Zambeef Products PLC

Earnings Release • Jun 26, 2025

National Storage Mechanism | Additional information

RNS Number : 5573O

Zambeef Products PLC

26 June 2025

26 June 2025

Zambeef Products plc

("Zambeef" or the "Group")

Interim results for the half-year ended 31 March 2025

Zambeef (AIM: ZAM), the fully integrated cold chain food products ("CCFP") and retail business with operations in Zambia, Nigeria and Ghana, today announces its results for the half-year ended 31 March 2025. 

Financial Highlights

Figures in 000's		2025	2024	%		2025	2024	%
		ZMW	ZMW		USD	USD
Revenue		3,840,668	3,413,329	12.5%		139,661	144,144	-3.1%
Change in fair value of biological assets		876,122	768,623	14.0%		31,859	32,459	-1.8%
Cost of sales		(3,308,655)	(3,066,356)	7.5%		(120,315)	(129,491)	-7.1%
Gross profit		1,408,135	1,115,596	26.2%		51,205	47,111	8.7%
Administrative expenses		(976,336)	(757,446)	28.9%		(35,503)	(31,987)	11.0%
Distribution Expenses		(155,168)	(78,634)	97.3%		(5,642)	(3,321)	69.9%
Net impairment losses on financial assets		(2,136)	(280)	662.9%		(78)	(12)	-
Other income/(expenses)		(26,751)	(86,122)	-68.9%		(973)	(3,637)	-73.2%
Operating profit		247,744	193,114	28.3%		9,009	8,155	10.5%
Share of loss equity accounted investment		-	(17,000)	-		-	(718)	-100.0%
Finance costs		(195,305)	(108,251)	80.4%		(7,102)	(4,571)	55.4%
Profit before taxation		52,439	67,863	-22.7%		1,907	2,866	-33.5%
Taxation charge		(17,943)	(7,263)	147.0%		(652)	(307)	112.4%
Group income for the year from continuing operations		34,496	60,600	-43.1%		1,255	2,559	-51.0%
Profit/(Loss) from asset held for sale after tax		-	-	0.00%		-	-	0.00%
Group income for the period		34,496	60,600	-43.1%		1,255	2,559	-51.0%
EBITDA		364,521	297,172	22.7%		13,256	12,549	5.6%
Gross Profit Margin		36.7%	32.7%			36.7%	32.7%
EBITDA Margin		9.5%	8.7%			9.5%	8.7%
Debt/Equity (Gearing)		44.5%	39.7%			44.5%	39.7%
Debt-To-EBITDA		6.1	6.3	-3.8%		6.0	6.4	-8.28%

PERFORMANCE OVERVIEW

Zambeef delivered a resilient performance in the first half of FY25, demonstrating the strength of its core operations and the successful execution of its strategic priorities. This performance was achieved despite an operating environment marked by reduced consumer spending, rising input costs, currency depreciation, and persistent power supply challenges. Revenue increased by 12.5% in local currency, underpinned by pricing and volume growth, while gross profit rose by 26.2%, reflecting operational optimisation and a favourable product mix. However, when measured in US dollar terms, there was a year-on-year decrease of 3.1% in revenue, while gross profit increased by 8.7%.

The increase in EBITDA and Operating Profit further highlights the focus on protecting margins and enhancing productivity. Our core divisions continue to anchor the Group's financial strength, with strategic investments across key segments delivering positive returns. Our diversified and vertically integrated model remains a key differentiator, providing resilience and agility in navigating macroeconomic headwinds.

The decline in Group income for the half is primarily attributed to a significant increase in financing costs, driven by the debt levels and an escalation in the monetary policy rate, as well as increased income tax charges. These factors eclipsed the growth in operating profit recorded during the period.

OUTLOOK

Looking ahead, a forecast bumper harvest and improved summer crop yields will enhance the profitability of the Cropping division, while also injecting liquidity into the economy through increased earnings by small-scale farmers. Furthermore, improved rainfall is expected to support better electricity supply, offering a marginally improved economic outlook compared to the first half.

The Interim Report for the six-month period ended 31 March 2025 will be available today on the Group's website.

