Agri-business firm, ZAMBEEF, reports K1.8 billion gross profit in 2023

ZAMBEEF Products Plc, an agri-business company, reportedly achieved a gross profit of K1.8 billion in 2023.

This came to light at its Annual General Meeting (AGM) held at the end of December 2023.

In a statement issued on Saturday, its Board Chairman, Michael Mundashi, highlighted the robustness of the Group’s vertically integrated business model.

“Despite the tough operating environment, our management team remained focused on our strategy and through a concerted effort, prioritising revenue maximisation, volume growth and cost management, which positioned the group for the commendable results achieved,’’ Mundashi said.

During the period under review, the group reportedly achieved a gross profit of K1.8 billion at 12.9 percent increase year-on-year and this was on account of effective revenue management while upholding stringent control measures.

In her comment on the results, group Chief Executive Officer, Faith Mukutu, recalled that the escalating costs of vital inputs and commodities, including fuel, electricity, agricultural supplies, and grain, led to increased production costs for the livestock and cropping divisions.

Mukutu, however, stated that the group still demonstrated volume growth in most divisions, capitalising on the momentum from the latter half of 2023.

“Additionally, the Group delivered an operating profit of K361.4 million (US$19.8 million), a significant increase of 108.1 percent in kwacha terms (96.0 percent in US dollar terms) compared to the past year’s K173.7 million (US$10.1 million).

“This growth indicates the effectiveness of the Groups commercial strategy and the successful execution of key cropping projects,” Mukutu said.

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