Half-year Results
H1 FY25 revenue up 12.5% in local currency to ZMW 3.8bn, but net profit fell 43% to ZMW 34.5m due to higher finance costs.
- Revenue ZMW 3,840.7m (prior ZMW 3,413.3m)
- Gross profit ZMW 1,408.1m (prior ZMW 1,115.6m)
- Operating profit ZMW 247.7m (prior ZMW 193.1m)
- Group income for the period ZMW 34.5m (prior ZMW 60.6m)
- EBITDA ZMW 364.5m (prior ZMW 297.2m)
- Debt-To-EBITDA 6.1x (prior 6.3x)
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Zambeef (AIM: ZAM), the fully integrated cold chain food products ("CCFP") and retail business with operations in Zambia, Nigeria and Ghana, today announces its results for the half-year ended 31 March 2025.
Financial Highlights
| Figures in 000's | 2025 | 2024 | % | 2025 | 2024 | % |
|---|---|---|---|---|---|---|
| ZMW | ZMW | USD | USD | |||
| Revenue | 3,840,668 | 3,413,329 | 12.5% | 139,661 | 144,144 | -3.1% |
| Change in fair value of biological assets | 876,122 | 768,623 | 14.0% | 31,859 | 32,459 | -1.8% |
| Cost of sales | (3,308,655) | (3,066,356) | 7.5% | (120,315) | (129,491) | -7.1% |
| Gross profit | 1,408,135 | 1,115,596 | 26.2% | 51,205 | 47,111 | 8.7% |
| Administrative expenses | (976,336) | (757,446) | 28.9% | (35,503) | (31,987) | 11.0% |
| Distribution Expenses | (155,168) | (78,634) | 97.3% | (5,642) | (3,321) | 69.9% |
| Net impairment losses on financial assets | (2,136) | (280) | 662.9% | (78) | (12) | - |
| Other income/(expenses) | (26,751) | (86,122) | -68.9% | (973) | (3,637) | -73.2% |
| Operating profit | 247,744 | 193,114 | 28.3% | 9,009 | 8,155 | 10.5% |
| Share of loss equity accounted investment | - | (17,000) | - | - | (718) | -100.0% |
| Finance costs | (195,305) | (108,251) | 80.4% | (7,102) | (4,571) | 55.4% |
| Profit before taxation | 52,439 | 67,863 | -22.7% | 1,907 | 2,866 | -33.5% |
| Taxation charge | (17,943) | (7,263) | 147.0% | (652) | (307) | 112.4% |
| Group income for the year from continuing operations | 34,496 | 60,600 | -43.1% | 1,255 | 2,559 | -51.0% |
| Profit/(Loss) from asset held for sale after tax | - | - | 0.00% | - | - | 0.00% |
| Group income for the period | 34,496 | 60,600 | -43.1% | 1,255 | 2,559 | -51.0% |
| EBITDA | 364,521 | 297,172 | 22.7% | 13,256 | 12,549 | 5.6% |
| Gross Profit Margin | 36.7% | 32.7% | 36.7% | 32.7% | ||
| EBITDA Margin | 9.5% | 8.7% | 9.5% | 8.7% | ||
| Debt/Equity (Gearing) | 44.5% | 39.7% | 44.5% | 39.7% | ||
| Debt-To-EBITDA | 6.1 | 6.3 | -3.8% | 6.0 | 6.4 | -8.28% |
PERFORMANCE OVERVIEW
Zambeef delivered a resilient performance in the first half of FY25, demonstrating the strength of its core operations and the successful execution of its strategic priorities. This performance was achieved despite an operating environment marked by reduced consumer spending, rising input costs, currency depreciation, and persistent power supply challenges. Revenue increased by 12.5% in local currency, underpinned by pricing and volume growth, while gross profit rose by 26.2%, reflecting operational optimisation and a favourable product mix. However, when measured in US dollar terms, there was a year-on-year decrease of 3.1% in revenue, while gross profit increased by 8.7%.
The increase in EBITDA and Operating Profit further highlights the focus on protecting margins and enhancing productivity. Our core divisions continue to anchor the Group's financial strength, with strategic investments across key segments delivering positive returns. Our diversified and vertically integrated model remains a key differentiator, providing resilience and agility in navigating macroeconomic headwinds.