For further information, please visit www.zambeefplc.com or contact:

Zambeef Products plc	Tel: +260 (0) 211 369003
Faith Mukutu, Chief Executive Officer
Patrick Kalifungwa, Chief Financial Officer
Cavendish Capital Markets Ltd (Nominated Adviser and Broker)	Tel: +44 (0) 20 7220 0500
Ed Frisby/Isaac Hooper (Corporate Finance)
Tim Redfern (ECM)
Autus Securities Limited	Tel: +260 (0) 761 002 002
Mataka Nkhoma, Sponsoring Broker

About Zambeef Products PLC

Zambeef Products plc is the largest integrated cold chain food products and agribusiness company in Zambia and one of the largest in the region, involved in the primary production, processing, distribution and retailing of beef, chicken, pork, milk, dairy products, fish, flour and stockfeed, throughout Zambia and the surrounding region, as well as Nigeria and Ghana.

It has 250 retail outlets throughout Zambia and West Africa.

The Company is one of the largest suppliers of beef in Zambia. Five beef abattoirs and three feedlots are located throughout Zambia, with a capacity to slaughter 230,000 cattle a year. It is also one of the largest chicken producers in Zambia, with a capacity of 10.6 million broilers and 31.2 million day-old chicks a year. It is one of the largest piggeries, pig abattoirs and pork processing plants in Zambia, with a capacity to slaughter 75,000 pigs a year, while its dairy has a capacity of 120,000 litres per day.

The Group is also one of the largest cereal row cropping operations in Zambia, with approximately 7,787 hectares of row crops under irrigation, which are planted twice a year, and a further 8,694 hectares of rainfed/dry-land crops available for planting. www.zambeefplc.com

CHAIRMAN'S REVIEW

'

Dear Shareholder,

The Company's performance for the half-year period ending on March 31, 2025, was positive, despite Zambia's challenging macroeconomic conditions, which included high inflation and significant pressure on the local currency's exchange rate. Although the rainy season was relatively favourable, the expected benefits, particularly a reduction in grain prices, are anticipated to be realised in the second half of the year.

The depreciation of the Kwacha, combined with the widespread effects of the 2023/24 El Niño event, has increased the cost of essential inputs such as energy, grain, and imported materials. This rise in costs has put significant pressure on operating margins. To combat inflation and stabilize the exchange rate, the Bank of Zambia has maintained a tight monetary policy. While this approach is necessary, it continues to strain consumer spending and raise borrowing costs,

Despite this, Zambia's economy has demonstrated resilience, with a rebound expected to be supported by recovery in the mining and agriculture sectors, as well as policy reforms and infrastructure investments.

Resilient Performance in a Challenging Environment

Despite the challenges we faced, the Group stayed committed to its strategic objectives. By effectively implementing initiatives focused on maximising revenue, optimising costs, and enhancing operational efficiency, the Group achieved growth in operating profitability compared to the previous year. This performance highlights our resilience and demonstrates the strength of our vertically integrated business model, which continues to generate long-term value for our shareholders.

Strategy

The Board remains steadfast in its commitment to achieving the Group's strategic objectives, undeterred by seasonal market dynamics and economic fluctuations. Our five-year strategy is centered on the following key pillars:

§ Strengthening our core business : We are dedicated to bolstering our core business through targeted investments aimed at expanding our market share and solidifying our position in key sectors.

§ Human Capital Development: We recognise the importance of our workforce in driving organisational success. Thus, we are crafting a tailored human capital strategy to align with our organisational needs, ensuring that our employees are equipped with the skills and resources necessary to thrive in a dynamic environment.

§ Enhancing Strategic Partnerships : Strategic partnerships play a vital role in enhancing our competitive edge and market position. We are committed to strengthening these partnerships to capitalise on synergies and opportunities for growth.

§ Divestiture of Non-Core Assets: To optimise resource allocation and focus on our core business areas, we are actively pursuing the divestiture of non-core assets.

Progress on our $100 million expansion program, announced in 2022, is making significant strides. The expansion of the Mpongwe row cropping capacity has yielded positive results, with the third winter crop set to be planted in the upcoming winter season. The milling and hatchery facilities were successfully commissioned in October 2024, while the new cheese plant was completed and commissioned in April 2025.

Outlook

Zambia's macroeconomic outlook is cautiously optimistic. Key factors supporting growth include progress in sovereign debt restructuring, an anticipated easing of inflation starting in July 2025, improved rainfall, and increased trade activity. Additionally, initiatives for energy diversification, such as new investments in solar and coal, suggest improved supply stability in the medium term.

