REG - Zambeef Products PLC - Full Year Results
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RNS Number : 6982K Zambeef Products PLC 08 December 2025
08 December 2025
Zambeef Products plc
("Zambeef" or the "Group")
Full year results for the year ended 30 September 2025
Zambeef (AIM: ZAM), the fully integrated cold chain food products ("CCFP") and
retail business with operations in Zambia, Nigeria and Ghana, today announces
its audited results for the year ended 30 September 2025.
Financial Highlights
Figures in 000's 2025 2024 % 2025 2024 %
ZMW ZMW USD USD
Revenue 8,058,283 7,315,845 10.1% 302,602 295,113 2.5%
Change in fair value of biological assets 1,102,125 1,005,832 9.6% 39,275 40,574 -3.2%
Cost of sales (6,234,772) (5,846,559) 6.6% (232,015) (235,844) -1.6%
Gross profit 2,925,636 2,475,118 18.2% 109,862 99,843 10.0%
Other income 23,380 27,926 -16.3% 878 1,127 -22.1%
Other net gains 4,759 (96,072) -105.0% 179 (3,875) -104.6%
Net Impairment losses on financial assets (736) (1,264) -41.8% (28) (51) -45.1%
Impairment of investment in associate - (34,370) -100.0% - (1,386) -100.0%
Distribution costs (341,998) (208,395) 64.1% (12,843) (8,406) 52.8%
Administrative expenses (1,971,054) (1,675,751) 17.6% (74,015) (67,598) 9.5%
Operating profit 639,987 487,192 31.4% 24,033 19,653 22.3%
Finance costs (387,004) (294,531) 31.4% (14,533) (11,881) 22.3%
Profit before taxation 252,983 192,661 31.3% 9,500 7,772 22.2%
Taxation charge (27,865) (12,565) 121.8% (1,046) (407) 157.1%
Group income for the year from continuing operations 225,118 180,096 25.0% 8,454 7,365 14.8%
Group income for the period 225,118 180,096 25.0% 8,454 7,365 14.8%
-
EBITDA 945,198 732,657 29% 35,496 30,409 16.7%
Gross Profit Margin 36.3% 33.8% 36.3% 33.8%
EBITDA Margin 11.7% 10.0% 11.7% 10.3%
Debt/Equity (Gearing) 33.8% 41.7% 33.8% 41.7%
Debt-To-EBITDA 2.3 2.8 -19.3% 2.5 2.6 -1.0%
PERFORMANCE OVERVIEW
Zambeef delivered a resilient performance for the financial year ended 30
September 2025, achieving earnings growth despite operating in a challenging
macroeconomic environment. The year was marked by currency volatility,
elevated input costs, and continued national power shortages driven by the
aftermath of the prior year's severe drought. These conditions placed upward
pressure on production costs, particularly through increased reliance on
generator power and costly imported electricity. Despite these headwinds, the
Group generated improved volumes across key categories, supported by strong
commercial execution, disciplined cost management, and the ongoing benefits of
operational optimisation initiatives.
The Group continued to make progress on its strategic priorities, including
investment in high-impact projects, optimisation of core operations, and the
phased divestment of non-core activities. Newly commissioned assets and
capacity upgrades enhanced operational efficiency and strengthened Zambeef's
ability to meet market demand. This combination of strategic investment and
disciplined execution underpinned the Group's solid performance and reinforced
its position as a leading and resilient player in Zambia's agri-business and
food value chain.
Against this backdrop, the Group delivered revenue of ZMW 8.06 billion (USD
302.6 million) and a gross profit of ZMW 2.9 billion (USD 109.9 million). This
reflects year-on-year growth of 10.1% and 18.2% in kwacha terms, and increases
of 2.5% and 10.0% in US dollar terms, respectively.
KEY FINANCIAL HIGHLIGHTS
Rising costs of key inputs particularly energy, imported materials, and grain
continued to place upward pressure on production expenses across the Group
which impacted the Group's volume growth.
Finance costs rose by 31.4%, largely due to increased borrowings and the
impact of interest rate rises steming from the Bank of Zambia tightening
Monetary Policy.
Nonetheless, the Group delivered an operating profit of ZMW 640.0 million (USD
24.0 million), reflecting a year-on-year increase of 31.4% in kwacha terms and
22.3% in US dollar terms, up from ZMW 487.2 million (USD 19.6 million) in the
prior year. This performance is a testament to the strength of our commercial
strategy and the effective implementation of our strategic growth initiatives.
Zambeef's management remains committed to focusing on core divisions to
generate cash flow that will be channelled towards de-risking the business.
Our plans are underpinned by:
§ Strengthening our core business: We are dedicated to bolstering our core
business through targeted investments aimed at expanding our market share and
solidifying our position in key sectors.
§ Human Capital Development: We recognize the importance of our workforce in
driving organizational success. Thus, we are crafting a tailored human capital
strategy to align with our organizational needs, ensuring that our employees
are equipped with the skills and resources necessary to thrive in a dynamic
environment.