The decline in Group income for the half is primarily attributed to a significant increase in financing costs, driven by the debt levels and an escalation in the monetary policy rate, as well as increased income tax charges. These factors eclipsed the growth in operating profit recorded during the period.
OUTLOOK
Looking ahead, a forecast bumper harvest and improved summer crop yields will enhance the profitability of the Cropping division, while also injecting liquidity into the economy through increased earnings by small-scale farmers. Furthermore, improved rainfall is expected to support better electricity supply, offering a marginally improved economic outlook compared to the first half.
The Interim Report for the six-month period ended 31 March 2025 will be available today on the Group's website.
CHAIRMAN'S REVIEW
'
Dear Shareholder,
The Company's performance for the half-year period ending on March 31, 2025, was positive, despite Zambia's challenging macroeconomic conditions, which included high inflation and significant pressure on the local currency's exchange rate. Although the rainy season was relatively favourable, the expected benefits, particularly a reduction in grain prices, are anticipated to be realised in the second half of the year.
The depreciation of the Kwacha, combined with the widespread effects of the 2023/24 El Niño event, has increased the cost of essential inputs such as energy, grain, and imported materials. This rise in costs has put significant pressure on operating margins. To combat inflation and stabilize the exchange rate, the Bank of Zambia has maintained a tight monetary policy. While this approach is necessary, it continues to strain consumer spending and raise borrowing costs,
Despite this, Zambia's economy has demonstrated resilience, with a rebound expected to be supported by recovery in the mining and agriculture sectors, as well as policy reforms and infrastructure investments.
Resilient Performance in a Challenging Environment
Despite the challenges we faced, the Group stayed committed to its strategic objectives. By effectively implementing initiatives focused on maximising revenue, optimising costs, and enhancing operational efficiency, the Group achieved growth in operating profitability compared to the previous year. This performance highlights our resilience and demonstrates the strength of our vertically integrated business model, which continues to generate long-term value for our shareholders.
Strategy
The Board remains steadfast in its commitment to achieving the Group's strategic objectives, undeterred by seasonal market dynamics and economic fluctuations. Our five-year strategy is centered on the following key pillars:
§ Strengthening our core business: We are dedicated to bolstering our core business through targeted investments aimed at expanding our market share and solidifying our position in key sectors.
§ Human Capital Development: We recognise the importance of our workforce in driving organisational success. Thus, we are crafting a tailored human capital strategy to align with our organisational needs, ensuring that our employees are equipped with the skills and resources necessary to thrive in a dynamic environment.
§ Enhancing Strategic Partnerships: Strategic partnerships play a vital role in enhancing our competitive edge and market position. We are committed to strengthening these partnerships to capitalise on synergies and opportunities for growth.
§ Divestiture of Non-Core Assets: To optimise resource allocation and focus on our core business areas, we are actively pursuing the divestiture of non-core assets.
Progress on our $100 million expansion program, announced in 2022, is making significant strides. The expansion of the Mpongwe row cropping capacity has yielded positive results, with the third winter crop set to be planted in the upcoming winter season. The milling and hatchery facilities were successfully commissioned in October 2024, while the new cheese plant was completed and commissioned in April 2025.
Outlook
Zambia's macroeconomic outlook is cautiously optimistic. Key factors supporting growth include progress in sovereign debt restructuring, an anticipated easing of inflation starting in July 2025, improved rainfall, and increased trade activity. Additionally, initiatives for energy diversification, such as new investments in solar and coal, suggest improved supply stability in the medium term.
With our strong brand presence and integrated business model, the Group is well-positioned to capitalise on emerging growth opportunities and adapt to changing consumer dynamics.
We remain focused on strengthening the balance sheet, enhancing cash flow, and delivering long-term shareholder value.
British International Investment plc (BII)
BII is the Company's largest ordinary shareholder with 52.6 million ordinary shares and also 100,057,658 convertible redeemable preference shares ("Preference Shares") in Zambeef Products plc. The Company has the right to redeem all or part of the Preference Shares at the redemption price, which would give BII a 12% compounded annual return on their investment, subject to a minimum of USD 0.77 per share (less dividends received). However, the likelihood of such a repayment by the Company in this financial year, or in the medium term, is currently considered by the Board to be uncertain. The eighth anniversary (16 September 2024) of BII's investment in the Company materially increased BII's conversion rights on their Preference Shares from one-for-one new ordinary share, to one for 3.0833 (recurring) new ordinary shares.
