Zambeef H1 2023 sales increased by 8% to US$158m

Published On: August 1, 2023By Tags: Southern-Africa

Zambeef Products Plc sales increased by 8% to ZKw2.8bn (US$158 million).


  • Zambeef announced a US$100m expansion into the higher margin cropping and milling sector and exiting the lower margin pig and chicken farming in 2022, which resulted in a goodwill impairment of US$9.0m in FY 2022.
  • 44% of Zambeef’s FY 2022 sales were agriculture, 20% food processing, 32% retail and other 4%.
  • H1 2023 earnings decreased by 88% to ZKw18m (US$1m) from ZKw147m (US$8.1m) in H1 2022.
  • H1 2023 operating margin down to 3% compared to 9% in H1 2022 on account of higher maize, soya prices and other agricultural input prices.

Investor Issues

  • Trading volumes on the LSE are many times higher than on LuSE.
  • The LSE share price is at a 50% discount to the LuSE share price.

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About the Author: Hartland-Peel Africa Equity Research

Sub-Saharan Africa ex SA: Equity, debt and FX research covering sixteen countries and advising institutional investors. Proprietary data base of sixteen African stock markets, 250+ companies which is one of the most extensive and complete. New issues, IPO’s and distribution of equity on privatisation. Development of lending and corporate finance opportunities for the bank, privatisation and asset management. An ‘A’ rated equity analyst by South African institutional investors as polled by the Financial Mail in 1998 and 1999.