- Africa-focused cold chain foods and retail business Zambeef Products posted a rise in annual profit, driven by higher volumes and margins in its cropping, stock feed and retail divisions.

Net profit for the year through September in Zambian Kwacha rose 76% to 18.5m, though in US dollars, it rose 42% to $1.5m.

Revenue rose 13% in Zambian Kwacha but fell 9% in US dollars.

Zambeef Products said the period was 'challenging' amidst a regional drought and macroeconomic headwinds.

The Zambian Kwacha weakened against the US dollar by about 24%, while fuel costs rose 19%.

Electricity supply, meanwhile, was constrained due to low water levels in the Kariba dam.

'Against these headwinds, the group's results were nonetheless, reassuring, especially in the second half of the year,' the company said.

Profitability was mainly driven by cropping, increased volumes and margins in the stock feed division and retail and cold chain food products, it added.

The cropping division posted exceptionally good yields 'despite the odds being heavily stacked' against it, Zambeef Products said.

Maize contributed 19,233 tons of grain together with 22,000 tons of silage for the dairy and beef operations.

A 14% increase in the wheat winter crop resulted in a harvest of 50,398 tons.

At 1:36pm: [LON:ZAM] Zambeef Products PLC share price was -0.13p at 5.88p

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