Acknowledgement
Despite the challenges faced, we are confident in the Group's ability to navigate uncertainty. Our trusted brands, vertically integrated value chain, and prudent management position the Group well to seize emerging opportunities.
I would like to thank my fellow Board members for their dedicated leadership during the first half of the year. I also sincerely appreciate our hardworking management and staff for their continued commendable performance.
As we progress, we remain dedicated to sustainable growth, operational excellence, and providing value to our shareholders.
Patrick Wanjelani
Chairman
Chief Executive Officer's Report
Overview
For the half-year ended 31 March 2025, the Group achieved solid financial results, showcasing its resilience and adaptability in the face of ongoing economic challenges. Although volume growth did not meet expectations, overall operating profitability improved compared to the previous year. This positive outcome reflects the effective implementation of revenue management strategies, along with successful pricing and cost containment measures.
Our performance reflects the strength of our workforce and the trust we have built with customers, suppliers, and local communities. By emphasising commercial discipline, operational excellence, and efficiency, we are continually reinforcing our competitive position in key market segments.
Financial Performance
Despite facing a challenging trading environment marked by reduced consumer spending and strict monetary policies, the Group achieved strong results for the half-year period ending on March 31, 2025. Rising costs of essential inputs and commodities, including fuel, imported materials, and grain, have led to increased expenses for our production divisions. Additionally, machine downtime and frequent power outages have negatively affected volume growth in some key divisions.
The Group reported a revenue of ZMW 3.8 billion (equivalent to USD 139.7 million), along with a gross profit of ZMW 1.4 billion (USD 51.2 million). This marks a year-on-year increase of 12.5% in revenue and 26.2% in gross profit in kwacha terms. However, when measured in US dollar terms, there was a year-on-year decrease of 3.1% in revenue, while gross profit increased by 8.7%.
The Group achieved an operating profit of ZMW 247.7 million (USD 9 million), reflecting a year-on-year increase of 28% in kwacha terms and 10% in dollar terms, compared to ZMW 193.1 million (USD 8.2 million) in the previous year. This performance showcases the strength of the successful execution of some of our strategic expansion initiatives.
The Group is dedicated to enhancing its brand equity and consistently providing high-quality products to our customers. By utilising our diversified and vertically integrated business model, along with a portfolio of established brands and a strong, experienced management team, we are strategically positioned to capitalise on emerging growth opportunities and effectively manage potential risks. This solid foundation allows us to respond with resilience and agility in a changing market landscape.
Strategic focus
Our strategic priorities focus on optimizing the use of our existing assets, improving returns, and driving sustained profitability. We remain dedicated to our core business segments, where we aim to achieve top-tier performance. Continued investments in high-impact strategic assets, along with the divestment of non-core operations, are expected to enhance cash generation and improve overall profitability. This approach will ultimately support long-term value creation for our shareholders.
Our $100 million medium-term expansion program is on track, featuring significant investments in Cropping, Milling, Stockfeed, Dairy, and Poultry. These projects are anticipated to unlock additional capacity, enhance efficiencies, and support sustained profitability.
Divisional Performance
Table 1: Divisional financial summary in ZMW'000
Table 2: Divisional financial summary in USD'000
Retailing & Cold Chain Food Products
In the 2025 financial year, we observed volume growth in most key segments although this was partially offset by declines in others. This performance was achieved in a highly competitive and financially constrained environment. Our emphasis on disciplined sales execution and strategic price optimization enabled us to maintain and increase volumes, ultimately contributing to topline growth (in ZMW).
The division achieved gross profit growth of 31% in kwacha terms and 13% in dollar terms year-on-year. This improvement was largely driven by volume growth in key categories and price optimisation and enhanced operational efficiency
Cropping and Milling
The division's performance improved mainly due to the cropping segment, which achieved better yields than the previous year. This improvement was attributed to a favourable rainfall season and enhanced operational efficiencies, resulting in significant growth in gross profit. However, substantial energy costs from ongoing load shedding and the need for power supply mitigation measures negatively impacted overall profitability. Despite the impressive gains from the cropping segment, these challenges ultimately hindered the division's financial performance.
