17th Jun 2020 12:07
(Alliance News) - Zambeef Products PLC on Wednesday said it swung to first-half profit and demand has held strung even amid the Covid-19 pandemic.
In the six months to March 31, revenue surged 27% year-on-year to ZMW1.80 billion, about GBP79.0 million, from ZMW1.42 billion.
The foods and retail firm reported a pretax profit of ZMW12.5 million, swinging from a ZMW30.2 million loss.
"Despite the challenging economic environment and the uncertainty caused by the onset of the Covid-19 pandemic, consumer demand for Zambeef's products remained robust, and the trading performance in the period has been satisfactory," the company said.
The first half performance came despite "significant fiscal pressure" placed on the Zambian economy, Zambeef Chair Michael Mundashi said.
"Looking ahead, the macro-economic climate is expected to remain challenging for the rest of the financial year, characterised by a volatile Kwacha, continued electricity supply constraints and a potentially crippling Covid-19 pandemic. Despite this, the group still expects to report full-year results for the year ending September 30 in line with current market expectations."
Zambeef shares were 4.9% higher at 8.00 pence each in London on Wednesday shortly after midday.
By Eric Cunha; [email protected]
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