RioZim Limited (RioZim) recorded a significant increase in production costs during the six months to June 30, 2024 attributed to unstable exchange rates.
In a statement on the company’s half-year financial results, chairman Saleem Beebeejaun said the Zimbabwean dollar’s (ZW$) depreciation at the start of the year caused price inflation, which increased costs.
The group remains a high-cost inefficient producer and during the period under review saw its gross margins decrease to 1,37 percent from four percent in the comparable period previous year.