The Milling segment experienced a decline in volumes during the period, mainly due to high prices for feed and flour. These increased costs were driven by ongoing rises in raw material prices, a consequence of the lingering effects of last year's drought. Consequently, the higher feed prices became less accessible to customers, particularly small to medium-sized farmers, which ultimately impacted overall demand.
Outlook
Looking ahead, our strong brand presence will continue to serve as a cornerstone in maintaining customer loyalty. Additionally, our vertically integrated business model positions us favourably, ensuring a dependable supply chain and market for our products. Zambia's economic outlook is showing signs of stabilization, supported by significant progress in debt restructuring.
Our ongoing commitment to consolidating our balance sheet through the disposal of non-core assets, optimising existing assets and the expansion of capacity remains a central focus. These measures are geared towards enhancing shareholder value, a goal we remain dedicated to achieving. By fortifying our financial foundation and strengthening our operational capabilities, we are poised for sustained growth and prosperity in the years ahead.
Acknowledgements
I want to express my gratitude to our Board of Directors for their guidance and support. I am also grateful to all our dedicated staff and partners for their invaluable contributions to the ongoing success of the Group.
Faith Mukutu
Chief Executive Officer
Consolidated statement of profit or loss and other comprehensive income
| 31 Mar 2025 | 31 Mar 2024 | 30 Sept 2024 | |
|---|---|---|---|
| K'000 | K'000 | K'000 | |
| Revenue from contracts with customers | 3,840,668 | 3,413,329 | 7,315,845 |
| Change in fair value of biological assets | 876,122 | 768,623 | 1,005,832 |
| Cost of sales | (3,308,655) | (3,066,356) | (5,846,559) |
| Gross profit | 1,408,135 | 1,115,596 | 2,475,118 |
| Other (expenses)/ income | 22,568 | 3,369 | 34,940 |
| Other gains/(losses) - net | (49,319) | (89,491) | (96,072) |
| Net impairment losses on financial assets | (2,136) | (280) | (1,264) |
| Impairment of investment in associate | - | - | (34,370) |
| Distribution expenses | (155,168) | (78,634) | (208,395) |
| Administrative expenses | (976,336) | (757,446) | (1,682,765) |
| Operating profit | 247,744 | 193,114 | 487,192 |
| Finance income | 5,333 | 3,563 | - |
| Finance costs | (200,638) | (111,814) | (294,531) |
| Share of loss from equity investment | - | (17,000) | - |
| Profit before income tax | 52,439 | 67,863 | 192,661 |
| Income tax expense - continuing operations | (17,943) | (7,263) | (12,565) |
| Profit/(loss) from continuing operations | 34,496 | 60,600 | 180,096 |
| Profit for the period | 34,496 | 60,600 | 180,096 |
| Profit attributable to: | |||
| Owners of Zambeef Products PLC | 34,365 | 60,255 | 179,840 |
| Non-controlling interests | 131 | 345 | 256 |
| 34,496 | 60,600 | 180,096 | |
| Other comprehensive income: | |||
| Items that maybe reclassified to profit or loss | |||
| Translation differences - foreign operations | (11,576) | (23,318) | (35,821) |
| Items not reclassified to profit or loss | |||
| Revaluation surplus | - | - | 5,734 |
| Actuarial remeasurement losses | - | - | (2,523) |
| Deferred income tax | 2,453 | 24,265 | 133,328 |
| Other comprehensive loss for the period | (9,123) | 947 | 100,718 |
| Total comprehensive income for the period | 25,373 | 61,547 | 280,814 |
