2013 interim results
June 14th, 2013
Highlights
- Significant growth in revenue and gross profit, up 20 per cent. and 24 per cent. respectively; and EBITDA growth up eight per cent.
- Gross margins increased from 35 per cent. for March 2012 (excluding the Zamanita tax provision) to 36.3 per cent. for March 2013
- Adjusted pre-tax profit declined 7 per cent. due to increases in overhead costs, increased finance costs and higher depreciation costs due to increased capital expenditure and realised exchange losses due to the depreciation of the Zambian Kwacha against the USD
- Strongest divisional growth seen in cropping (up 76 per cent.), edible oils (up 70 per cent.), stock feed (up 36 per cent.), and West Africa (up 30 per cent.)
- Oil seed crushing recommenced at Zamanita
- Increased crop yield performance at farming operations
- Disposal of 49 per cent. of Zam Chick Limited (“Zam Chick”) to Rainbow Farms Investments (Pty) Limited (“Rainbow”) for USD14.25 million – effective date of completion of the transaction was 31 March 2013
- Recently announced hatchery partnership with Rainbow.
