Following poor first-half results as a result of significant unstable exchange rates, reduced soya bean prices, African swine fever and issues with its imported beef products, leading Zambia agribusiness exporter, Zambeef Products PLC, has announced improved second half results.
According to Zambeef Year End Trading Update – 2014, when translated into US dollars, revenues will be lower than market expectations, but an adjusted pre-tax loss and improved gross profit margins will help the company’s overall profitability.
The company also reported that an expected good wheat harvest and higher prices in the second half has meant the cropping division is likely to perform above expectations for the year as a whole.
“We are pleased to say that following a difficult year in 2013, which continued into the first half of the current financial year, the macro-economic backdrop experienced in Zambia recently has been stable and more helpful to Zambeef both operationally and financially, and we are hopeful that this situation will continue into the 2015 financial year,” said Carl Irwin and Francis Grogan, joint CEO’s of Zambeef, in the released statement.
Zambeef is listed at both London Alternative Market (AIM: ZAM) and Lusaka Stock Exchange (LUSE: ZAMBEEF).
Since the announcement, Zambeef shares have traded 1.42 % higher on AIM to reach GBX 17.88 while share price remain steady at LuSE at ZMW 3.00.
The pending full-year results for the company are expected to be announced on November 2014.