ZAMBEEF | Revised Trading Statement

December 5th, 2018

In accordance with the Lusaka Securities Exchange (“LuSE”) Listings Requirements, the Board of Directors of Zambeef Products Plc (“the Group”) hereby advises the Shareholders of the Company that there has been a revision to the Earnings per Share and Headline Earnings per Share for the Year Ended 30 September 2018. They are expected to be approximately 223% higher than for the Year Ended 30 September 2017 rather than the 163% reported on the 21st November 2017.

The financial Statements for the year ended 30 September 2017 were restated, the surplus on revaluation of property, plant and equipment that was included in the statement of changes in equity has since been included under the other comprehensive income. This adjustment has affected the income statement by showing a “Total Comprehensive Income for the Year” increased from the original negative ZMW 27,922,000 to positive ZMW 761,873,000.

The main movements in profitability has not changed and is still attributed primarily to the following points: Revenue for the Group increased by 14.2 percent in ZMW while Gross Profit margins increased from 32.8 percent in 2017 to 34.5 percent, resulting in Gross Profit increasing by 20.1 percent for the Year Ended 30 September 2018. Consistent revenue growth through expanding the retail network and driving Cold Chain Food Products and stock feed operations with like-for-like revenue growth of 12.8 percent in the retail network was one of the key drivers of growth. The Zambia Retailing Macro stores alone, had a revenue growth of 63.5 percent in ZMW. The Group has achieved a Profit After Tax of ZMW23.8 million compared to ZMW4.4 million in 2017.

The Company’s revised results for the Year Ended 30 September 2018 are to be released on SENS and RNS and published in the local press on or after 5 December 2018.

Accordingly, shareholders are advised to exercise caution when dealing in the Company’s Securities until publication of the results.

Lusaka, Zambia – 4.12.18

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: 4 December, 2018