HARARE – Turnall Holdings Limited, one of Zimbabwe’s leading manufacturers of building materials, reported a 4% decline in turnover to US$12 million for the year 2024, with losses widening sharply to US$2.9 million, up from US$1.5 million the previous year.
The company attributed the downturn primarily to persistent liquidity challenges in the local market, which affected demand and overall operational performance.
Despite the financial setback, Turnall significantly ramped up its investment in expansion, spending US$3.2 million compared to just over US$567,000 in the previous year.
The bulk of this capital injection was channelled towards the development of a new fibre-cement plant and the acquisition of new templates for the Bulawayo sheeting plant, both of which are expected to be commissioned in 2025.
Looking ahead, Turnall remains cautiously optimistic.
“There is hope for some recovery in 2025 due to the ongoing capital projects in the manufacturing and construction sectors,” the company said in its annual outlook.
The investment is part of Turnall’s broader strategy to modernise production, improve efficiency, and position itself to benefit from anticipated growth in the construction sector driven by infrastructure development initiatives.
With the commissioning of new plants on the horizon, Turnall is hoping to turn the corner after a challenging year marked by economic headwinds and constrained consumer spending.
