Zambia Sugar Plc reported a total sales volume of 390,170 tonnes for the year, compared to 382,337 tonnes in 2022.

Published On: January 25, 2024Company: Zambia Sugar Plc (
What were Zambia Sugar’s key strategies amidst ongoing uncertainties and challenges?
Key strategies included strong leadership, focusing on safety, emphasizing Environmental, Social and Governance (ESG) issues, benefiting local communities, leveraging opportunities in the Zambian economy, and maintaining commitment to health and safety of employees. Additionally, it adopted robust commercial strategies, managed costs effectively, and conducted increased promotional activities to recover its market share.

Summary of Zambia Sugar Plc 2023 Annual Report

  • The company maintained its strategic value amid ongoing uncertainty and volatility due to local geopolitical events.
  • The Kwacha’s depreciation and inflation posed challenges on the business environment.
  • Despite these challenges, the company recorded notable results due to its committed leadership.
  • Zambia Sugar places high emphasis on safety, striving to achieve the safety goal of “zero harm to employees and contractors”.
  • Environmental, Social and Governance (ESG) issues are prioritized within business strategy, with defined goals set for 2030.
  • The company strives to actively be a part of and benefit the communities it operates within, attempting to create a shared, sustainable vision grounded in mutual understanding.
  • Despite geopolitical, economic and operational challenges, the company reported a revenue increase of 14%.
  • The company remains focused on improving their business operations and leveraging opportunities in the Zambian economy.
  • Zambia Sugar’s share price has risen leading to a greater market capitalization value.
  • The company maintains a consistent dividend payout policy, adding a special dividend this year due to strong balance sheet strength.

Financial Performance and Operations

  • The operating profit for the current year was above 1 billion Kwacha for the third consecutive year which demonstrates financial consistency and resilience.
  • Developments in the mining industry positively impacted all other sectors including contributing to increased demand for sugar from consumers.
  • The company generated a revenue of K 5.83 billion in August 2023, which was 14% higher than last year.

ESG Efforts, Stakeholder Engagements, and Outlook

  • The Company takes ESG issues seriously and is committed to managing its impact on the local communities and the environment.
  • Strategic efforts to build better relationships with stakeholders such as shareholders, employees, unions, local communities, suppliers, and regulators are constantly being made.
  • Future prospects look positive as the company is well positioned to leverage opportunities coming from government-implemented macroeconomic interventions.

Useful links

About Zambia Sugar Plc (

Zambia Sugar Plc is one of the largest producers of sugar in the Southern African region. The company is listed on the Lusaka Securities Exchange, providing a platform for investors to access the African sugar market. Zambia Sugar Plc has developed innovative production processes that have positioned it as an industry leader, with a wide product portfolio including a range of by-products. Currently, the company is focusing on expanding its operations across the African continent to meet growing demand.

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