§ Enhancing Strategic Partnerships: Strategic partnerships play a vital role
in enhancing our competitive edge and market position. We are committed to
strengthening these partnerships to capitalize on synergies and opportunities
for growth.
§ Divestiture of Non-Core Assets: To optimize resource allocation and focus
on our core business areas, we are actively pursuing the divestiture of
non-core assets.
Commenting on these results, Chairman Mr. Patrick Wanjelani said:
"Management remained steadfast in executing the Group's strategic priorities
of maximizing revenue, driving volume growth, and optimizing costs. Through
these focused efforts, Zambeef delivered improved profitability compared to
the prior year, highlighting the strength and resilience of its vertically
integrated business model. The 2025 performance reflects a disciplined and
adaptable organisation committed to operational excellence and the creation of
sustainable, long-term value for shareholders and stakeholders."
Copies of Zambeef's Annual Report and Accounts for the year ended 30
September 2025 and Notice of AGM will shortly be sent to shareholders and
made available on the Group's website and a further announcement will be made
at this time.
This announcement contains inside information for the purposes of article 7 of
the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the
Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication
of this announcement, this information is now considered to be in the public
domain.
For further information, please visit www.zambeefplc.com or contact:
Zambeef Products plc Tel: +260 (0) 211 369003
Faith Mukutu, Chief Executive Officer
Patrick Kalifungwa, Chief Financial Officer
Cavendish (Nominated Adviser and Broker) Tel: +44 (0) 20 7220 0500
Ed Frisby/Isaac Hooper (Corporate Finance)
Tim Redfern (ECM)
Autus Securities Limited Tel: +260 (0) 761 002 002
Mataka Nkhoma, Sponsoring Broker
About Zambeef Products PLC
Zambeef Products plc is the largest integrated cold chain food products and
agribusiness company in Zambia and one of the largest in the region, involved
in the primary production, processing, distribution and retailing of beef,
chicken, pork, milk, dairy products, fish, flour and stockfeed, throughout
Zambia and the surrounding region, as well as Nigeria and Ghana. It has 248
retail outlets throughout Zambia.
The Company is one of the largest suppliers of beef in Zambia and currently
consists of five (5) beef abattoirs and three (3) feedlots located throughout
Zambia, with a capacity to slaughter 230,000 cattle a year. It is also one of
the largest chicken producers in Zambia, with a capacity of 12.5 million
broilers and 31.5 million-day-old chicks a year. It is one of the largest
piggeries, pig abattoirs and pork processing plants in Zambia, with a capacity
to slaughter 102,000 pigs a year, while its dairy has a capacity of 140,000
litres per day.
The Group is also one of the largest cereal row cropping operations in Zambia,
with approximately 7,254 hectares of row crops under irrigation, which are
planted twice a year, and a further 7,943 hectares of rainfed/dry-land crops
available for planting. www.zambeefplc.com (http://www.zambeefplc.com)
Chairmans Report
Dear Shareholder,
This report highlights our achievements, acknowledges the challenges we face,
and reaffirms our dedication to securing a resilient and prosperous future for
Zambeef.
During the year ended 30 September 2025, the Group continued to operate in a
tough market environment marked by subdued consumer spending amidst tight
monetary conditions. The Bank of Zambia's continued tight monetary policy,
implemented to contain inflation and manage exchange rate volatility, has
helped stabilise key macroeconomic indicators but maintained pressure on
liquidity and consumer demand. While the government's engagement with
international bondholders has advanced the debt restructuring process,
underlying economic headwinds have continued to affect business operations
across sectors.
The year also saw mixed macroeconomic developments. Total copper production
increased, supported by the recovery of key mines and favourable global
prices. However, the broader economy continued to face challenges, including
energy shortages that increased the cost of key inputs such as electricity and
diesel that resulted in increased cost of prodcution. The residual effects of
the El Niño weather phenomenon exerted additional strain on cost of key grain
inputs such Maize, partuclarly in the first half of the finaincial year.
Inflation, which closed at 12.3% in September 2025, showed a gradual downward
trend, an encouraging sign that the central bank's policy measures are
beginning to yield positive results.
Management remained steadfast in executing the Group's strategic priorities of
maximizing revenue, driving volume growth, and optimizing costs. Through these
focused efforts, Zambeef delivered improved profitability compared to the
prior year, highlighting the strength and resilience of its vertically
integrated business model. The 2025 performance reflects a disciplined and
adaptable organisation committed to operational excellence and the creation of
sustainable, long-term value for shareholders and stakeholders.
Strategy
The Board remains steadfast in its commitment to achieving the Group's
strategic objectives, undeterred by seasonal market dynamics and economic
fluctuations. Our five-year strategy is centered on the following key pillars:
1. Strengthening our core business: We remain committed to reinforcing our
core operations through strategic investments that expand our market share and
solidify our presence in key sectors. Our focus is on broadening our market
reach and diversifying our product portfolio to capture emerging opportunities
and drive sustainable growth.
2. Human Capital Development: Our focused human capital strategy is
designed to ensure that our workforce is well-equipped and empowered to drive
the Group's success. By prioritizing skills development aligned with our
strategic objectives, we continue to cultivate a motivated and capable team
that underpins sustainable growth and operational excellence.
