Zambeef shows resilience with revenue growth amid economic challenges

ZAMBIA –  Zambeef Products Plc reported revenue and volume growth for the financial year ending September 30, 2024, showcasing its ability to adapt despite economic and environmental hurdles. 

The company recorded a revenue of ZMW 7.3 billion (US$295.1 million) and gross profit of ZMW 2.5 billion (USD 99.8 million), a 21% increase in local currency terms.

At the company’s 30th Annual General Meeting, Chief Executive Officer Faith Mukutu mentioned Zambeef’s focus on cost efficiency, capacity expansion, and divesting non-core assets. 

She expressed optimism about the company’s future, stating, “We remain committed to sustainable growth and creating value for our stakeholders.”

2024 presented significant challenges, including high inflation, volatile exchange rates, and energy deficits that raised input costs. 

Climate change impacted crop yields and energy production, while an anthrax outbreak in Zambia’s cattle regions disrupted beef supply in the first quarter. 

However, the situation improved as cattle movement restrictions were lifted, boosting beef volumes in subsequent quarters.

Expansion and sustainability initiatives

Zambeef’s five-year, US$100 million expansion plan, launched in 2022, continues to progress. 

The Mpongwe Farm expansion has enhanced production, highlighted by an additional 9,460 metric tonnes of wheat harvested in 2023. 

The company also emphasized sustainability, advancing renewable energy, optimizing water use, and supporting community development initiatives. 

Board Chairperson Patrick Wanjelani commended the company’s ability to adapt and grow, saying, “Strategic investments and operational efficiency have been critical to delivering value and achieving business sustainability.”

Celebrating 30 years of operations, Zambeef remains one of Zambia’s largest integrated agribusinesses, involved in beef, poultry, pork, dairy, and crop production. 

The company is listed on the Lusaka Securities Exchange and London Stock Exchange, with a vision to enhance food security and economic development across southern Africa.

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