ZAMBIA – Zambeef Products PLC, Zambia’s leading beef producer, has been acknowledged as the top taxpayer in the agriculture sector for 2024.
The recognition was made during the Zambia Revenue Authority (ZRA) Taxpayers Appreciation Day held in Lusaka today.
Speaking at the event, Zambeef CEO Faith Mukutu highlighted the company’s ongoing focus on national food security, job creation, and its tax contributions.
Mukutu stated, “Our commitment to feeding the nation and promoting food security, alongside our contributions to the Treasury, remains a key part of our strategy. We are pleased that ZRA has recognized our efforts.”
This recognition comes amid a challenging year for the company.
Just recently, the company saw a 2.2% increase in its share price, with shares reaching a high of GBX 6 (US$0.08) before settling at GBX 5.75 (US$0.07) on Wednesday.
The increase in share price was accompanied by an unusually high trading volume of 581,785 shares, a significant jump of 422% compared to the average daily volume of 111,526 shares.
The stock had previously closed at GBX 5.63 (US$0.07).
In terms of technical performance, Zambeef’s 50-day moving average stands at GBX 5.73 (US$0.08), while its 200-day moving average is GBX 5.70 (US$0.07).
The company currently holds a market capitalization of £17.66 million (US$22 million) and maintains a price-to-earnings ratio of 587.50, with a beta of -0.29.
Financially, the company’s current ratio is 1.34, its quick ratio is 0.39, and the debt-to-equity ratio stands at 35.97.
The rise in share value follows Zambeef’s recent release of its quarterly interim results.
The report indicated a projected 15% shortfall in both revenue and gross profit for the fiscal year ending September 30, 2024, due to operational difficulties and a weakening Zambian currency.
The first half of 2024 was particularly difficult for Zambeef, with the company facing a challenging market and tough operational environment.
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