Consolidated statement of profit or loss and other comprehensive income (continued)
| 31 Mar 2025 | 31 Mar 2024 | 30 Sept 2024 | |
|---|---|---|---|
| K'000 | K'000 | K'000 | |
| Total comprehensive income for the period is attributable to: | |||
| Owners of Zambeef Products Plc | 25,242 | 68,871 | 286,575 |
| Non-controlling interests | 131 | (7,324) | (5,761) |
| 25,373 | 61,547 | 280,814 | |
| Basic earnings per share | Ngwee | Ngwee | Ngwee |
| Continued operations | 11.43 | 20.05 | 59.83 |
| Discontinued operations | - | - | - |
| Total basic earnings per share | 11.43 | 20.05 | 59.83 |
| Diluted earnings per share | |||
| Continued operations | 8.58 | 15.04 | 44.89 |
| Discontinued operations | - | - | - |
| Total diluted earnings per share | 8.58 | 15.04 | 44.89 |
Consolidated statement of financial position as at 31 March 2025
| 31 Mar 2025 | 31 March 2024 | 30 Sept 2024 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| ASSETS | K'000 | K'000 | K'000 | ||||||
| Non-current assets | |||||||||
| Property, plant and equipment | 5,692,081 | 5,199,319 | 5,577,265 | ||||||
| Goodwill | 25,015 | 25,015 | 25,015 | ||||||
| Investment in associate | - | 17,369 | - | ||||||
| Biological assets | 155,315 | 133,293 | 143,972 | ||||||
| 5,872,411 | 5,374,996 | 5,746,252 | |||||||
| Current assets | |||||||||
| Biological assets | 848,034 | 643,843 | 296,923 | ||||||
| Inventories | 1,624,409 | 1,398,748 | 2,088,778 | ||||||
| Trade and other receivables | 450,930 | 388,148 | 346,130 | ||||||
| Cash and cash equivalents | 178,084 | 227,952 | 334,415 | ||||||
| 3,101,457 | 2,658,691 | 3,066,246 | |||||||
| Total assets | 8,973,868 | 8,033,687 | 8,812,498 | ||||||
| EQUITY | |||||||||
| Share capital | 3,006 | 3,006 | 3,006 | ||||||
| Share premium | 1,125,012 | 1,125,012 | 1,125,012 | ||||||
| Preference share capital | 1,000 | 1,000 | 1,000 | ||||||
| Foreign currency translation reserve | 623,443 | 644,741 | 633,440 | ||||||
| Revaluation reserve | 2,032,013 | 1,939,293 | 2,054,090 | ||||||
| Retained earnings | 1,215,532 | 1,039,575 | 1,156,637 | ||||||
| Attributable to owners of parent entity | 5,000,006 | 4,752,627 | 4,973,185 | ||||||
| Non-controlling interests (NCI) | (16,693) | (13,954) | (15,245) | ||||||
| 4,983,313 | 4,738,673 | 4,957,940 | |||||||
| LIABILITIES | |||||||||
| Non-current liabilities | |||||||||
| Lease liabilities | 11,948 | 19,891 | 13,350 | ||||||
| Borrowings | 602,318 | 1,055,716 | 856,362 | ||||||
| Deferred income tax | 162,380 | 274,817 | 154,586 | ||||||
| Defined benefit obligations | 1,843 | 82 | 1,835 | ||||||
| 778,489 | 1,350,506 | 1,026,133 | |||||||
| Current liabilities | |||||||||
| Lease liabilities | 16,369 | 6,407 | 8,578 | ||||||
| Borrowings | 1,765,266 | 1,024,895 | 1,525,671 | ||||||
| Trade and other payables | 1,144,860 | 805,355 | 917,674 | ||||||
| Contract liabilities | 272,435 | 93,142 | 357,999 | ||||||
| Current income tax | 13,136 | 14,709 | 18,503 | ||||||
| 3,212,066 | 1,944,508 | 2,828,425 | |||||||
| Total equity and liabilities | 8,973,868 | 8,033,687 | 8,812,498 | ||||||
| Consolidated statement of changes in equity | |||||||||
| Share Capital | Share premium | Preference share capital | Foreign currency translation reserve | Revaluation reserve | Retained earnings | Total attributable to owners of parent entity | Non-controlling interests | Total | |
| K'000 | K'000 | K'000 | K'000 | K'000 | K'000 | K'000 | K'000 | K'000 | |
| 6 months ended 31 March 2024 | |||||||||
