ZAMBEEF RECORDS K1.8 BILLION PROFIT IN 2023
ZAMBEEF Products PLC achieved a gross profit of K1.8 billion at 12.9% increase year-on-year in the year 2023, on account of effective revenue management.
The group also delivered an operating profit of K361.4 million, a significant increase of 108.1% in kwacha terms compared to the past year’s K173.7 million.
Speaking during ZAMBEEF’s 29th Annual General Meeting on Friday, 29th December 2023, Company Chief Executive Officer, Faith Mukutu, said the growth indicates the effectiveness of the group’s commercial strategy and the successful execution of key cropping projects.
Ms. Mukutu also noted that the escalating costs of vital inputs and commodities, including fuel, electricity, agricultural supplies, and grain, led to increased production costs for the livestock and cropping divisions.
And ZAMBEEF Board Chairman, Michael Mundashi, in his report to shareholders highlighted that the group’s 2023 performance showed its resilience in an ever-evolving market and highlighted the robustness of the group’s vertically integrated business model.
Mr. Mundashi said despite the tough operating environment, ZAMBEEF management team remained focused on its strategy and through a concerted effort, prioritizing revenue maximization, volume growth and cost management, which positioned the group for the good results achieved.