StockMarketWire.com - Zambeef swung to a first-half pretax profit of $6.4 million, from a loss of $1.6 million. Revenue was $153.4 million, from $127.6 million. It foreshadowed a maiden dividend in 2014. AIM-quoted Zambeef is a fully integrated agri-business with operations in Zambia, Nigeria and Ghana.

"We have been very encouraged by the good growth in turnover, gross margins, gross profit and EBITDA. Adjusted pre-tax profit was lower than last year's strong comparative period, largely due to increased costs, which is being actively addressed by managemen," said chairman Jacob Mwanza.

"However, the successful integration at Mpongwe Farm and subsequent excellent crop production, the doubling of capacity at Zamanita, the increase in capacity of our broiler and layer operations and capacity improvements at Master Pork, all leave Zambeef in a strong position to take advantage of growing demand for food products in Zambia," Mwanza said.

"As such, as we return the chicken and egg, pork, and dairy divisions to expected levels of profitability, we anticipate a stronger performance in the second half of FY 2013 and the Board expects the Company to start paying dividends from 2014 onwards."




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