By Iain Gilbert
Date: Thursday 26 Nov 2020
LONDON (ShareCast) - (Sharecast News) - Beef producer Zambeef said on Thursday that audited dollar-denominated revenues and underlying earnings were in line with current expectations.
However, while Zambeef stated that pre-tax profits were over 25% ahead of current expectations, earnings per share for the year ended 30 September were now expected to be a whopping 665% lower year-on-year in Zambian kwacha terms.
The AIM-listed group stated that the markedly weaker per share performance was a result of "a difficult operating environment", particularly in the second half of the year, due to adverse macro-economic fundamentals that were then worsened by the Covid-19 pandemic.
Zambeef also highlighted that a "significant depreciation" of the Zambian Kwacha against the US Dollar had an adverse impact on the pricing of imported production inputs and financing costs on its dollar-denominated loans.
Despite the challenges, Zambeef again pointed to its "significant revenue and operating profit growth" in the face of the pandemic, saying it demonstrated the group's "fundamental strength" as a diversified and resilient business.
As of 1340 GMT, Zambeef shares were down 3.81% at 5.05p.
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Currency | UK Pounds |
Share Price | 4.55p |
Change Today | 0.000p |
% Change | 0.00 % |
52 Week High | 6.00 |
52 Week Low | 3.15 |
Volume | 0 |
Shares Issued | 247.98m |
Market Cap | £11.28m |
Value |
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Growth |
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No dividends found |
CEO | Faith Mukutu |
Chair | Patrick Wanjelani |
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