3. Enhancing Strategic Partnerships: Strategic partnerships play a vital
role in enhancing our competitive edge and market position. We are committed
to strengthening these partnerships to capitalize on synergies and
opportunities for growth. Our commitment to our customers, suppliers, lenders
and other partners remains resolute.
4. Divestiture of Non-Core Assets: Linked to the pillar to focus on our
core business and our persuit to optimize resource allocation, we are actively
pursuing divestiture of non-core assets.
Chairman's Report (continued)
Progress on our $100 million expansion program, announced in 2022, is making
significant strides. The expansion of the Mpongwe row cropping capacity has
yielded positive results, with the third winter harvest this passed winter
season. The milling and hatchery facilities were successfully commissioned in
October 2024, while the new cheese plant was completed and commissioned in
April 2025.
Outlook
Looking ahead, as the current macroeconomic situation continues to improve,
expectation is that there will be the easing off of the monetary policy which
should in turn increase money supply and therefore demand for our products.
With our strong brand presence and integrated business model, the Group is
well-positioned to capitalise on emerging growth opportunities and adapt to
changing consumer dynamics.
We remain focused on strengthening the balance sheet, enhancing cash flow, and
delivering long-term shareholder value.
British International Investment Plc (BII)
BII is the Company's largest ordinary shareholder with 52.6 million ordinary
shares and 100,057,658 convertible redeemable preference shares ("Preference
Shares") in Zambeef Products plc. The Company has the right to redeem all or
part of the Preference Shares at the redemption price, which would give BII a
12% compounded annual return on their investment, subject to a minimum of USD
0.77 per share (less dividends received). However, the likelihood of such a
repayment by the Company in this financial year, or in the medium term, is
currently considered by the Board to be uncertain. The eighth anniversary (16
September 2024) of BII's investment in the Company materially increased BII's
conversion rights on their Preference Shares from one-for-one new ordinary
share, to one for 3.0833 (recurring) new ordinary shares.
Acknowledgement
I extend my heartfelt gratitude to my fellow Board members for their dedicated
leadership over the past year, and I sincerely appreciate the tireless efforts
of our management and staff in delivering another year of remarkable
performance. The resilience and determination demonstrated in overcoming
challenges reflect the strength of our team. I take pride in what we have
achieved together and look forward with optimism to the opportunities that lie
ahead. United in purpose, we will continue to build on this strong foundation
of success.
Amid the complexities of the current environment, we remain committed to
driving sustainable growth and fulfilling our commitments to shareholders.
Patrick Wanjelani
Chairman
Chief Executive Officer's Report
Overview
The year ended 30th September 2025 saw the Group deliver profitability growth,
supported by increased volumes across key categories compared to the previous
year. This performance underscores our agility and adaptability in navigating
a dynamic market and economic environment. The management team's unwavering
commitment to driving top-line growth through effective revenue strategies and
maintaining disciplined cost control has been instrumental in achieving these
positive results.
The operating environment remained challenging, shaped by the residual effects
of the previous year's severe drought, which continued to affect the country's
hydroelectric generation capacity. This resulted in prolonged power deficits
that increased reliance on genset fuel and imported electricity, leading to
higher operating costs and intermittent production disruptions. These
pressures were compounded by elevated prices for key grain inputs,
particularly maize, in the first half of the financial year.
Despite these headwinds, Zambeef demonstrated resilience through proactive
cost management, supply chain optimisation, and strengthened operational
efficiency. Our ability to sustain growth in such a demanding environment
reflects the strength of our integrated business model, the dedication of our
people, and the trust placed in us by our customers, suppliers, and
communities.
Operational Excellence
In the year, Zambeef reaffirmed its commitment to operational excellence,
quality, and compliance by achieving several important certifications across
its operations.
Kalundu Dairy achieved full certification as a Disease-Free Compartment by the
Department of Veterinary Services, in line with World Organisation for Animal
Health (WOAH) standards. This milestone affirms the division's world-class
biosecurity systems, ensuring business continuity even during national disease
outbreaks, strengthening customer confidence, and enhancing our brand
reputation. This breakthrough reinforces Zambeef's readiness for expanded
operations and export potential.
Additionally, Zamhatch, Kalundu Dairy, Zambeef Cropping Division, and the
Lusaka and Mpongwe sites of Novatek were all certified under the GlobalG.A.P
and Smart Livestock Practices (S.L.P) programs. This demonstrates Zambeef's
dedication to sustainable, responsible, and high-quality production.
These accomplishments highlight our commitment to continuous improvement and
alignment with national and international standards, further establishing
Zambeef as a trusted leader in food safety, sustainability, and animal welfare
within Zambia's agribusiness sector.
