By Phiwa Sikhondze
The Eswatini Sugar Association (ESA) has set an ambitious goal to double the industry’s revenue by 2026.
The organization states that it aims to achieve this by diversifying its products and focusing on market expansion, making it more than equipped to achieve its ambitious goal and solidify Eswatini’s sugar industry as a key player.
This strategic objective, outlined in their 2023/24 Integrated Annual Report, forms a crucial part of their long-term vision to enhance the industry’s competitiveness and sustainability.
The ESA reported a significant increase in revenue for the financial year ended March 31, 2024, reaching an impressive E7.4 billion. This marks a substantial growth from the previous year’s revenue of E6.44 billion, highlighting the association’s resilience and strategic effectiveness amid various industry challenges.
The rise in revenue comes despite a decrease in overall sugar production, which fell to 590,367 tonnes from 625,361 tonnes in the prior year.
In his message to stakeholders, ESA CEO, Banele Nyamane emphasized the importance of sustainable growth and value creation. “Our strategic initiatives aimed at doubling industry revenue by 2026 are well on track.”
“This year’s revenue performance reflects our commitment to innovation, stakeholder engagement, and continuous improvement.”
Central to ESA’s strategy are efforts to maximize production, enhance competitiveness, and expand market reach both regionally and internationally. A key component of this plan involves shifting towards value-added and specialty sugars, which are expected to meet evolving consumer demands and yield higher revenues.
This strategy is anticipated to fortify ESA’s position as a respected supplier within the global value chain.
The sugar industry is a cornerstone of Eswatini’s economy, contributing about 4.6% to the nation’s GDP and serving as the largest private sector employer with over 16,000 jobs. Annually, the industry generates approximately E7.3 billion in revenue, underscoring its economic significance.
Sustainability is at the heart of ESA’s strategy. The association is dedicated to efficient resource management, adherence to core certification standards, and continuous research and development.
These initiatives aim to enhance the industry’s resilience to climate change and other challenges, ensuring long-term viability and success.
The association notes in the report that it is committed to driving innovation, industry development, and revenue optimization, thereby delivering world-class services to its members and stakeholders.