- Over the past financial year, against a global backdrop of economic slowdow Zambeef the agri-business with operations in Zambia, Nigeria and Ghana, has performed creditably.

The expanding Zambian economy has led to a significant increase in the spending power of the growing population. This has translated into buoyant demand for the products and services provided by Zambeef.

During the year, turnover grew by 32 per cent. (ZMK) and 23 per cent. (USD) to ZMK1,296 billion (USD255 million) and margins increased from 34.1 per cent. to 34.4 per cent., resulting in an increase in gross profit of 33 per cent. (ZMK) and 25 per cent. to ZMK446 billion (USD88 million).

However, the profit after tax results have been impacted by a tax liability that the Zambia Revenue Authority (ZRA) is seeking to impose on Zamanita and exchange losses (mostly unrealised) as a result of a weakening Zambian Kwacha.

Profit after tax was ZMK63 billion (USD12 million) (excluding the Zamanita tax provision) and ZMK13 billion (USD3 million) (including the tax provision). Exchange losses for the year were ZMK19 billion (USD4 million) (mostly unrealised) as a result of the weakening Zambian Kwacha.

At 8:53am: [LON:ZAM] share price was -1p at 44.5p

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