Supporting National Food Security
The Group's strategic expansion of maize production significantly enhanced
national food security during this period. Zambeef supplied 26,500 metric
tonnes of both Winter and Early-planted maize to the Government through the
Food Reserve Agency, accounting for nearly 25% of the total tonnes contracted
from commercial farmers. This contribution underscores Zambeef's role as a
reliable partner to the Government in stabilising national grain reserves and
ensuring food availability. Additionally, it reinforces our commitment to
supporting the broader agricultural value chain, benefiting the livelihoods of
small-scale producers by contributing to a more resilient and well-supplied
market.
Financial Performance
The Group delivered strong results for the year ended 30 September 2025,
navigating a trading environment marked by energy shortages, higher input
costs, and weak consumer spending. Through effective revenue management and
operational efficiency, the business achieved volume growth across key
categories, demonstrating resilience and continued momentum from the previous
year.
The Group achieved a revenue of ZMW 8.1 billion (USD 302.6 million), along
with a gross profit of ZMW 2.9 billion (USD 109.9 million). This marks a
year-on-year increase of 10.1% in revenue and 18.2% in gross profit in Kwacha
terms and 2.5% in revenue and 10% in Gross Profit in US Dollar terms,
respectively.
Furthermore, the Group delivered an operating profit of ZMW 640.0 million (USD
24.0 million), marking an increase of 31.4% and 22.3% in Kwacha and US Dollar
terms respectively, compared to the prior year's ZMW 487.2 million (USD 19.7
million). This growth underscores the effectiveness of our commercial strategy
and the continued success of the commissioned strategic expansion projects.
The Group is committed to strengthening its brand equity while consistently
delivering high-quality products to our customers. By leveraging our
diversified and vertically integrated business model, along with a portfolio
of well-established brands and a capable management team, we are strategically
positioned to take advantage of emerging growth opportunities and effectively
manage potential risks. This strong foundation enables us to respond with
resilience and agility in a shifting market landscape.
Strategic focus
Our strategic priorities focus on maximizing the use of our existing assets,
enhancing returns, and ensuring sustained profitability across our core
business segments. Zambeef's integrated model continues to prove its strength,
allowing us to achieve efficiencies throughout the value chain while
maintaining our leadership in key food categories.
Throughout the year, we continued to implement our medium-term expansion
program, which totals $100 million. This program is progressing well and
involves significant investments in Cropping, Milling, Stockfeed, Dairy, and
Poultry. These projects aim to increase capacity, improve operational
efficiencies, and support long-term profitability.
A significant achievement under this program was the launch of the Zambeef
Cheese Plant at Huntley Farm in Chisamba. This facility represents a major
investment in Zambia's agro-processing sector and is designed to produce up to
3.4 tonnes of cheese daily using locally sourced milk. This investment not
only helps to grow the local dairy industry but also reduces Zambia's reliance
on imported dairy products and empowers small-scale farmers. It reflects our
commitment to fostering inclusive growth and creating value throughout the
agricultural ecosystem.
At the same time, the Group continues to divest non-core operations and
reinvest in high-impact areas that enhance cash generation and improve return
on capital employed. This disciplined approach ensures that every investment
contributes to efficiency, competitiveness, and shareholder value.
Looking ahead, our strategic focus remains on building a more efficient,
profitable, and resilient business that delivers sustainable value for all
stakeholders while supporting Zambia's broader agricultural and industrial
development.
Divisional Performance
Table 1 (ZMW) and Table 2 (USD) below provide a summary of the consolidated
performance of the key business divisions reported at an operating profit
level.
Table 1: Divisional financial summary in ZMW'000
Table 2: Divisional financial summary in USD'000
Retailing & Cold Chain Food Products
The Retailing and Cold Chain Food Products division delivered a resilient
performance in 2025, achieving volume growth across most key categories
despite a highly competitive and financially constrained environment.
Disciplined sales execution and strategic price optimisation supported topline
growth in kwacha terms.
Gross profit increased by 23% in kwacha and 15% in dollar terms year-on-year,
driven by volume growth, price optimisation, and improved operational
efficiency. The business continues to collaborate with governemnet in the
management of animal disease outbreak. Enhanced biosecurity protocols and
staff training were implemented during the year as part of curbing the animal
disease risk.
The Beef segment remained robust, supported by strong growth in retail and
alternative channels. The quality of cattle from bulking centres was
consistent, resulting in high average carcass weights. Despite tight animal
supply towards the end of the year, prices stayed competitive, allowing the
business to maintain good margins.
The Poultry segment saw an 11% increase in broiler production and higher sales
of day-old chicks, thanks to the commissioning of a new hatchery. Although
production efficiency slightly declined, the volume growth was sufficient to
offset its impact.
The Dairy segment achieved double-digit volume growth, driven by strong demand
for Lacto and drinking yogurt, increased cheese production, and the successful
launch of the Favorite Food brand yogurt line. Zammilk solidified its position
as the leader in the fresh milk market.
Cropping and Milling
The Cropping division outperformed expectations, achieving strong financial
results due to improved summer crop yields following a favourable rainfall
season, stable commodity prices, and enhanced operational efficiencies.
However, the overall profitability was pressured by high imported electricity
costs and increased tariffs.
