OPERATING ENVIRONMENT:

The first quarter coincided with the onset of another lockdown as the country fights the effects of the coronavirus pandemic.  The measures instituted, disrupted the supply chain, route to market access and trading hours. The economy remained depressed owing to constrained demand and liquidity challenges. Electricity, fuel and labor costs also remained high and were significant cost drivers over the period. Annual inflation for March 2021 stood at 240.6%, showing a significant drop from 348.6% in the 4th quarter ending December 2020.

DOWNLOAD HERE