With our strong brand presence and integrated business model, the Group is well-positioned to capitalise on emerging growth opportunities and adapt to changing consumer dynamics.

We remain focused on strengthening the balance sheet, enhancing cash flow, and delivering long-term shareholder value.

British International Investment plc (BII)

BII is the Company's largest ordinary shareholder with 52.6 million ordinary shares and also 100,057,658 convertible redeemable preference shares ("Preference Shares") in Zambeef Products plc. The Company has the right to redeem all or part of the Preference Shares at the redemption price, which would give BII a 12% compounded annual return on their investment, subject to a minimum of USD 0.77 per share (less dividends received). However, the likelihood of such a repayment by the Company in this financial year, or in the medium term, is currently considered by the Board to be uncertain. The eighth anniversary (16 September 2024) of BII's investment in the Company materially increased BII's conversion rights on their Preference Shares from one-for-one new ordinary share, to one for 3.0833 (recurring) new ordinary shares.

Acknowledgement

Despite the challenges faced, we are confident in the Group's ability to navigate uncertainty. Our trusted brands, vertically integrated value chain, and prudent management position the Group well to seize emerging opportunities.

I would like to thank my fellow Board members for their dedicated leadership during the first half of the year. I also sincerely appreciate our hardworking management and staff for their continued commendable performance.

As we progress, we remain dedicated to sustainable growth, operational excellence, and providing value to our shareholders.

Patrick Wanjelani

Chairman

Chief Executive Officer's Report

Overview

For the half-year ended 31 March 2025, the Group achieved solid financial results, showcasing its resilience and adaptability in the face of ongoing economic challenges. Although volume growth did not meet expectations, overall operating profitability improved compared to the previous year. This positive outcome reflects the effective implementation of revenue management strategies, along with successful pricing and cost containment measures.

Our performance reflects the strength of our workforce and the trust we have built with customers, suppliers, and local communities. By emphasising commercial discipline, operational excellence, and efficiency, we are continually reinforcing our competitive position in key market segments.

Financial Performance

Despite facing a challenging trading environment marked by reduced consumer spending and strict monetary policies, the Group achieved strong results for the half-year period ending on March 31, 2025. Rising costs of essential inputs and commodities, including fuel, imported materials, and grain, have led to increased expenses for our production divisions. Additionally, machine downtime and frequent power outages have negatively affected volume growth in some key divisions.

The Group reported a revenue of ZMW 3.8 billion (equivalent to USD 139.7 million), along with a gross profit of ZMW 1.4 billion (USD 51.2 million). This marks a year-on-year increase of 12.5% in revenue and 26.2% in gross profit in kwacha terms. However, when measured in US dollar terms, there was a year-on-year decrease of 3.1% in revenue, while gross profit increased by 8.7%.

The Group achieved an operating profit of ZMW 247.7 million (USD 9 million), reflecting a year-on-year increase of 28% in kwacha terms and 10% in dollar terms, compared to ZMW 193.1 million (USD 8.2 million) in the previous year. This performance showcases the strength of the successful execution of some of our strategic expansion initiatives.

The Group is dedicated to enhancing its brand equity and consistently providing high-quality products to our customers. By utilising our diversified and vertically integrated business model, along with a portfolio of established brands and a strong, experienced management team, we are strategically positioned to capitalise on emerging growth opportunities and effectively manage potential risks. This solid foundation allows us to respond with resilience and agility in a changing market landscape.

Strategic focus

Our strategic priorities focus on optimizing the use of our existing assets, improving returns, and driving sustained profitability. We remain dedicated to our core business segments, where we aim to achieve top-tier performance. Continued investments in high-impact strategic assets, along with the divestment of non-core operations, are expected to enhance cash generation and improve overall profitability. This approach will ultimately support long-term value creation for our shareholders.

Our $100 million medium-term expansion program is on track, featuring significant investments in Cropping, Milling, Stockfeed, Dairy, and Poultry. These projects are anticipated to unlock additional capacity, enhance efficiencies, and support sustained profitability.

Divisional Performance

Table 1 (ZMW) and Table 2 (USD) below provide a summary of the consolidated performance of the key business divisions reported at an operating profit level.