The Stockfeed segment also showed robust performance despite challenges such
as power outages, ageing equipment issues, and constraints in raw material
supply. Much of the feed business was driven by internal Zambeef farms and
retail channels. Although sales softened in the late year due to economic
pressures, falling maize and soya prices, along with a stronger local
currency, helped improve margins.
The Flour segment faced a challenging yet strategically significant year.
Intense competition and cost pressures continued, but Zamflour achieved
year-on-year volume growth, supported by the successful commissioning of the
new wheat milling plant in Mpongwe. Moving forward, the focus will be on
stabilising margins, leveraging internal wheat supply, and commissioning the
pasta plant to unlock new opportunities for growth and value creation.
Outlook
Looking ahead, maintaining our strong brand presence will be crucial for
sustaining customer loyalty and building market confidence. Our vertically
integrated business model offers a significant competitive advantage, ensuring
a reliable supply chain and a consistent market for our products.
Zambia's economy is showing encouraging signs of recovery, bolstered by
advancements in debt restructuring, improved agricultural output, and
increased copper production. These positive developments create a more
favorable business environment for Zambeef.
We will continue to strengthen our balance sheet by divesting non-core assets,
optimising our existing resources, and pursuing targeted capacity expansion.
These initiatives will enhance our financial resilience and ensure sustainable
value creation for shareholders. With a solid foundation and a clear strategic
direction, Zambeef is well-positioned for continued growth in the years ahead
Acknowledgements
I would like to extend my gratitude to our Board of Directors for their
guidance and support. I am also indebted, to all our dedicated staff and
partners, for their invaluable contributions to the ongoing success of the
Group.
Faith Mukutu
Chief Executive Officer
Statement of profit or loss and other comprehensive income
Notes Group Company
2025 2024 2025 2024
K'000 K'000 K'000 K'000
Revenue from contracts with customers 6 8,058,283 7,315,845 7,759,294 6,939,511
Change in fair value of biological assets 18(i) 1,102,125 1,005,832 1,104,386 899,062
Cost of goods sold 9 (6,234,772) (5,846,559) (6,402,383) (5,826,756)
Gross profit 2,925,636 2,475,118 2,461,297 2,011,817
Other income 7 23,380 27,926 23,395 27,261
Other net gains/(losses) 8 4,759 (96,072) 9,097 (108,391)
Net impairment losses on financial assets 4(b) (736) (1,264) (3,501) 1,802
Impairment of investment in associate 17(ii) - (34,370) - (34,370)
Distribution expenses 9 (341,998) (208,395) (306,070) (190,771)
Administrative expenses 9 (1,971,054) (1,675,751) (1,667,170) (1,424,752)
Operating profit 639,987 487,192 517,048 282,596
Finance costs 10 (387,004) (294,531) (284,344) (294,188)
Profit before income tax 252,983 192,661 232,704 (11,592)
Income tax expense 12 (27,865) (12,565) (17,742) 18,228
Profit for the year 225,118 180,096 214,962 6,636
Profit attributable to:
Owners of Zambeef Products PLC 225,820 179,840 214,962 6,636
Non-controlling interests 16(b) (702) 256 - -
225,118 180,096 214,962 6,636
Other comprehensive income:
Items that maybe reclassified to profit or loss
Translation differences - foreign operations 24 2,677 (35,821) - -
Items not reclassified to profit or loss
Revaluation surplus 25 1,322,644 5,734 1,153,145 -
Actuarial remeasurement losses 28(i) (558) (2,523) (558) (2,523)
Deferred income tax 27 (137,300) 133,328 (122,331) 128,455
Other comprehensive income for the year 1,187,463 100,718 1,030,256 125,932
Total comprehensive income for the year 1,412,581 280,814 1,245,218 132,568
Statement of profit or loss and other comprehensive income (continued)
Notes Group Company
2025 2024 2025 2024
K'000 K'000 K'000 K'000
Total comprehensive income for the year is attributable to:
Owners of Zambeef Products Plc 1,412,747 286,575 1,245.218 132,568
Non-controlling interests (166) (5,761) - -
1,412,581 280,814 1,245,218 132,568
Basic earnings per share Ngwee Ngwee
Continuing operations 32 75.13 59.83
Discontinued operations 32 - -
Total basic earnings per share 75.13 59.83
Diluted earnings per share
Continuing operations 32 56.37 44.89
Discontinued operations 32 - -
Total diluted earnings per share 56.37 44.89
Consolidated Statement of financial position
30-Sept-25 30-Sept-24
ASSETS Notes K'000 K'000
Non-current assets
