Press Release (LuSE) – Revised 2018 Full Year Results and Presentation

December 6th, 2018

In accordance with the requirements of the Securities Act No. 41 of 2016, Zambeef Products PLC announces its results for the year ended 30 September 2018.

Key Financial Highlights

  • Turnover increased by 14.2 per cent. in ZMW from ZMW2,435 to ZMW2,780 million (9.6 per cent. in USD from USD256 to USD280 million), while gross profit margins also increased from 32.8 percent to 34.5 percent, resulting in gross profit increase of 20.1 per cent. in ZMW from ZMW798.6 million to ZMW959.2 million (increasing by 15.3 per cent. in USD from USD84 million to USD97 million).
  • Operating profit increased by 36.5 per cent. in ZMW from ZMW87 million to ZMW118 million (31 per cent. in USD from USD9.1 million to USD11.9 million).
  • Adjusted Profit Before Tax from continuing operations (after adjusting for unrealised exchange gains and losses, of ZMW51.1 million (USD5.2 million) compared with an Adjusted Profit Before Tax of ZMW1.0 million (USD0.11 million) in the previous year.
  • Profit After Tax of ZMW23.8 million (USD2.4 million), compared with Profit After Tax of ZMW4.4 million (USD0.5 million) for the same period last year.
  • Retail and Cold Chain Foods Products division delivered a very satisfactory EBITDA of ZMW 193.5 million (USD 19.5 million), versus a prior year comparative of ZMW 132.7 million (USD 13.9 million). EBITDA margin increased by 9.7 per cent.
  • The finance costs of the Group decreased by 20.1 percent in ZMW from ZMW 87.9 million to ZMW 70.2 million (USD 9.2 million to USD 7.1 million). The reduction was a result of a reduction in net debt following the receipt of USD 16 from IDC on the completion of the Zampalm transaction.
  • Group net debt at year end was USD56 million), versus a prior year comparative of USD 64 million. No additional term finance was sourced.

Revised Financials Note

  • Please refer to the Revised Trading Statement released on the LuSE SENS for detailed Revalution and Earnings Per Share restatement impact on financial reporting.

For further information, please contact:

Zambeef Products PLC
Francis Grogan, Chief Executive Officer
Tel: +260 (0) 211 369003
Pangaea Securities Limited
Wendy Tembo, Manager Brokerage Services
Tidale Mwale, Manager – Trading
Tel: +260 (211) 220707 or 238709

Accordingly, investors in Zambeef Products PLC are advised to exercise caution when trading in the Company’s shares and should seek the professional advice of a broker or investment advisor for guidance.

Further information can be found on

Sponsoring Broker:

Pangaea Securities Limited
(Member of the Lusaka Securities Exchange)
(Regulated by the Securities and Exchange Commission)

Tel: +260 (211) 220 707 or 238 709 / 16 Fax +260 (211) 220 925
Pangaea Office Park, 1st Floor, Great East Road, P.O. Box 30163, Lusaka, Zambia

Issue Date: 6 December 2018

Related Downloads
ZAMBEEF | 2018 September FY Financial Results.pdf
ZAMBEEF | 2018 September FY Financial Results Presentation.pdf