ZAMBIA – Zambeef, the fully integrated cold chain foods and retail business with operations in Zambia, Nigeria and Ghana, has announced the appointment of Mr. M’boo Mumba as Chief Financial Officer (CFO) of the Company, effective 1 December 2022.
M’boo will also become a Director of Zambeef and join the Board subject to the satisfactory completion of the required AIM regulatory due diligence.
He joined the group in May 2020 as Project Manager before he took up the role of Group Head of Treasury and Administration, bringing brought to the company skills which combine industry, financial and banking experience of more than 16 years.
M’boo has also worked as CFO for Wild Life Conservation Society, before joining Standard Chartered Bank Zambia Plc where his last portfolio was at Director level in corporate banking. He holds a Bachelor of Accounting degree and is an ACCA professional.
He takes on the new role, following the promotion of Faith Mukutu, to Chief Executive Officer (CEO) on 1 July 2022.
Ms. Mukutu is the first Zambian CEO in the 28-year history of Zambeef, which is listed on the Lusaka Securities Exchange and the Alternative Investment Market (AIM) of the London Stock Exchange.
She succeeds Mr. Walter Roodt, who had been at the helm since January, 2020 and will continue with the company focusing on strategic projects as a Board member.
Ms Mutuku joined Zambeef in 2019 as Chief Financial Officer, a role to which she brought a wealth of experience, having been Finance Director of three listed entities; Zambian Breweries Plc, National Breweries Plc. and Zambia Sugar Plc.
A fellow of ZICA, an accounting and finance professional having experience of over 20 years, mostly spent in leadership positions, she combines her solid academic qualifications with the requisite breadth and depth of experience leading national and multi-national organisations.
She is expected to steer the company to future growth, starting with the organization’s recently unveiled US$100 million expansion plan that will double its Mpongwe Farms crop production while adding associated value and capacity to the company’s stockfeed, meat processing and retailing operations.
In other related news, Zambeef expects its Total Basic Earnings per Share for the Financial year ended 30 September 2022 to be 83% lower (In Kwacha terms) than that of the financial year ended 30 September 2021.
According to the group, revenue, adjusted EBITDA, and reported profit before tax are expected to be in line with current market expectations with Adjusted* profit before tax expected to be c.10% ahead of then current market expectations.
The period under review is defined by stability in macroeconomic fundamentals with exchange rate remaining largely stable and the inflation rate steadily reduced.
However, constrained consumer spending negatively impacted volume growth in our Retail and Cold Chain Food Products, particularly in the first half of the financial year.
The period saw an escalation in key input prices such as fuel, chemicals, and fertiliser which impacted margins.
In addition, the group saw outbreaks of contagious bovine pleuropneumonia and african swine fever, both of which were successfully managed, in line with government guidelines.
Despite these headwinds, performance in Cropping, Milling, and Stockfeed enabled the Group to achieve adjusted* EBITDA in line with market expectations owing to high grain prices, market share gains, and cost containment.