Property, plant and equipment 13 7,001,171 5,577,265
Goodwill 15 25,015 25,015
Biological assets 18(i) 178,256 143,972
7,204,442 5,746,252
Current assets
Biological assets 18(i) 326,804 296,923
Inventories 19 2,153,659 2,088,778
Trade and other receivables 20 314,329 346,130
Cash and cash equivalents 21 244,447 334,415
3,039,239 3,066,246
Total assets 10,243,681 8,812,498
EQUITY
Share capital 23 3,006 3,006
Share premium 23 1,125,012 1,125,012
Preference share capital 23 1,000 1,000
Foreign currency translation reserve 24 634,911 633,440
Revaluation reserve 25 3,217,301 2,054,090
Retained earnings 1,404,032 1,156,637
Attributable to owners of parent entity 6,385,262 4,973,185
Non-controlling interests (NCI) (14,741) (15,245)
6,370,521 4,957,940
LIABILITIES
Non-current liabilities
Lease liabilities 14(a) 15,191 13,350
Borrowings 26 789,004 856,362
Deferred income tax 27 297,570 154,586
Defined benefit obligations 28(i) 2,060 1,835
1,103,825 1,026,133
Current liabilities
Lease liabilities 14(a) 11,698 8,578
Borrowings 26 1,583,870 1,525,671
Trade and other payables 29 991,963 917,674
Contract liabilities 30 167,452 357,999
Current income tax 12(ii) 14,352 18,503
2,769,335 2,828,425
Total equity and liabilities 10,243,681 8,812,498
Company statement of financial position
30-Sept-25 30-Sept-24
ASSETS Notes K'000 K'000
Non-current assets
Property, plant and equipment 13 5,983,644 4,791,182
Goodwill 15 15,699 15,699
Investment in subsidiaries 16 77,388 77,388
Biological assets 18(i) 178,256 143,972
6,254,987 5,028,241
Current assets
Biological assets 18(i) 236,533 218,808
Inventories 19 1,976,745 1,929,536
Trade and other receivables 20 677,159 472,287
Cash and cash equivalents 21 198,252 292,763
3,088,689 2,913,394
Total assets 9,343,676 7,941,635
EQUITY
Share capital 23 3,006 3,006
Share premium 23 1,125,012 1,125,012
Preference share capital 23 1,000 1,000
Foreign currency translation reserve 24 687,048 687,048
Revaluation reserve 25 2,860,579 1,847,683
Retained earnings 459,173 226,851
5,135,818 3,890,600
LIABILITIES
Non-current liabilities
Lease liabilities 14(a) 10,617 13,350
Borrowings 26 789,004 856,362
Deferred income tax 27 226,378 108,264
Defined benefit obligations 28(i) 2,060 1,835
1,028,059 979,811
Current liabilities
Lease liabilities 14(a) 10,300 8,578
Borrowings 26 1,583,870 1,525,671
Trade and other payables 29 1,411,250 1,172,966
Contract liabilities 30 162,847 356,672
Current income tax 12(ii) 11,532 7,337
3,179,799 3,071,224
Total equity and liabilities 9,343,676 7,941,635
Consolidated statement of changes in equity
Share Share premium Preference share capital Foreign currency translation reserve Revaluation reserve Retained earnings Total attributable to owners of parent entity Non-controlling interests Total
Capital
Year ended 30 September 2024 K'000 K'000 K'000 K'000 K'000 K'000 K'000 K'000
At start of year 3,006 1,125,012 1,000 660,390 1,964,087 930,261 4,683,756 (6,630) 4,677,126
Profit for the year - - - - - 179,840 179,840 256 180,096
Other comprehensive income:
Revaluation surplus - - - - 5,734 - 5,734 - 5,734
Transfer of excess depreciation - - - - (49,059) 49,059 - - -
Actuarial remeasurement losses - - - - - (2,523) (2,523) - (2,523)
Deferred income tax (Note 26) - - - - 133,328 - 133,328 - 133,328
Translation differences (Note 23) - - - (26,950) - - (26,950) (8,871) (35,821)
- - - (26,950) 90,003 46,536 109,589 (8,871) 100,718
Total comprehensive income for the year - - - (26,950) 90,003 226,376 289,429 (8,615) 280,814
At end of year 3,006 1,125,012 1,000 633,440 2,054,090 1,156,637 4,973,185 (15,245) 4,957,940
Year ended 30 September 2025
At start of year 3,006 1,125,012 1,000 633,440 2,054,090 1,156,637 4,973,185 (15,245) 4,957,940
Profit for the year - - - - - 225,820 225,820 (702) 225,118
Other comprehensive income:
Revaluation surplus (Note 25) - - - - 1,322,644 - 1,322,644 - 1,322,644
Transfer of excess depreciation - - - - (22,133) 22,133 - - -
Actuarial remeasurement losses (Note 28) - - - - - (558) (558) - (558)
Deferred income tax (Note 27) - - - - (137,300) - (137,300) - (137,300)
Translation differences (Note 24) - - - 1,471 - - 1,471 1,206 2,677
- - - 1,471 1,163,211 21,575 1,186,257 1,206 1,187,463
Total comprehensive income for the year - - - 1,471 1,163,211 247,395 1,412,077 504 1,412,581
At year end 3,006 1,125,012 1,000 634,911 3,217,301 1,404,032 6,385,262 (14,741) 6,370,521
Company statement of changes in equity
Share Share premium Preference share capital Foreign currency translation reserve Revaluation reserve Retained earnings Total
Capital