Table 1: Divisional financial summary in ZMW'000

Table 2: Divisional financial summary in USD'000

Retailing & Cold Chain Food Products

In the 2025 financial year, we observed volume growth in most key segments although this was partially offset by declines in others. This performance was achieved in a highly competitive and financially constrained environment. Our emphasis on disciplined sales execution and strategic price optimization enabled us to maintain and increase volumes, ultimately contributing to topline growth (in ZMW).

The division achieved gross profit growth of 31% in kwacha terms and 13% in dollar terms year-on-year. This improvement was largely driven by volume growth in key categories and price optimisation and enhanced operational efficiency

Cropping and Milling

The division's performance improved mainly due to the cropping segment, which achieved better yields than the previous year. This improvement was attributed to a favourable rainfall season and enhanced operational efficiencies, resulting in significant growth in gross profit. However, substantial energy costs from ongoing load shedding and the need for power supply mitigation measures negatively impacted overall profitability. Despite the impressive gains from the cropping segment, these challenges ultimately hindered the division's financial performance.

The Milling segment experienced a decline in volumes during the period, mainly due to high prices for feed and flour. These increased costs were driven by ongoing rises in raw material prices, a consequence of the lingering effects of last year's drought. Consequently, the higher feed prices became less accessible to customers, particularly small to medium-sized farmers, which ultimately impacted overall demand.

Outlook

Looking ahead, our strong brand presence will continue to serve as a cornerstone in maintaining customer loyalty. Additionally, our vertically integrated business model positions us favourably, ensuring a dependable supply chain and market for our products. Zambia's economic outlook is showing signs of stabilization, supported by significant progress in debt restructuring.

Our ongoing commitment to consolidating our balance sheet through the disposal of non-core assets, optimising existing assets and the expansion of capacity remains a central focus. These measures are geared towards enhancing shareholder value, a goal we remain dedicated to achieving. By fortifying our financial foundation and strengthening our operational capabilities, we are poised for sustained growth and prosperity in the years ahead.

Acknowledgements

I want to express my gratitude to our Board of Directors for their guidance and support. I am also grateful to all our dedicated staff and partners for their invaluable contributions to the ongoing success of the Group.

Faith Mukutu

Chief Executive Officer

Consolidated statement of profit or loss and other comprehensive income

	31 Mar 2025	31 Mar 2024	30 Sept 2024
	K'000	K'000	K'000
Revenue from contracts with customers	3,840,668	3,413,329	7,315,845
Change in fair value of biological assets	876,122	768,623	1,005,832
Cost of sales	(3,308,655)	(3,066,356)	(5,846,559)
Gross profit	1,408,135	1,115,596	2,475,118
Other (expenses)/ income	22,568	3,369	34,940
Other gains/(losses) - net	(49,319)	(89,491)	(96,072)
Net impairment losses on financial assets	(2,136)	(280)	(1,264)
Impairment of investment in associate	-	-	(34,370)
Distribution expenses	(155,168)	(78,634)	(208,395)
Administrative expenses	(976,336)	(757,446)	(1,682,765)
Operating profit	247,744	193,114	487,192
Finance income	5,333	3,563	-
Finance costs	(200,638)	(111,814)	(294,531)
Share of loss from equity investment	-	(17,000)	-
Profit before income tax	52,439	67,863	192,661
Income tax expense - continuing operations	(17,943)	(7,263)	(12,565)
Profit/(loss) from continuing operations	34,496	60,600	180,096
Profit for the period	34,496	60,600	180,096
Profit attributable to:
Owners of Zambeef Products PLC	34,365	60,255	179,840
Non-controlling interests	131	345	256
	34,496	60,600	180,096
Other comprehensive income:
Items that maybe reclassified to profit or loss
Translation differences - foreign operations	(11,576)	(23,318)	(35,821)
Items not reclassified to profit or loss
Revaluation surplus	-	-	5,734
Actuarial remeasurement losses	-	-	(2,523)
Deferred income tax	2,453	24,265	133,328
Other comprehensive loss for the period	(9,123)	947	100,718
Total comprehensive income for the period	25,373	61,547	280,814

Consolidated statement of profit or loss and other comprehensive income (continued)

