Zambian farming company Zambeef Products Plc (ZAMB.LZ) reported a 24 percent increase in full-year profit on Tuesday and said it planned to list its Nigerian subsidiary within the next five years.

Zambeef, which has been helped by strong economic growth in the southern African nation, is looking to expand its presence in Nigeria and Ghana.

Net profit for the year to end-September 2010 totalled 19.8 billion kwacha ($4.29 million), compared with 16 billion kwacha a year earlier, director of strategy and development Carl Irwin said at the company’s results presentation.

Irwin also said the company aimed to list its Nigerian unit on the Lagos bourse within the next five years. (Reporting by Chris Mfula; Writing by David Dolan; Editing by Ed Cropley)

Source: Reuters

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