Trading Statement

In accordance with the Lusaka Securities Exchange ("LuSE") Listings Requirements, the Board of Directors of Zambeef Products Plc (the "Company" or the "Group") hereby advises the shareholders of the Company that the Total Basic Earnings per Share for the financial half year ended 31 March 2024 is expected to be 233% and 143% (in Zambian Kwacha and US Dollar terms respectively) more than that of the corresponding financial period ended 31 March 2023.

The Company reiterates the guidance provided in the Company's previous Trading Update of 23 April 2024, and therefore there is no change to the most recent market expectations as updated on 23 April 2024.

The Group posted the growth in earnings on the back of resilient demand for our products, demonstrating positive growth compared to prior year (in ZMW). The strategic initiatives put in place, including optimized pricing across all divisions, have helped to mitigate the impact of rising input and overhead costs.

Notwithstanding, the sustained macro-economic pressures the country has experienced and the worst drought ever recorded, have continued to negatively impact the business.

Nevertheless, we believe that our vertically integrated model serves as a strong safeguard against these challenges. By focusing on affordability, we aim to stimulate sales volumes and mitigate the effects of any adverse market conditions.

We anticipate that Zambia's macroeconomic environment will stabilise in the medium term, bolstered by enhanced investor confidence following the successful resolution with the country's international bondholders regarding debt restructuring.