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21/07/2012
ZAMBEEF Products Plc’s investment in improving operations and possibly increase output in Zambia is expected to top US$40 million in the next two years, says chief executive officer Francis Grogan.
And Grogan says the Zambia Revenue Authority (ZRA) is demanding K50 billion in unpaid duties on imported palm oil to Zamanita.
The company, Zambia’s largest producer of beef products and which also exports leather to Europe, China, India and Hong Kong, said the planned investment includes the US$30 million dollar loan sourced from the World Bank’s International Finance Corporation two weeks ago.
Grogan said Zambeef was investing heavily in improving output in a bid to meet growing demand for its products both in local and outside markets.
He said the group has had challenges to meet the demand for its product which he said has grown significantly in the past.
The IFC two weeks ago injected about US$30million into Zambeef Products for the expansion of the Agro-business firm in Africa.
This is the second investment by IFC following the injection of about US$10million in the expansion of Zambeef Zambia and its subsidiary in Nigeria in 2010.
“This fund is primarily to boost our production capacity for all the commodities that we deal in so that we can meet the demand in Zambia,” Grogan told journalists yesterday.
“We have also borrowed locally to increase our dairy operations, crop section, master pork, and feed lot. We are investing US$30 million to US$40 million in total in boosting our production in the next two years.”
According to unaudited results for the six months ending March 31, gross profit rose up 59 per cent to K228 billion this year from K146 billion recorded last year during the same period.
Most of the group’s business segments performed well except the dairy and oil segment which recorded poor results.
“Gross profits are up significantly; the business is booming. We are very happy. We still have to sort out that ZRA tax liability issue,” added Grogan.
He said the Zambia Revenue was claiming about K50 billion in unpaid duties on imported palm oil to Zamanita.
“This is a matter which we considered closed in 2010. However, it has been reopened and they have sent us another assessment,” he said.
He added that there would be no dividend paid to shareholders this year despite good performance by the group.
“The reason for that is the huge growth in the business that has to be funded,” he said.
Source: The Post Newspapers Zambia