarter ended December 31 2020, SACL company secretary, Aldo Nusemburi said stability presented a number of advantages.
“The stability of the local currency that resulted from the introduction of the Foreign Currency Auction Trading System has also been sustained during the quarter, which increased confidence in the market and reduced speculative pricing tendencies during the first half of the quarter,” he said.
As a result Goldstar Sugar production and sales volumes for the quarter improved by 65% and 102% respectively from the previous quarter as production returned to normal after the company had a three-week total shutdown in the previous quarter due to the Covid-19 pandemic.