Maravi

Zambeef records 69% increase in turnover

Zambeef records 69% increase in turnover
Written by Chiwoyu Sinyangwe
Friday, December 05, 2008 11:45:16 PM

ZAMBEEF Products Plc has recorded a 69 per cent increase in its turnover to K493 billion for the financial year ended September 30, 2008 despite the current global financial crisis.

According to the announced audited consolidated results issued by board chairman Dr Jacob Mwanza, profit after tax increased by 59 per cent to K38.3 billion while the interim and final dividend payout of K13.6 billion for this year was 43 per cent higher than last year’s dividend payout of K9.5 billion.

Dr Mwanza attributed Zambeef Products Plc’s strong performance to the company’s diversification strategy and its significant reinvestment policy, which had reduced the volatility in earnings and improved on their quality.

During the year under review, Zambeef Products Plc successfully concluded the acquisitions of Amanita Premier Oils Limited business, assets of Amanita Milling Limited, acquisition of Chiawa farm assets in Zambezi valley, 100 per cent shareholding in Master Pork Limited, 85.7 per cent shareholding in Nanga Farms Plc as well as establishing a palm plantation and commencing trading operations in Ghana.

“The above acquisitions have successfully integrated within the Zambeef Group and we are anticipating significant upside from these ventures during 2009 and beyond,” Dr Mwanza stated. “It is pleasing to note that the above business acquisitions were all strong earnings enhancing, contributing to the weighted average earnings per share increasing by 33 per cent. In addition, we approved a number of new and existing projects for 2009, totalling in excess of US $30 million, including the building of a new modern stock feed plant, the setting up of poultry hatchery, continued expansion of the irrigated cropping operations, the establishment of ranching operations, the expansion of the piggery and pork processing operations and establishment of the first 3, 500 hectares of the planned 20, 000 hectare palm plantation.”

And during the period under review, Zambeef Products Plc invested in excess of K255 billion in developing, expanding and diversifying the business, largely through the issue of 43,524,079 new ordinary shares.

“This has resulted in very well capitalised and diversified agri-business which is well-placed to benefit from the strong real growth not only in Zambia but in the region,” said Dr Mwanza.

Labels: CATTLE, JACOB MWANZA, ZAMBEEF

posted by MrK @ 11:45 PM