10 MONTHS GONE, 2 MONTHS TO GO TO CLOSE THE PRODUCTION YEAR 2022/2023
After demanding start-up years, we now see that we have now managed to reach a profitable level, where operating income is greater that operating costs.
Farm For the Future Tanzania Limited (FFF) started in April 2018 as a registered private company with the registration number 136366610. Located in Iringa region with the size of 250ha of cultivating land leased for 20 years+19 years automatic renewal from Ilula Orphan Program (IOP), and currently being extended to 65 years.
FFF focuses on two main bottom lines, Commercial farming and Community empowerment to address the problem of food insecurities in Africa, end poverty, and establish good nutrition standards.By October 2022, FFF has invested in a 480ML earth dam to grow high-value crops namely Seed Maize and Macadamia. Seed maize is grown under the center pivot overhead system. Currently, a 60-ha scheme has in October 2022 been commissioned. By October 2023 an additional 60ha will be commissioned bringing the total irrigated Seed Maize to 120ha under 2 towable pivots.
Pivot no 3, a fixed pivot of 80 ha on new leased land close to the dam, is planned to be installed by October 2024, bringing the total irrigated Maize Seed area to be 200 ha.SeedCo Tanzania has committed to finance this strategic facilities and at the same time be the off-taker of the produce. The 200ha Seed Maize facilities will gross over USD 1 million annually as of 2023.A pilot 1.4ha of Macadamia planted in September 2022 is growing well. An additional 68ha will be planted in September 2023. By 2027 Macadamia will be at 50% production and full production by 2031. At full production, the 69ha Macadamia will gross over $870,000.
FFF is a private limited company established under Tanzanian law April 2018. It had 400,000 shares, and FFF Board on March 5th, 2021 agreed to an equity build up plan which included issuing and selling 150,000 new shares. Following this decision, FFF now has a total of 550,000 shares. As of February Registered outstanding 13,183 shares are being sold at USD 4.30 (Tzs10,000)/share.
An additional package of USD 400,000 is also now offered. The funds generated will be used for macadamia seedlings, farm working capital, and farm equipment/facilities.FFF now has its Headquarter on their own land at Image.Farm no 12 Image BLOCK – AT IMAGE (4 ha) from June 17th 2021.
FFF signed a long-term lease agreement with Ilula Orphan Program ( IOP), to lease the 250 ha land (Farm no 11 Image – earlier Farm no 1) for 20 years (with an automatic 19-year renewal) on April 2nd, 2020. At the same time an MOU was signed for FFF to buy 4.3 ha of land under and around the headquarters and the milking station buildings. As of February 2023 IOP Board and FFF have agreed to extend the leasing period to 65 years.
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After demanding start-up years, we now see that we have now managed to reach a profitable level, where operating income is greater that operating costs.
The SAGCOT Partnership is committed to transforming the agricultural sector in Tanzania's southern corridor,by catalyzing inclusive and environmentally friendly investments.
The engineers from Irritech Irrigation are currently on the ground installing FFF's irrigation pivot no 2. The 60 ha towable pivot will be on the other side of the FFF farm, making a total of 120 ha of irrigated land.