CHAIRMAN’S STATEMENT OPERATING ENVIRONMENT The year under review presented significant challenges including the introduction of new tax regulations, a restrictive monetary policy framework, exchange rate volatility, inflationary pressures, liquidity constraints, utility supply inconsistencies, route to market disruptions, and aggregate demand fluctuations. The introduction of the Zimbabwe Gold (ZWG) currency in April initially stabilised both the

OPERATING ENVIRONMENT The period under review was marked by a constrained liquidity environment. Inflationary pressures were mitigated as the official exchange rate remained stable, resulting in relatively consistent consumer prices during the quarter. However, the liberalisation of the exchange rate towards the end of the quarter triggered severe disruptions in trading activities, impacting pricing models

Dairibord notes with concern various online media reports on the purported closure of its Zimbabwe operations and subsequent relocation to South Africa. These reports reflect inaccuracies which this statement seeks to clarify. The position is that Dairibord has a longstanding history of successfully exporting its heritage brands to South Africa and other regional markets, failing

CHAIRMAN’S STATEMENT OPERATING ENVIRONMENT Overall, the first half of the year was a period of economic strain. Macroeconomic instability persisted in Q1, characterized by high inflation, exchange rate volatility and depreciation of the local currency. The introduction of the Zimbabwe Gold (ZWG) currency in April resulted in stabilization of both the exchange rate and inflation,