TIMB reports revenue decline to US$794 million

TIMB Board Chairperson Patrick Devenish

Rutendo Mazhindu - ZimNow Reporter

The Tobacco Industry and Marketing Board (TIMB) has reported a revenue decline to US$794 million in 2024 from US$897 million last year, as tobacco output dropped by 22 percent due to the El Niño-induced drought.

According to the 2024 Annual Report released on June 17, 2025, Zimbabwe sold 232 million kilograms of tobacco during the season, down from 296 million kilograms in 2023.

Despite the fall in volumes, the average seasonal price rose to US$3.42 per kilogram from US$3.03 last year.

TIMB Board Chairperson Mr Patrick Devenish said the Board’s focus remained on protecting grower viability.

“The El Niño-induced drought affected national yield, but the industry remained resilient. Our focus was on ensuring pricing remained fair for growers through consistent oversight,” he said.

Auction sales contributed six percent of the total crop, with two licensed auction floors Tobacco Sales Floor and Premier Tobacco Floor moving 13.8 million kilograms valued at US$49 million over 116 days.

This was a decline from 19.9 million kilograms recorded in 2023. The average auction price increased from US$2.86 to US$3.55 per kilogram.

Contract farming remained dominant, accounting for 94 percent of all tobacco sold. TIMB licensed 37 contractors who collectively bought 218 million kilograms of tobacco from 97 227 growers. The average contract price rose to US\$3.42 per kilogram from US\$3.04 last year.

Registered grower numbers fell 11 percent from 155 160 in 2023 to 137 912 in 2024, with Mashonaland Central and West provinces recording the highest declines.

TIMB Acting Chief Executive Officer Mr Emmanuel Matsvaire said efforts were underway to safeguard the sector against climate-related shocks.

“We have started biogas and LPG curing trials, expanded reforestation, and improved oversight of input prices. These measures will ensure long-term viability,” he said.

Zimbabwe shipped 243.4 million kilograms of tobacco worth US$1.4 billion in 2024, up from 236 million kilograms worth US$1.2 billion in 2023.

The average export price improved to US$5.71 per kilogram from US$5.24. The Far East remained the largest market, absorbing 53 percent of the total exports.

TIMB also rolled out a Biometric Grower Management System, which uses fingerprints and GPS data to prevent side marketing and improve traceability across the value chain.

TIMB recorded a surplus of ZWG 183.24 million, a 543 percent improvement from a ZWG41.32 million deficit in 2023. The surplus was driven by enhanced revenue collection and reduced operational expenses.

The board said it remains committed to the Tobacco Value Chain Transformation Plan, which seeks to transform the sector into a US$5 billion industry by end of 2025 through value addition, increased local financing, and improved farmer returns.