2nd Oct 2019 14:26
(Alliance News) - Africa-focused food producer Zambeef Products PLC on Wednesday forecast positive results for its recently ended financial year helped by strong yields from its crop division.
Zambeef, which operates in Zambia, Nigeria and Ghana, said adjusted pretax profit will be at least 20% higher than market expectations. The adjusted figure does not include gains or losses made from disposals, acquisitions, or foreign exchange.
Revenue in the year ended September 30 will meet market consensus, Zambeef added.
The company said the performance was largely attributable to strong trading from its crop division. Yields on soya beans, wheat and maize exceeded budgeting figures, Zambeef explained.
In financial 2018, the company reported pretax profit of USD2.8 million, USD5.1 million on an adjusted basis, on revenue of USD280.3 million.
Shares in Zambeef were 5.5% higher at 5.80 pence each in London on Wednesday afternoon.
By Eric Cunha; [email protected]
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