Sugar special tax milks US$2,3m off Dairibord

In a trading update for the first quarter ended June 30, 2025 Hippo Valley chairman Canaan Dube said that raw sugar performance dampened overall sales growth, falling to 32 percent below target and 31 percent below prior year.

DAIRIBORD Holdings (Dairibord) says it parted with US$2,26 million in special surtax on sugar content during the just-ended financial year to December 31, 2024 reflecting the adverse impact of the new fiscal requirement on business profitability.It was a double whammy for the dairy products maker after authorities also made value added tax (VAT) reclassification of…

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