Zambeef Products Group says it has achieved a profit after tax of K23.8 million in the financial year ended 30th September 2018 compared to K4.4 million in 2017.
The company says it expects to be approximately 223 percent higher than for the year ended 30th September 2017 rather than the 163% reported on the 21st November 2017.
In its revised trading statement on Lusaka Securities and Exchange (LuSE), Zambeef says the surplus on revaluation of property, plant and equipment that was included in the statement of changes in equity has since been included under the other comprehensive income.
“This adjustment has affected the income statement by showing a “Total Comprehensive Income for the Year” increase d from the original negative K27,922,000 to positive K761,873,000. The main movements in profit ability has not changed and is still attributed primarily to the following points: Revenue for the Group increased by 14.2 percent in kwacha while Gross Profit margins increased from 32.8 percent in 2017 to 34.5 percent, resulting in Gross Profit increasing by 20.1 percent for the Year Ended 30 September 2018,” read the statement.
The company states that consistent revenue growth through expanding the retail network and driving Cold Chain Food Products and stock feed operation s with like – for – like revenue growth of 12.8 percent in the retail network was one of the key drivers of growth.
“The Zambia Retailing Macro stores alone, had a revenue growth of 63.5 percent in kwacha. The Group has achieved a Profit After Tax of K3.8 million compared to K4.4 million in 2017. The Company’s revised results for the Year Ended 30th September 2018 are to be released on SENS and RNS and published in the local press on or after 5 December 2018,” the company guided.
Zambeef Products Plc has since advised shareholders are advised to exercise caution when dealing in the Company’s Securities until publication of the results.

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