K'000 K'000 K'000 K'000 K'000 K'000
Year ended 30 September 2024
At start of year 3,006 1,125,012 1,000 687,048 1,561,799 760,468 4,138,333
Reserves from business combination (Note 35) - - - - 197,599 (577,900) (380,301)
Loss for the year - - - - - 6,636 6,636
Other comprehensive income:
Transfer of excess depreciation - - - - (40,170) 40,170 -
Actuarial remeasurement losses - - - - - (2,523) (2,523)
Deferred income tax (Note 26) - - - - 128,455 - 128,455
- - - - 88,285 37,647 125,932
Total comprehensive income for the year - - - - 88,285 44,283 132,568
At end of year 3,006 1,125,012 1,000 687,048 1,847,683 226,851 3,890,600
Year ended 30 September 2025
At start of year 3,006 1,125,012 1,000 687,048 1,847,683 226,851 3,890,600
Profit for the year - - - - - 214,962 214,962
Other comprehensive income:
Revaluation surplus (Note 25) - - - - 1,153,145 - 1,153,145
Transfer of excess depreciation (Note 25) (17,918) 17,918 -
Actuarial remeasurement losses (Note 28) - - - - - (558) (558)
Deferred income tax (Note 27) - - - - (122,331) - (122,331)
- - - - 1,012,896 17,360 1,030,256
Total comprehensive income for the year - - - - 1,012,896 232,322 1,245,218
At year end 3,006 1,125,012 1,000 687,048 2,860,579 459,173 5,135,818
Statement of cash flows
Group Company
2025 2024 2025 2024
Notes K'000 K'000 K'000 K'000
Cash generated from operations 31(i) 731,693 556,222 506,177 246,182
Interest paid on borrowings 31(ii) (258,691) (211,132) (149,098) (211,132)
Interest paid on bank overdrafts 31(ii) (173,093) (118,669) (173,093) (118,669)
Interest paid on leases 31(ii) (4,079) (3,437) (4,079) (3,322)
Benefits paid 28(i) (560) (2,597) (560) (2,597)
Income tax paid 12(ii) (26,332) (49,036) (17,764) (28,209)
Net cash inflow/(outflow) from operating activities 268,938 171,351 161,583 (117,747)
Cash flows from investing activities
Purchase of property, plant and equipment 13 (373,677) (815,281) (270,752) (538,147)
Proceeds from disposal assets 1,943 9,309 1,830 8,760
Net cash outflow from investing activities (371,734) (805,972) (268,922) (529,387)
Cash flows from financing activities
Proceeds from borrowings 31(ii) 1,402,558 1,369,057 1,402,558 1,369,057
Principal repayments of borrowings 31(ii) (1,404,646) (739,519) (1,404,646) (739,519)
Principal elements of lease payments 31(ii) (11,568) (7,441) (11,568) (7,441)
Net cash (outflow)/inflow from financing activities (13,656) 622,097 (13,656) 622,097
Net decrease for the year (116,452) (12,524) (120,995) (25,037)
Movement in cash and cash equivalents
At start of the year (387,865) (380,467) (429,517) (252,156)
Net decrease (116,452) (12,524) (120,995) (25,037)
Effects of exchange differences 14,710 5,126 14,710 11,898
Balances from business combination - - - (164,222)
At year end 21 (489,607) (387,865) (535,802) (429,517)
Extracted from the Supplementary Information within the 2025 Annual Report.
This information presented in USD does not form part of the Financial
Statements and is therefore unaudited.
Statement of profit or loss and other comprehensive income
Group Company
2025 2024 2025 2024
US$'000 US$'000 US$'000 US$'000
Revenue from contracts with customers 302,602 295,113 291,374 279,932
Change in fair value of biological assets 39,275 40,574 30,521 36,267
Cost of sales of providing goods (232,015) (235,844) (229,470) (235,044)
Gross profit 109,862 99,843 92,425 81,155
Other income/(expenses) 878 (2,466) 879 (2,990)
Other net gains/(losses) 179 - 342
Net impairment losses on financial assets (28) (51) (131) 73
Impairment of investment in associate - (1,386) - (1,386)
Distribution expenses (12,843) (8,406) (11,493) (7,695)
Administrative expenses (74,015) (67,881) (62,605) (57,756)
Operating profit 24,033 19,653 19,417 11,401
Net finance income and costs (14,533) (11,881) (10,678) (11,867)
Share of loss from equity investment - - - -
Profit before income tax 9,500 7,772 8,739 (466)
Income tax expense (1,046) (407) (666) 735
(Loss)/profit from continuing operation 8,454 7,365 8,073 269
Profit from asset held for sale - - - -
Profit for the year 8,454 7,365 8,073 269
Profit attributable to:
Owners of Zambeef Products PLC 8,480 7,355 8,073 269
Non-controlling interests (26) 10 - -
8,454 7,365 8,073 269
Other comprehensive income:
Items that maybe reclassified to profit or loss
Translation losses on foreign operations 101 (1,445) - -
Translation losses on Mpongwe Farms - - - -
Items not reclassified to profit or loss
Revaluation surplus 49,667 231 43,302 -
Actuarial remeasurement losses (21) (102) (21) (102)
Deferred income tax (5,156) 5,378 (3,212) 5,181
