Zambeef Products Plc has cited the weakening of Kwacha against the dollar and strained electricity supply as factors that have impacted on the company’s performance in the finacial year ended September 30, 2019. Last Friday at the close of business, commercial banks qouted the Kwacha at K15.45 and K15.50 against the greenback. The statement says the financial year ended September 30, 2019 proved to be a challenging one amid a regional drought and macroeconomic headwinds. This is according to the financial year ended September 30, 2019 announcement and approved by the Lusaka Securities and Exchange (LuSE), the Securities and Exchange Commission Zambia, and Zambeef Products Plc. “The weakening of the Kwacha against the dollar, an increase in the cost of fuel, together with strained electricity supply, impacted not only on Zambeef’s performance, but also customers’ spending power.” The statement read. The statement says in accordance with the LuSE listings requirements,Zambeef Products Plc board of directors advised shareholders that earnings per share for the financial year ended Septemeber 30, 2019 are expected to be about 73 percent higher (in Kwacha terms) than the corresponding period last year. It however says despite the challenges, Zambeef achieved significant growth. The statement states that the achievement in the face of such economic and market difficulties illustrates the company’s fundamental strengths as a diversified and resilient businesss. The result expected to report revenue of K3,134.967,000 (US$254,462,000) and group income for the year of K18,494,000 (US$1,501,000), the statement reads. Source: Times of Zambia
KWACHA’S WEAKNESS; AFFECTS ZAMBEEF
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The objectives of the Kitwe & District Chamber of Commerce and Industry are to promote the development of trade, commerce and industry in Kitwe and throughout Zambia. The second one is to make input into any matters connected directly or indirectly with such trade, commerce or industry and the last objective is to collect circulate among its members information and other matters as maybe of interest.