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Industry News Company Results

StarAfrica returns to profit as Goldstar volumes surge

Published 20 August 2026 Updated 20 August 2026

StarAfrica Corporation, the Harare-based refiner behind the Goldstar Sugars brand, has returned to profitability. Audited results for the financial year ended 31 March 2026 show a profit after tax of ZWG 36.6 million, a sharp reversal from a loss of ZWG 122.4 million the previous year. Momentum has carried into the new financial year, with first-quarter revenue up 31% year on year.

The FY2026 turnaround

  • Profit after tax: ZWG 36.6 million, compared with a loss of ZWG 122.4 million in the prior year
  • Operating profit: ZWG 27.9 million, reversing an operating loss of ZWG 75.5 million
  • Group turnover: down 9% to ZWG 1.471 billion
  • Goldstar Sugars sales volumes: 59,596 tonnes
  • Country Choice Foods volumes: up 63% to 2,311 tonnes
  • Basic earnings per share: recovered to 0.84 cents from a loss of 2.69 cents
  • Dividend: none declared, with the board preserving working capital

The group transitioned its functional currency to the United States Dollar on 1 April 2025, with results presented in Zimbabwe Gold (ZWG). The independent auditor, Grant Thornton, issued a qualified opinion on the financial statements relating to compliance matters arising from the currency transition, a technical qualification the company has acknowledged.

Momentum builds in the new financial year

  • In a trading update for the first quarter ended 30 June 2026, revenue grew 31% compared with the same period in the prior year
  • Goldstar Sugars granulated sugar sales volumes surged 38% ahead of the prior year
  • Country Choice Foods volumes increased 19%
  • Operating profit rose 58%
  • The gross profit margin compressed slightly to 17% from 18%, reflecting input cost pressures
  • Plant availability improved after the quarter ended, helped by utility stability and the delivery of spares
  • The company flagged logistics delays, water supply interruptions, and input cost inflation as ongoing risks to performance

A recovery with caveats

The results add to a picture of an industry in better commercial health, following the strong industry-wide FY2026 results reported in July. Market analysts note, however, that improved profits at both listed sugar companies were partly supported by one-off factors, and that the sector still faces structural challenges. Policy decisions around the sugar tax, the division of proceeds between millers and growers, ethanol pricing, and regional tariff protection will shape whether the industry can fund the investment ambitions of the Zimbabwe Sugarcane Industry Development Plan 2026 to 2035 from its own operating cash flows.

Read more

Read the StarAfrica profile on the industry players page, see the industry-wide picture in our FY2026 results coverage, learn about the Goldstar and Country Choice ranges on the sugar types page, or return to the Industry News index.