CFI Holdings Limited Reports Retail Operations, Milling Operations, and Farming Operations Contributed 76.3%, 20.1%, and 3.4% Respectively to Group Turnover

Published On: April 12, 2024Company: CFI Holdings Limited (CFI.zw)
What was the major concern raised by the company's directors in their responsibility statement?
The directors of the company advised caution in the use of the given financial statements owing to the impact of technicalities that followed from changes in the functional currency in 2019 and its subsequent effect on the usefulness of the financial statements for the 2019-2023 financial periods.

Summary

  • The CFI Holdings Limited’s 2023 Annual Report provides an overview of the company’s financial condition, directors’ responsibilities, accountancy principles, and views on Business Environment.
  • The directors have advised caution in using the financial reports due to technicalities arising from functional currency changes.
  • The company adopted IAS 29 and has reported that their inflation-adjusted financial statements have been audited by Baker Tilly Chartered Accountants (Zimbabwe), whose audit report is available for inspection.
  • The report says the economy was highly challenging with hyperinflation, unstable exchange rates and constant power cuts, hurting business operations.
  • Group inflation-adjusted revenues for the year increased by 245.7% from ZWL 58.43 billion in the previous year to ZWL 201.99 billion.
  • The Retail operations, milling operations, and farming operations have contributed 76.3%, 20.1%, and 3.4% respectively to Group turnover.
  • The Group posted a loss before tax of ZWL 125.23 billion against a loss of ZWL 3.06 billion from the prior year.
  • The report also presents the Sustainable Business Practices, Future Prospects, Dividend Declaration, Acknowledgement and Appreciation section.
  • A detailed operations review of all the divisions of the company are also given such as Farm & City Centre, Glenara Estates, Property Development, Milling operations and Poultry Division.

Useful links

About CFI Holdings Limited (CFI.zw)

CFI Holdings Limited is a diversified Zimbabwean agro-based conglomerate with retail, farming, milling, and property development operations. The Group’s retail arm, Farm & City Centre, supplies agricultural inputs and hardware products, while its farming division, Glenara Estates, produces maize, soya beans, and potatoes. CFI’s milling operations include Agrifoods and Victoria Foods and the manufacture of stock feeds, flour, and other food products. The company also manages a substantial property portfolio. Despite navigating a challenging economic environment characterized by high inflation and foreign exchange volatility, CFI remains committed to investing in its operations, engaging stakeholders, and contributing to food security in Zimbabwe. As of September 2023, the Group employed 1,774 people across its various business units.

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