	31 Mar 2025	31 Mar 2024	30 Sept 2024
	K'000	K'000	K'000
Total comprehensive income for the period is attributable to:
Owners of Zambeef Products Plc	25,242	68,871	286,575
Non-controlling interests	131	(7,324)	(5,761)
	25,373	61,547	280,814
Basic earnings per share	Ngwee	Ngwee	Ngwee
Continued operations	11.43	20.05	59.83
Discontinued operations	-	-	-
Total basic earnings per share	11.43	20.05	59.83
Diluted earnings per share
Continued operations	8.58	15.04	44.89
Discontinued operations	-	-	-
Total diluted earnings per share	8.58	15.04	44.89

Consolidated statement of financial position as at 31 March 2025

	31 Mar 2025	31 March 2024	30 Sept 2024
ASSETS	K'000	K'000	K'000
Non-current assets
Property, plant and equipment	5,692,081	5,199,319	5,577,265
Goodwill	25,015	25,015	25,015
Investment in associate	-	17,369	-
Biological assets	155,315	133,293	143,972
	5,872,411	5,374,996	5,746,252
Current assets
Biological assets	848,034	643,843	296,923
Inventories	1,624,409	1,398,748	2,088,778
Trade and other receivables	450,930	388,148	346,130
Cash and cash equivalents	178,084	227,952	334,415
	3,101,457	2,658,691	3,066,246
Total assets	8,973,868	8,033,687	8,812,498
EQUITY
Share capital	3,006	3,006	3,006
Share premium	1,125,012	1,125,012	1,125,012
Preference share capital	1,000	1,000	1,000
Foreign currency translation reserve	623,443	644,741	633,440
Revaluation reserve	2,032,013	1,939,293	2,054,090
Retained earnings	1,215,532	1,039,575	1,156,637
Attributable to owners of parent entity	5,000,006	4,752,627	4,973,185
Non-controlling interests (NCI)	(16,693)	(13,954)	(15,245)
	4,983,313	4,738,673	4,957,940
LIABILITIES
Non-current liabilities
Lease liabilities	11,948	19,891	13,350
Borrowings	602,318	1,055,716	856,362
Deferred income tax	162,380	274,817	154,586
Defined benefit obligations	1,843	82	1,835
	778,489	1,350,506	1,026,133
Current liabilities
Lease liabilities	16,369	6,407	8,578
Borrowings	1,765,266	1,024,895	1,525,671
Trade and other payables	1,144,860	805,355	917,674
Contract liabilities	272,435	93,142	357,999
Current income tax	13,136	14,709	18,503
	3,212,066	1,944,508	2,828,425
Total equity and liabilities	8,973,868	8,033,687	8,812,498

Consolidated statement of changes in equity

	Share Capital	Share premium	Preference share capital	Foreign currency translation reserve	Revaluation reserve	Retained earnings	Total attributable to owners of parent entity	Non-controlling interests	Total
	K'000	K'000	K'000	K'000	K'000	K'000	K'000	K'000	K'000
6 months ended 31 March 2024
At start of year	3,006	1,125,012	1,000	660,390	1,964,087	930,261	4,683,756	(6,630)	4,677,126
Profit for the period	-	-	-	-	-	60,255	60,255	345	60,600
Other comprehensive income:
Transfer of excess depreciation	-	-	-	-	(49,059)	49,059	-	-	-
Deferred income tax	-	-	-	-	24,265	-	24,265	-	24,265
Translation differences	-	-	-	(15,649)	-	-	(15,649)	(7,669)	(23,318)
	-	-	-	(15,649)	(24,794)	49,059	8,616	(7,669)	947
Total comprehensive income for the year	-	-	-	(15,649)	(24,794)	109,314	68,871	(7,324)	61,547
As at 31 March 2024	3,006	1,125,012	1,000	644,741	1,939,293	1,039,575	4,752,627	(13,954)	4,738,673
6 months ended 30 September 2024
At start of period	3,006	1,125,012	1,000	644,741	1,939,293	1,039,575	4,752,627	(13,954)	4,738,673
Profit for the period	-	-	-	-	-	119,585	119,585	(89)	119,496
Other comprehensive income:
Revaluation surplus	-	-	-	-	5,734	-	5,734	-	5,734
Deferred income tax	-	-	-	-	109,063	-	109,063	-	109,063
Actuarial remeasurement losses	-	-	-	-	-	(2,523)	(2,523)	-	(2,523)
Translation differences	-	-	-	(11,301)	-	-	(11,301)	(1,202)	(12,503)
	-	-	-	(11,301)	114,797	(2,523)	100,973	(1,202)	99,771
Total comprehensive income for the year	-	-	-	(11,301)	114,797	117,062	220,558	(1,291)	219,267
As at 30 September 2024	3,006	1,125,012	1,000	633,440	2,054,090	1,156,637	4,973,185	(15,245)	4,957,940
6 months ended 31 March 2025
At start of year	3,006	1,125,012	1,000	633,440	2,054,090	1,156,637	4,973,185	(15,245)	4,957,940
Profit for the year	-	-	-	-	-	34,365	34,365	131	34,496
Other comprehensive income:
Transfer of excess depreciation	-	-	-	-	(24,530)	24,530	-	-	-
Deferred income tax	-	-	-	-	2,453	-	2,453	-	2,453
Translation differences	-	-	-	(9,997)	-	-	(9,997)	(1,579)	(11,576)
	-	-	-	(9,997)	(22,077)	24,530	(9,997)	(1,579)	(9,123)
Total comprehensive income for the year	-	-	-	(9,997)	(22,077)	58,895	26,821	(1,448)	25,373
At half-year end	3,006	1,125,012	1,000	623,443	2,032,013	1,215,532	5,000,006	(16,693)	4,983,313

