6th Dec 2019 13:45
(Alliance News) - Zambeef Products PLC on Friday raised its earnings per share estimate after the Zambian beef producer said it delivered a resilient performance in its recently ended financial year.
The company, which operates in Zambia, Nigeria and Ghana, said its financial year ended September 30 was a challenging year which saw a regional drought and macroeconomic pressures.
Further, the weakening of the Zambian kwacha against the dollar, an increase in the cost of fuel together with strained electricity supply hurt the company's performance alongside the customers' spending power, it added.
However, despite the challenges Zambeef said it achieved "significant growth" during the financial year in the face of economic and market difficulties.
For financial 2019, Zambeef expects to report revenue of USD254 million and total income of USD1.5 million. In financial 2018, the company reported revenue of USD280.3 million and total income of USD1.6 million.
Zambeef expects earnings per share - in kwacha - to be approximately 73% higher than the corresponding period last year. It reported EPS of ZMW8.19, or GBP0.41 approximately, for financial 2018.
Zambeef will report annual results on December 9. The stock was up 2.3% at 6.01 pence in London on Friday.
By Arvind Bhunjun; [email protected]
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