| At start of year | 3,006 | 1,125,012 | 1,000 | 660,390 | 1,964,087 | 930,261 | 4,683,756 | (6,630) | 4,677,126 |
| Profit for the period | - | - | - | - | - | 60,255 | 60,255 | 345 | 60,600 |
| Other comprehensive income: | |||||||||
| Transfer of excess depreciation | - | - | - | - | (49,059) | 49,059 | - | - | - |
| Deferred income tax | - | - | - | - | 24,265 | - | 24,265 | - | 24,265 |
| Translation differences | - | - | - | (15,649) | - | - | (15,649) | (7,669) | (23,318) |
| - | - | - | (15,649) | (24,794) | 49,059 | 8,616 | (7,669) | 947 | |
| Total comprehensive income for the year | - | - | - | (15,649) | (24,794) | 109,314 | 68,871 | (7,324) | 61,547 |
| As at 31 March 2024 | 3,006 | 1,125,012 | 1,000 | 644,741 | 1,939,293 | 1,039,575 | 4,752,627 | (13,954) | 4,738,673 |
| 6 months ended 30 September 2024 | |||||||||
| At start of period | 3,006 | 1,125,012 | 1,000 | 644,741 | 1,939,293 | 1,039,575 | 4,752,627 | (13,954) | 4,738,673 |
| Profit for the period | - | - | - | - | - | 119,585 | 119,585 | (89) | 119,496 |
| Other comprehensive income: | |||||||||
| Revaluation surplus | - | - | - | - | 5,734 | - | 5,734 | - | 5,734 |
| Deferred income tax | - | - | - | - | 109,063 | - | 109,063 | - | 109,063 |
| Actuarial remeasurement losses | - | - | - | - | - | (2,523) | (2,523) | - | (2,523) |
| Translation differences | - | - | - | (11,301) | - | - | (11,301) | (1,202) | (12,503) |
| - | - | - | (11,301) | 114,797 | (2,523) | 100,973 | (1,202) | 99,771 | |
| Total comprehensive income for the year | - | - | - | (11,301) | 114,797 | 117,062 | 220,558 | (1,291) | 219,267 |
| As at 30 September 2024 | 3,006 | 1,125,012 | 1,000 | 633,440 | 2,054,090 | 1,156,637 | 4,973,185 | (15,245) | 4,957,940 |
| 6 months ended 31 March 2025 | |||||||||
| At start of year | 3,006 | 1,125,012 | 1,000 | 633,440 | 2,054,090 | 1,156,637 | 4,973,185 | (15,245) | 4,957,940 |
| Profit for the year | - | - | - | - | - | 34,365 | 34,365 | 131 | 34,496 |
| Other comprehensive income: | |||||||||
| Transfer of excess depreciation | - | - | - | - | (24,530) | 24,530 | - | - | - |
| Deferred income tax | - | - | - | - | 2,453 | - | 2,453 | - | 2,453 |
| Translation differences | - | - | - | (9,997) | - | - | (9,997) | (1,579) | (11,576) |
| - | - | - | (9,997) | (22,077) | 24,530 | (9,997) | (1,579) | (9,123) | |
| Total comprehensive income for the year | - | - | - | (9,997) | (22,077) | 58,895 | 26,821 | (1,448) | 25,373 |
| At half-year end | 3,006 | 1,125,012 | 1,000 | 623,443 | 2,032,013 | 1,215,532 | 5,000,006 | (16,693) | 4,983,313 |
| Consolidated statement of cash flows | |||||||||
| 31 Mar 2025 | 31 Mar 2024 | 30 Sept 2024 | |||||||
| K'000 | K'000 | K'000 | |||||||
| Cash flows from operating activities | |||||||||
| Cash generated from operations | 345,331 | (41,197) | 562,827 | ||||||
| Interest paid on borrowings | (147,298) | (41,672) | (211,132) | ||||||
| Interest paid on bank overdrafts | (72,447) | (118,669) | |||||||
| Interest paid on leases | (2,032) | (1,467) | (3,437) | ||||||
| Benefits paid | (350) | (1,549) | (2,597) | ||||||
| Income tax paid | (13,064) | (36,360) | (49,036) | ||||||
| Net cash (outflow)/inflow from operating activities | 110,140 | (122,245) | 177,956 | ||||||
| Cash flows from investing activities | |||||||||
| Purchase of property, plant and equipment | (235,874) | (334,181) | (821,886) | ||||||
| Proceeds from disposal assets | 126 | 5,200 | 9,309 | ||||||
| Net cash outflow from investing activities | (235,748) | (328,981) | (812,577) | ||||||
