Thursday 29 September 2016

Zambeef swings to $8.96m in the in first half of 2016

Published 08/06/2016 | 07:36

Zambeef's results comes after the company successfully appealed a multi-million euro tax assessment in Zambia
Zambeef's results comes after the company successfully appealed a multi-million euro tax assessment in Zambia

Zambeef, the Zambia agri firm co-founded by Limerick native Francis Grogan, has swung to an $8.96m profit after tax in the first six months of its financial year, new figures have shown.

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Profit after tax at the company was up significantly year on year after the firm posted a net loss of $3.86m in the same period last year.

Despite the increase in profits, revenue at the company fell from $102.14m to $98.82m year on year.

The firm also managed to reduce its expenses from $36.6m to $27.5m.

Zambeef chairman Dr Jacob Mwanza said the firm's positive results were down to hard work from the staff.

"Their efforts, driven by the board’s clear strategic focus, will enable Zambeef to achieve its vision of becoming a major provider of cold chain food products to Zambia and the region.

“With the strong focus on the retailing operations, Zambeef is confident that this robust performance will continue, demonstrating the resilience of the group’s business model.

"As a consequence of this strong operational performance, the board is confident of meeting full year expectations.”

Earnings before interest tax depreciation and amortisation (EBITDA) stood at $15.45m.

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