𝗭𝗮𝗺𝗯𝗲𝗲𝗳 𝗣𝗹𝗰 | 𝟯𝟬 𝗬𝗲𝗮𝗿𝘀 | 𝗖𝗘𝗢 𝗟𝗲𝘁𝘁𝗲𝗿 𝘁𝗼 𝗦𝗵𝗮𝗿𝗲𝗵𝗼𝗹𝗱𝗲𝗿𝘀 𝗥𝗲𝘃𝗶𝗲𝘄

Zambeef Products PLC Posts Strong Revenue Growth Amid Challenging Economic Environment

Zambeef Products Plc has reported a 21% revenue increase in Kwacha terms for the year ended September 30, 2024, reaching ZMW 7.3 billion (USD 295.1 million), according to CEO Faith Mukutu's annual report to shareholders.

Despite facing significant headwinds including a countrywide energy crisis, subdued crop yields, and constrained consumer spending, the company achieved notable volume growth across key categories. Operating profit rose to ZMW 487.2 million, marking a 35% increase in Kwacha terms from the previous year.

The company's Cropping segment performed well despite drought-related yield declines, benefiting from high grain prices particularly during the Summer Crop season. The Flour segment experienced double-digit volume growth, while the Stockfeed division saw increased volumes supported by new pelleting capacity in Mpongwe.

The Retail and Cold Chain Food Products division faced challenges, including anthrax-related restrictions affecting beef sales in the first half. However, beef volumes surged in the second half due to lower relative prices as farmers offloaded cattle following the drought season.

Mukutu confirmed that the company's $100 million medium-term expansion plans are proceeding as scheduled, with continued focus on enhancing capacity in Cropping, Milling, Stockfeed, Dairy, and Poultry divisions. Looking ahead, she expressed optimism about economic stabilization following recent government debt restructuring progress and expected improvements in copper production and prices.

In photos: CEO Faith at the Annual General Meeting held in Lusaka Zambia on 30th December 2024 on the 30th anniversary of Zambeef