30th Jun 2023 14:36
Zambeef Products PLC - Lusaka-based cold chain foods and retail business with operations in Zambia, Nigeria and Ghana - Posts revenue of USD158,738 for year ended on March 31, up 7.2% from USD148,136 the year before. Says the half-year is characterised by a difficult trading environment due to "constricted consumer spending amidst a tight monetary policy". However, pretax profit is down 75% to USD2.5 million from USD9.9 million, as operating profit is down 58% to USD5.7 million from USD13.3 million the year before. Posts expenses classified as "other" at USD2.7 million, compared to "other" income of USD228,000 a year ago.
Earnings before interest, tax, depreciation and amortisation is down 27% to USD13.1 million from USD17.9 million.
Chair Michael Mundashi says: "We remain excited as Zambeef remains well positioned to capitalise on the opportunities ahead with the progress made in the expansion of our cropping operation and investment in production facilities."
Current stock price: 6.39 pence each, down 5.3% on Friday afternoon in London
12-month change: down 28%
By Xindi Wei, Alliance News reporter
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