4th May 2020 11:08
(Alliance News) - Zambian beef producer Zambeef Products PLC on Monday said that results for financial 2020 will be broadly in line with market expectations and that consumer demand has held up well to date.
"Despite the uncertainty caused by the Covid-19 pandemic, consumer demand for Zambeef's products in-country has, to date, stood up well, and trading performance in H1 2020 has been satisfactory. It is expected that this will continue through H2 2020," Zambeef explained.
The company, which also has operations in Ghana and Nigeria, expects US dollar revenue, earnings before interest, tax, depreciation and amortisation, earnings before interest and tax, and adjusted pretax profit for the year ending September 30 to be in line with market expectations.
Zambeef, however, predicts annual pretax profit to be hurt by foreign exchange losses.
In financial 2019, the company recorded revenue of USD254.5 million, down 9% year-on-year. Pretax profit rose 12% to USD3.1 million, and Ebitda was up 1.7% at USD23.0 million.
At March 31, the company had a net debt of USD61 million.
Zambeef plans to release its results for the six months to March-end at the June.
Shares in the company were down 9.3% at 6.58 pence each in London on Monday morning.
By Tapan Panchal; [email protected]
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