Consolidated statement of cash flows

	31 Mar 2025	31 Mar 2024	30 Sept 2024
	K'000	K'000	K'000
Cash flows from operating activities
Cash generated from operations	345,331	(41,197)	562,827
Interest paid on borrowings	(147,298)	(41,672)	(211,132)
Interest paid on bank overdrafts	(72,447)		(118,669)
Interest paid on leases	(2,032)	(1,467)	(3,437)
Benefits paid	(350)	(1,549)	(2,597)
Income tax paid	(13,064)	(36,360)	(49,036)
Net cash (outflow)/inflow from operating activities	110,140	(122,245)	177,956
Cash flows from investing activities
Purchase of property, plant and equipment	(235,874)	(334,181)	(821,886)
Proceeds from disposal assets	126	5,200	9,309
Net cash outflow from investing activities	(235,748)	(328,981)	(812,577)
Cash flows from financing activities
Proceeds from borrowings	293,615	789,866	1,369,057
Principal repayments of borrowings	(392,389)	(325,562)	(739,519)
Principal elements of lease payments	(6,197)	(4,150)	(7,441)
Net cash in/(out)flow from financing activities	(104,971)	460,154	622,097
Net increase/(decrease) for the year	(230,579)	8,928	(12,524)
Movement in cash and cash equivalents
At start of year	(387,865)	(380,467)	(380,467)
Net increase /(decrease)	(230,579)	8,928	(12,524)
Exchange differences	-	-	5,126
At period end	(618,444)	(371,539)	(387,865)

Consolidated statement of profit or loss and other comprehensive income

6 months to              6 months to              Year to

	31 Mar 2025	31 Mar 2024	30 Sept 2024
	US$'000	US$'000	US$'000
Revenue from contracts with customers	139,661	144,144	295,113
Change in fair value of biological assets	31,859	32,459	40,574
Cost of sales	(120,315)	(129,491 )	(235,844 )
Gross profit	51,205	47,112	99,843
Other income/(expenses)	(973)	(3,637)	(2,466)
Net impairment losses on financial assets	(78)	(12)	(51)
Impairment of investment in associate	-	-	(1,386)
Distribution expenses	(5,642)	(3,321)	(8,406)
Administrative expenses	(35,503)	(31,987)	(67,881)
Operating profit	9,009	8,155	1 9,653
Net finance costs and income	(7,102)	(4,571)	(11,881)
Share of loss from equity investment	-	(718)	-
Profit before income tax	1,907	2,866	7,772
Income tax expense	(652)	(307)	(407)
Profit from continuing operation	1,255	2,559	7,365
Loss from discontinued operations after tax	-	-	-
Profit for the period	1,255	2,559	7,365
Profit attributable to:
Owners of Zambeef Products PLC	1,250	2,545	7,355
Non-controlling interests	5	14	10
	1,255	2,559	7,365
Other comprehensive income:
Items that maybe reclassified to profit or loss
Translation losses on foreign operations	(421)	(985)	(1,445)
Items not reclassified to profit or loss
Revaluation surplus	-	-	231
Actuarial remeasurement losses	-	-	(102)
Deferred income tax	89	1,025	5,378
Other comprehensive (loss)/income for the period	(332)	40	4,062
Total comprehensive income/(loss) for the period	923	2,599	11,427

The supplementary information presented does not form part of the financial statements.

