The Third edition of the Industrial Development Corporation (IDC) Group Conference took place between 25th to 26th October 2019 at Avani Hotels and Resort in Livingstone. The conference was held under the theme “Innovation and Growth: Making Tough Decisions”.
The conference provided a networking platform for subsidiary leaders to share practical ideas, explore new opportunities, share experiences and learn from the practices of seasoned professionals who have succeeded despite the challenges being faced in the business environment.
Superior Milling was attending the conference for the second time and its participation was both significant and strategic considering the Company’s position in the IDC group to impact the masses by helping with the stabilization of Mealie Meal supply and offering the commodity at best market price.
Efforts of reformation have been evident since November 2017 when IDC took over as majority shareholders commanding 76% shareholding value. This move was Government’s strategy to enter a sector as Agro-Processing and influence growth and promote consumer value, satisfaction, quality and fair pricing.
Since then the Superior Milling has been implementing several strategies as part of the strategic decision by IDC to turn around the Company’s business prospects and maintain its stable position in the Market with regard to market share.
Thus, several strategies have helped with this turnaround effort aimed at realizing tangible results and reaching the Company’s goal of ensuring that it remains the lowest cost producer of Mealie Meal in the Country and supply the commodity affordably and profitably.
Superior Milling has been implementing among other strategies these measures of transformation with an emphasis on the review and implementation of operational SOP’s as well as refining, adopting and implementing the ZPPA procurement policies and procedures in accordance with the ZPPA act. Not even the current tough business environment where Maize prices are unstable and unpredictable have been able to stagger progress in achieving those desired results.
Other key strategies being implemented to promote a positive business profile include maximizing cash sales so that the Company can be able to revolve its cash flow and re-invest back into maize purchase and this is captured in the revised operations policy of maintaining a 70% to 30% threshold of sales with 70 reserved for cash sales and 30% reserved for credit sales.
As IDC strives to reposition State-Owned Enterprises (SOE’s) through improved management, financial viability and sustainability of business entities, Superior Milling will continue to conform to the call of innovation and making tough decision as was the theme for the 2019 IDC group Conference in Livingstone.
The conference did affirm the Companies position as a strategic entity in the IDC group given the expected impact considering that Mealie Meal is the number one food product in Zambia. The Company’s growth strategy will surely boost its drive towards profit maximisation so that slowly the realisation of value by the shareholders is achieved and Zambians benefit.
Therefore the 2019 IDC group conference was important to the Company’s growth path as it was a great reminder of the task ahead as the sharing of experiences with other SOE’s provided valuable insight, knowledge and conserved our position on the IDC sector grouping.
Since the conference we have been able to reinforce our efforts towards transformation by developing the right mind set for Innovation and leveraging opportunities from within. All in all we will continue to promote shareholding value by strategically making the right decisions towards transformation.
“Home is where Mealie Is”