Zambeef Products swings to FY pretax profit

Zambeef Products has swung to a FY pretax profit of $12.4m, from a year-ago loss of $5.0m, with chairman Jacob Mwanza commenting the company is entering a new era.

Turnover for the period was $219.4m, from $220.2m.

"Zambeef has ended the financial year in a strong position," said Mwanza.

"A 10.8 per cent. volume growth in cold chain food products and a 15.3 per cent. volume growth in stock feed has delivered record profits through the efficient delivery of our strategic priorities, and a platform has been created from which to continue sustainable long term growth," he said.

"The balance sheet has been significantly strengthened as a result of CDC having made a substantial investment in the Group.

"Zambeef now has the ability once again to invest in growing its business, accelerate the roll-out of its new macro stores and expand its cold chain foods production capacity in order to meet the growing demand for its products, both in Zambia and in the surrounding SADC/COMESA regions.

"Zambeef operates in a dynamic expanding market, where the demand for its products, both locally and in neighboring countries, is expected to grow rapidly in order to meet the needs of an increasing population.

"We are entering into a new era for Zambeef, and I am confident that the Group is well positioned to take advantage of the opportunities that lie ahead."