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IN BRIEF: Zambeef Products profit surges despite tough environment

7th Dec 2023 18:02

Zambeef Products PLC - Lusaka-based cold chain foods and retail business with operations in Zambia, Nigeria and Ghana - For the financial year ended September 30, reports revenue of ZMW6.05 billion, about USD331.5 million, up from ZMW5.39 billion a year earlier. Pretax profit surges to GBP203.7 million from GBP55.2 million.

"Despite a tough operating environment, demand for our products grew, bolstered by a customer focused approach to pricing. Our management team, through a concerted effort, prioritized both revenue maximisation, volume growth and cost management, thereby, positioning the group on the path to actualise its strategic goals," Chair Michael Mundashi says.

"The enduring stability of the economy hinges on the successful resolution of the government's debt restructuring negotiations. We foresee a positive trajectory for copper prices, a vital contributor to our foreign exchange earnings, fuelled by a rising global demand, notably from China and the burgeoning electric vehicle market."

Current stock price: 6.20 pence

12-month change: down 26%

By Sophie Rose, Alliance News senior reporter

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Copyright 2023 Alliance News Ltd. All Rights Reserved.

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