Other comprehensive income for the year 44,591 4,062 40,069 5,079
Total comprehensive income for the year 53,045 11,427 48,142 5,348
Statement of profit or loss and other comprehensive income (continued)
Group Company
2025 2024 2025 2024
US$'000 US$'000 US$'000 US$'000
Total comprehensive income for the period is attributable to:
Owners of Zambeef Products Plc 53,051 11,659 48,142 5,348
Non-controlling interests (6) (232) - -
53,045 11,427 48,142 5,348
Basic earnings per share
Continued operations 2.82 2.41
Discontinued operations - -
Total basic earnings per share 2.82 2.41
Diluted earnings per share
Continued operations 2.12 1.81
Discontinued operations - -
Total diluted earnings per share 2.12 1.81
Consolidated statement of financial position
30-Sept-25 30-Sept-24
ASSETS US$'000 US$'000
Non-current assets
Property, plant and equipment 292,814 210,147
Goodwill 1,046 943
Investment in associate - -
Biological assets 7,455 5,424
301,315 216,514
Current assets
Biological assets 13,668 11,188
Inventories 90,074 78,703
Trade and other receivables 13,146 13,042
Cash and cash equivalents 10,224 12,600
127,112 115,533
Total assets 428,427 332,047
EQUITY
Share capital 449 449
Share premium 185,095 185,095
Preference share capital 100 100
Foreign currency translation reserve 26,554 23,867
Revaluation reserve 135,938 77,395
Retained earnings (79,703) (99,522)
Attributable to owners of parent entity 268,054 187,384
Non-controlling interests (617) (574)
266,437 186,810
LIBILITIES
Non-current liabilities
Borrowings 32,999 32,267
Lease liabilities 635 503
Deferred income tax 12,445 5,825
Defined benefit obligations 86 69
46,166 38,664
Current liabilities
Borrowings 66,243 57,486
Lease liabilities 489 323
Trade and other payables 41,487 34,578
Contract liabilities 7,003 13,489
Current income tax 600 697
115,823 106,573
Total equity and liabilities 428,427 332,047
Company statement of financial position
30-Sept-25 30-Sept-24
ASSETS US$'000 US$'000
Non-current assets
Property, plant and equipment 250,257 180,527
Goodwill 657 592
Investment in subsidiaries 3,237 2,916
Investment in associate - -
Biological assets 7,455 5,424
261,606 189,459
Current assets
Biological assets 9,893 8,244
Inventories 82,674 72,703
Trade and other receivables 28,321 17,795
Cash and cash equivalents 8,292 11,031
Total current assets 129,180 109,773
Total assets 390,786 299,232
EQUITY
Share capital 449 449
Share premium 185,095 185,095
Preference share capital 100 100
Foreign currency translation reserve 28,735 25,887
Revaluation reserve 119,639 69,619
Retained earnings (119,220) (134,556)
214,798 146,594
LIABILITIES
Non-current liabilities
Lease liabilities 444 503
Borrowings 32,999 32,267
Deferred income tax 9,468 4,079
Defined benefit obligations 86 69
42,997 36,918
Current liabilities
Lease liabilities 431 323
Borrowings 66,243 57,486
Trade and other payables 59,024 44,196
Contract liabilities 6,811 13,439
Current income tax 482 276
132,991 115,720
Total equity and liabilities 390,786 299,232
Statement of cash flows
Group Company
2025 2024 2025 2024
$'000 $'000 $'000 $'000
Cash generated from operations 27,476 22,437 19,008 9,931
Interest paid on borrowings (9,714) (8,517) (5,599) (8,517)
Interest paid on bank overdrafts (6,500) (4,787) (6,500) (4,787)
Interest paid on leases (153) (139) (153) (134)
Benefits paid (21) (105) (21) (105)
Income tax paid (989) (1,978) (667) (1,138)
Net cash inflow/(outflow) from operating activities 10,099 6,912 6,068 (4,750)
Cash flows from investing activities
Purchase of property, plant and equipment (14,032) (32,887) (10,167) (21,708)
Proceeds from disposal assets 73 376 69 353
Net cash outflow from investing activities (13,959) (32,512) (10,098) (21,355)
Cash flows from financing activities
Proceeds from borrowings 52,668 55,226 52,668 55,226
Principal repayments of borrowings (52,747) (29,831) (52,747) (29,831)
Principal elements of lease payments (434) (300) (434) (300)
Net cash (outflow)/inflow from financing activities (513) 25,095 (513) 25,095
Net decrease for the year (4,373) (505) (4,544) (1,010)
Movement in cash and cash equivalents
At start of the year (14,614) (18,100) (16,184) (11,996)
Net decrease (4,373) (505) (4,544) (1,010)
Effects of exchange differences (1,490) 3,991 (1,682) 3,447
Balances from business combination - - - (6,625)
At year end (20,477) (14,614) (22,410) (16,184)
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Copyright 2019 Regulatory News Service, all rights reservedRecent news on Zambeef Products
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