| Cash flows from financing activities | |||||||||
| Proceeds from borrowings | 293,615 | 789,866 | 1,369,057 | ||||||
| Principal repayments of borrowings | (392,389) | (325,562) | (739,519) | ||||||
| Principal elements of lease payments | (6,197) | (4,150) | (7,441) | ||||||
| Net cash in/(out)flow from financing activities | (104,971) | 460,154 | 622,097 | ||||||
| Net increase/(decrease) for the year | (230,579) | 8,928 | (12,524) | ||||||
| Movement in cash and cash equivalents | |||||||||
| At start of year | (387,865) | (380,467) | (380,467) | ||||||
| Net increase /(decrease) | (230,579) | 8,928 | (12,524) | ||||||
| Exchange differences | - | - | 5,126 | ||||||
| At period end | (618,444) | (371,539) | (387,865) | ||||||
Consolidated statement of profit or loss and other comprehensive income
6 months to 6 months to Year to
| 31 Mar 2025 | 31 Mar 2024 | 30 Sept 2024 | |
|---|---|---|---|
| US$'000 | US$'000 | US$'000 | |
| Revenue from contracts with customers | 139,661 | 144,144 | 295,113 |
| Change in fair value of biological assets | 31,859 | 32,459 | 40,574 |
| Cost of sales | (120,315) | (129,491 ) | (235,844 ) |
| Gross profit | 51,205 | 47,112 | 99,843 |
| Other income/(expenses) | (973) | (3,637) | (2,466) |
| Net impairment losses on financial assets | (78) | (12) | (51) |
| Impairment of investment in associate | - | - | (1,386) |
| Distribution expenses | (5,642) | (3,321) | (8,406) |
| Administrative expenses | (35,503) | (31,987) | (67,881) |
| Operating profit | 9,009 | 8,155 | 1 9,653 |
| Net finance costs and income | (7,102) | (4,571) | (11,881) |
| Share of loss from equity investment | - | (718) | - |
| Profit before income tax | 1,907 | 2,866 | 7,772 |
| Income tax expense | (652) | (307) | (407) |
| Profit from continuing operation | 1,255 | 2,559 | 7,365 |
| Loss from discontinued operations after tax | - | - | - |
| Profit for the period | 1,255 | 2,559 | 7,365 |
| Profit attributable to: | |||
| Owners of Zambeef Products PLC | 1,250 | 2,545 | 7,355 |
| Non-controlling interests | 5 | 14 | 10 |
| 1,255 | 2,559 | 7,365 | |
| Other comprehensive income: | |||
| Items that maybe reclassified to profit or loss | |||
| Translation losses on foreign operations | (421) | (985) | (1,445) |
| Items not reclassified to profit or loss | |||
| Revaluation surplus | - | - | 231 |
| Actuarial remeasurement losses | - | - | (102) |
| Deferred income tax | 89 | 1,025 | 5,378 |
| Other comprehensive (loss)/income for the period | (332) | 40 | 4,062 |
| Total comprehensive income/(loss) for the period | 923 | 2,599 | 11,427 |
The supplementary information presented does not form part of the financial statements.
Consolidated statement of profit or loss and other comprehensive income (continued)
| 31 Mar 2025 | 31 Mar 2024 | 30 Sept 2024 | |
|---|---|---|---|
| US$'000 | US$'000 | US$'000 | |
| Total comprehensive income for the period is attributable to: | |||
| Owners of Zambeef Products Plc | 975 | 2,908 | 11,659 |
| Non-controlling interests | (52) | (309) | (232) |
| 923 | 2,599 | 11,427 | |
| Basic earnings per share | |||
| Continued operations | 0.42 | 0.85 | 2.41 |
| Discontinued operations | - | - | - |
| Total basic earnings per share | 0.42 | 0.85 | 2.41 |
| Diluted earnings per share | |||
| Continued operations | 0.31 | 0.64 | 1.81 |
| Discontinued operations | - | - | - |
| Total diluted earnings per share | 0.31 | 0.64 | 1.81 |
The supplementary information presented does not form part of the financial statements.
