In accordance with the requirements of the Securities and Exchange Act No. 38, Zambeef Products PLC announces its unaudited results for the six months ended 31 March 2016.

Highlights:

• Significant improvement in operational performance, driven by:
  • Continued focus on the core business: production, processing, distribution and retailing of cold chain food products
  • Aggressive expansion of the retail network
  • Effective cost control
• Operating profit increased over 200% to ZMW 155.3m (2015: ZMW 51.4m), an increase of 72% in USD terms to USD 13.7m (2015: USD 8.0m)
• Final settlement reached with the Zambian Revenue Authority (ZRA) over the historical disputed Zamanita tax liability, leading to a write-back to the Profit and Loss Account of approximately ZMW 34 million (USD3.5 million)
• Investment of ZMW 84 Million (USD7.4million) in the Zamhatch breeder farm and new stock feed facility, eliminating supply bottlenecks in the egg, pork, beef and chicken divisions and expanding the retail store network
• Two new macro outlet stores opened during the period and a further two stores have been upgraded and renovated to Zambeef macro outlet standards. A further five sites are currently under construction and are expected to be operational in this calendar year. Another five sites have been acquired and are awaiting planning permission
• The Group continued to benefit from its concession agreement with Shoprite for in-store Meat Market butcheries in Zambia and West Africa. Shoprite has expanded with seven new stores in Zambia and West Africa. A further seven Shoprite stores are due to open before the end of the year

For further information, please download the full results on the link below:

Download full reports

Download the 2016 half year results (Zambia)
Download the 2016 half year results presentation (Zambia)

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