ZAMBIA – Zambeef Products PLC, a leading company in Zambia’s meat, feed, and cold chain foods sectors, has responded to rumors about the sale of its Chiawa Farm Estate.
The company clarified that while the state-owned Industrial Development Corporation (IDC) Limited is conducting a thorough evaluation, no transaction has taken place so far.
Zambeef emphasized that any decision to sell the farm would be accompanied by transparent communication with shareholders and the necessary regulatory approvals.
Recently, the Zambian government announced that it had purchased Zambeef’s Chiawa Farm Estate, located in the Kafue District, for US$13.5 million.
According to the statement, the estate has been transferred to the Zambia National Service (ZNS) and the Zambia Correctional Service (ZCS) for management.
The Chiawa Farm Estate covers an expansive 8,658 hectares (21,419 acres), though only 2,000 hectares have been developed for commercial crop production under irrigation.
Zambeef Products PLC, listed on both the Lusaka Securities Exchange and the Alternative Investment Market of the London Stock Exchange, has been performing well financially.
The company reported a revenue of ZMW 6.0 billion (US$ 331.5 million) and a gross profit of ZMW 1.8 billion (US$ 101.0 million), reflecting year-on-year growth of 12.1% and 12.9% in kwacha terms, and 5.6% and 6.3% in US dollar terms, respectively.
The company’s success is attributed to strong performance in its stock feed and cold chain food products segments.
Operating profit also saw a substantial increase, reaching ZMW 361.4 million (US$ 19.8 million), a 108.1% rise in kwacha terms and a 96.0% increase in US dollar terms, compared to the previous year.
This growth was achieved despite a one-time impairment cost in the previous year, highlighting the effectiveness of Zambeef’s commercial strategy and the execution of key agricultural projects.
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