Zambeef Products PLC has released its full-year trading statement for the financial year ended September 30, 2023. The company expects its Total Basic Earnings per Share to be 306% higher in Kwacha terms and 272% higher in US Dollar terms compared to the previous financial year. This aligns with the guidance provided in the company's previous trading update, which stated that revenue, gross profit, and adjusted EBITDA are expected to be between 5-15% higher than market expectations. Reported profit before tax is estimated to be around 30% higher than current market expectations.
The company experienced increasing demand for its products, resulting in volume growth across most product categories. However, lower than expected selling prices and higher input costs, including fuel and electricity, put pressure on gross margins, which moderated in the second half of the year. The exchange rate also depreciated steadily in the first half of the year and was more turbulent in the second half.
Zambeef Products PLC expects to release its full-year results on December 6, 2023. Shareholders are advised to exercise caution when dealing in the company's securities until the publication of the results. The information in the trading statement has not been reviewed or reported on by the external auditors.
Zambeef Products PLC is the largest integrated cold chain food products and agribusiness company in Zambia and one of the largest in the region. It is involved in the production, processing, distribution, and retailing of various food products, including beef, chicken, pork, milk, dairy products, fish, flour, and stockfeed. The company operates retail outlets throughout Zambia and West Africa and has a significant presence in Nigeria and Ghana. It is also engaged in beef and chicken production, pig abattoirs and pork processing, and cereal row cropping operations.