Consolidated statement of profit or loss and other comprehensive income (continued)

	31 Mar 2025	31 Mar 2024	30 Sept 2024
	US$'000	US$'000	US$'000
Total comprehensive income for the period is attributable to:
Owners of Zambeef Products Plc	975	2,908	11,659
Non-controlling interests	(52)	(309)	(232)
	923	2,599	11,427
Basic earnings per share
Continued operations	0.42	0.85	2.41
Discontinued operations	-	-	-
Total basic earnings per share	0.42	0.85	2.41
Diluted earnings per share
Continued operations	0.31	0.64	1.81
Discontinued operations	-	-	-
Total diluted earnings per share	0.31	0.64	1.81

The supplementary information presented does not form part of the financial statements.

Consolidated statement of financial position

	31 Mar 2025	31 Mar 2024	30 Sept 2024
ASSETS	US$'000	US$'000	US$'000
Non-current assets
Property, plant and equipment	202,709	208,808	210,147
Goodwill	891	1,005	943
Investment in associate	-	698	-
Biological assets	5,531	5,353	5,424
	209,131	215,864	216,514
Current assets
Biological assets	30,201	25,857	11,188
Inventories	57,849	56,175	78,703
Trade and other receivables	16,059	15,588	13,042
Cash and cash equivalents	6,342	9,155	12,600
Assets classified as held for sale	-	-	-
Current income tax asset	-	-	-
	110,451	106,775	115,533
Total assets	319,582	322,639	332,047
EQUITY
Share capital	449	449	449
Share premium	185,095	185,095	185,095
Preference share capital	100	100	100
Foreign currency translation reserve	22,202	25,893	23,867
Revaluation reserve	72,365	77,883	77,395
Retained earnings	(102,149)	(98,552)	(99,522)
Attributable to owners of parent entity	178,062	190,868	187,384
Non-controlling interests	(594)	(560)	(574)
	177,468	190,308	186,810
LIABILITIES
Non-current liabilities
Borrowings	21,450	42,398	32,267
Lease liabilities	425	799	503
Deferred income tax	5,783	11,037	5,825
Defined benefit obligations	66	3	69
	27,724	54,237	38,664
Current liabilities
Borrowings	62,866	41,160	57,486
Lease liabilities	583	257	323
Trade and other payables	40,771	32,345	34,578
Contract liabilities	9,702	3,741	13,489
Current income tax	468	591	697
	114,390	78,094	106,573
Total equity and liabilities	319,582	322,639	332,047

The supplementary information presented does not form part of the financial statements.

Consolidated statement of cash flows

		31 Mar 2025	31 Mar 2024	30 Sept 2024
		US$'000	US$'000	US$'000
Cash flows from operating activities
Cash generated from operations		12,557	(1,805)	22,704
Interest paid on borrowings		(5,356)	(1,760)	(8,517)
Interest paid on bank overdrafts		(2,634)	-	(4,787)
Interest paid on leases		(74)	(62)	(139)
Benefits paid		(13)	-	(105)
Income tax paid		(475)	(1,535)	(1,978)
Net cash outflow/inflow from operating activities		4,005	(5,162)	7,179
Cash flows from investing activities
Purchase of property, plant and equipment		(8,577)	(14,112)	(33,154)
Proceeds from disposal assets		5	220	376
Net cash outflow from investing activities		(8,572)	(13,892)	(32,778)
Cash flows from financing activities
Proceeds from borrowings		10,677	33,356	55,226
Principal repayments of borrowings		(14,269)	(13,748)	(29,831)
Principal elements of lease payments		(225)	(175)	(300)
Net cash in/(out)flow from financing activities		(3,817)	19,433	25,095
Net (decrease)/increase for the year		(8,384)	379	(505)
Movement in cash and cash equivalents
At start of year		(14,614)	(18,100)	(15,348)
Net increase /(decrease)		(8,384)	379	(505)
Exchange differences		-	-	207
Translating Presentational Currency		974	2,800	1,032
At period end		(22,024)	(14,921)	(14,614)

The supplementary information presented does not form part of the financial statements.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

IR VQLBLEQLEBBD