18th Jun 2024 10:44
Zambeef Products PLC - Lusaka-based producer, processer, distributor and retailer of meat, dairy and cereal food products in Zambia, Nigeria and Ghana - On Monday, says total basic earnings per share for the half year that ended March 31 is expected to be up 233% on a year before in Zambian kwacha terms and 143% in dollar terms. For the first half of financial 2023, Zambeef reported pretax profit of USD2.5 million on revenue of USD158.7 million.
Zambeef says financial guidance is unchanged from the update it provided in April. The earnings growth is thanks to "resilient demand" for its products, with "optimized" pricing across all division, mitigating rising input and overhead costs. However, Zambeef says macro-economic pressures on Zambia, combined with the worst drought ever recorded, are hurting its business. "We anticipate that Zambia's macroeconomic environment will stabilise in the medium term, bolstered by enhanced investor confidence following the successful resolution with the country's international bondholders regarding debt restructuring," Zambeef says.
Current stock price: 5.90p, up 4.9% in London on Tuesday
12-month change: down 17%
By Tom Waite, Alliance News editor
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