Consolidated statement of financial position
| 31 Mar 2025 | 31 Mar 2024 | 30 Sept 2024 | |
|---|---|---|---|
| ASSETS | US$'000 | US$'000 | US$'000 |
| Non-current assets | |||
| Property, plant and equipment | 202,709 | 208,808 | 210,147 |
| Goodwill | 891 | 1,005 | 943 |
| Investment in associate | - | 698 | - |
| Biological assets | 5,531 | 5,353 | 5,424 |
| 209,131 | 215,864 | 216,514 | |
| Current assets | |||
| Biological assets | 30,201 | 25,857 | 11,188 |
| Inventories | 57,849 | 56,175 | 78,703 |
| Trade and other receivables | 16,059 | 15,588 | 13,042 |
| Cash and cash equivalents | 6,342 | 9,155 | 12,600 |
| Assets classified as held for sale | - | - | - |
| Current income tax asset | - | - | - |
| 110,451 | 106,775 | 115,533 | |
| Total assets | 319,582 | 322,639 | 332,047 |
| EQUITY | |||
| Share capital | 449 | 449 | 449 |
| Share premium | 185,095 | 185,095 | 185,095 |
| Preference share capital | 100 | 100 | 100 |
| Foreign currency translation reserve | 22,202 | 25,893 | 23,867 |
| Revaluation reserve | 72,365 | 77,883 | 77,395 |
| Retained earnings | (102,149) | (98,552) | (99,522) |
| Attributable to owners of parent entity | 178,062 | 190,868 | 187,384 |
| Non-controlling interests | (594) | (560) | (574) |
| 177,468 | 190,308 | 186,810 | |
| LIABILITIES | |||
| Non-current liabilities | |||
| Borrowings | 21,450 | 42,398 | 32,267 |
| Lease liabilities | 425 | 799 | 503 |
| Deferred income tax | 5,783 | 11,037 | 5,825 |
| Defined benefit obligations | 66 | 3 | 69 |
| 27,724 | 54,237 | 38,664 | |
| Current liabilities | |||
| Borrowings | 62,866 | 41,160 | 57,486 |
| Lease liabilities | 583 | 257 | 323 |
| Trade and other payables | 40,771 | 32,345 | 34,578 |
| Contract liabilities | 9,702 | 3,741 | 13,489 |
| Current income tax | 468 | 591 | 697 |
| 114,390 | 78,094 | 106,573 | |
| Total equity and liabilities | 319,582 | 322,639 | 332,047 |
The supplementary information presented does not form part of the financial statements.
Consolidated statement of cash flows
| 31 Mar 2025 | 31 Mar 2024 | 30 Sept 2024 | |
|---|---|---|---|
| US$'000 | US$'000 | US$'000 | |
| Cash flows from operating activities | |||
| Cash generated from operations | 12,557 | (1,805) | 22,704 |
| Interest paid on borrowings | (5,356) | (1,760) | (8,517) |
| Interest paid on bank overdrafts | (2,634) | - | (4,787) |
| Interest paid on leases | (74) | (62) | (139) |
| Benefits paid | (13) | - | (105) |
| Income tax paid | (475) | (1,535) | (1,978) |
| Net cash outflow/inflow from operating activities | 4,005 | (5,162) | 7,179 |
| Cash flows from investing activities | |||
| Purchase of property, plant and equipment | (8,577) | (14,112) | (33,154) |
| Proceeds from disposal assets | 5 | 220 | 376 |
| Net cash outflow from investing activities | (8,572) | (13,892) | (32,778) |
| Cash flows from financing activities | |||
| Proceeds from borrowings | 10,677 | 33,356 | 55,226 |
| Principal repayments of borrowings | (14,269) | (13,748) | (29,831) |
| Principal elements of lease payments | (225) | (175) | (300) |
| Net cash in/(out)flow from financing activities | (3,817) | 19,433 | 25,095 |
| Net (decrease)/increase for the year | (8,384) | 379 | (505) |
| Movement in cash and cash equivalents | |||
| At start of year | (14,614) | (18,100) | (15,348) |
| Net increase /(decrease) | (8,384) | 379 | (505) |
| Exchange differences | - | - | 207 |
| Translating Presentational Currency | 974 | 2,800 | 1,032 |
| At period end | (22,024) | (14,921) | (14,614) |
The supplementary information presented does not form part of the financial statements.
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