ZAMBEEF Products PLC has recorded an increase of 43% in revenue representing K652 billion in the last six months.
The company said the growth in revenue posted excludes the provision of Zamanita’s tax liability, adding that the business performed well with significant improvement in gross margins up from 31.5% in 2011 to 35% in 2012.
Zambeef Product chairperson Jacob Mwanza said the company recorded a reduction in the cost to income ratio from 25.7% in 2011 to 25% in 2012 leading to the operating profit increasing by 150% in Zambian Kwacha terms and 131% in United States dollar term.
Dr Mwanza said revenue increased by 43% to K652 billion excluding the provisions of Zamanita’s tax liability due to the key challenges encountered by Zambia Revenue Authority (ZRA).
Speaking in Lusaka when he announced the interim result for six month period ended March 31, 2012 in Lusaka, Dr Mwanza said during the period under review, ZRA imposed a tax liability on Zamanita Limited with respect to the importation of oil in the previous financial year.
In a speech read for him by Board director Irene Muyenga, Dr Mwanza explained that in 2010, ZRA undertook an audit of Zamanita and advised of an incorrect tariff code being used for importation of palm oil.
Dr Mwanza said following subsequent discussions with ZRA, an assessment of K56.5 billion was issued by the ZRA in 2010.
In light of the assessment, Zamanita made an appeal to the ZRA which resulted in the assessment set aside as incorrect and in December 2010, ZRA Commissioner General issued a full and final settlement of K8.7 billion which was paid and Zamanita considered the matter closed.
“However, in January 2012, the ZRA issued a notice overturning the full and final settlement decision of the Commissioner General and issued in its place an assessment of K54.6 billion which is the original assessment plus accrued interest and VAT less the settlement paid to ZRA,” Dr Mwansa said.
He said Zambeef had been in on-going discussions with the ZRA to reach an appropriate settlement and has since referred the matter to the revenue appeals tribunals.
Dr Mwanza said the acquisition and integration of Mpongwe Farms into Zambeef’s operations had gone well.
Speaking at the same function, Zambeef Products chief executive officer Francis Grogan said the cropping section of the company had contributed 15% of the revenue and 19% of gross profitability.
Mr Grogan said 15,946 hectares was planted for summer crops with the majority of the land dedicated to soya beans and harvested over 35,000 tonnes of soya beans.
[Times of Zambia]
ZAMJILLZ coming soon!
This is what we call working. How i wish this statement would come from one of the Ministers. Bali na gazi ya chimbwi busy appointing.
Yea. I always buy polon from Zambeef
This is why I say Proflight Zambia should be the national Airline .. It’s the longest steady growing airline in Zambia in post Zambia airway era .
ZAMBEEF practically owns a huge chunk of Proflight Zambia .
Because the owner of ZAMBEEF and the owner of Proflight are related in fact I think they are brothers .. And the wife to one of them is the owner of homenet real estate agency . This family is no doubt the wealthiest family in Zambia hands down .
And what do you have to offer your country?
Kabudula Bamba
Do you know what it entails to a national flag carrier? Just because one is related to the other doesn’t mean the equates to success….ain’t you aware of the fact that Zambeef is listed on the LUSE and London Stock Exchange. do you know what that entails? .
How about Employees salaries at Zambeef??? Can someone do an assessment to find out how many people left Zambeef/Zamanita as a result of poor condition of service. Am a victim and I left but may be can now speak freely from outside on behalf of many suffering employees at Zambeef/Zamanita.NEPOTISM,RACISM AND SEGREGATION is the order of the day.H.E.pease do something.
Yes how much is the lowest paid employee getting? Employee are the ones making this money, how much do they go home with at the end of the month?
There must be missuse of workers there amounting to corporate harrassment. I hear racism, and other forms of segregation are rife. There are no formal conditions of service for certain categories of employees and salary adjustments are on the basis of who you are. Frustrations and dismissals are a daily occurence. Dirty profits!That should be checked. A company with such profit levels should look after it`s workers decently
There must be a lot of insider dealings as well. Senior staff members and directors getting loans with no traceable payment plans. Sexed up disclosures in the books of accounts. All these should be checked by the listing company LUSE for strict compliance. We don`t want a ka Enron in Zambia.
The qns someone should be asking is why not translate these profits (if at all genuine) to improving workers conditions??? Segregation,racism, imagine doing the same thing with a mwenye who gets 10 million while a Zambian will be given 600,000pin!!! Others get less than 400pin…awe someone much scrutnise Zambeef for real.
When will zambia nurture its companies into cross boarder operating success stories .I feel deflated that zim has econet wireless in several countries and kenya and nigeria have companies in quite a few african countries.Zambeef and other zambian companies need to step up their game.
I hear Zambeef is in Nigeria also.
Don’t forget Dangote’s comapany from Nigeria has some interests in several African countries!
Huge profits, if I may say!! Is this normal in Zambia?
To those crying about workers conditions of service, please tell us if workers at Zambeef do not have Trade Unions representing them.
Also how is Zambeef different from the mines on the copperbelt and also the civil service? Similar cries have been heard about the plight of workers at Shoprite and even companies owned and run by Zambians.
Red meat is bad for health.
when did you become a doctor?you do not what you are talking about .
For once I have to agree with you on eating meat, although I don’t agree with you on your stereotypical views against the herb and us wise rasta men. You will still not make it into MIT even as an over 60 student just go and farm in Solwezi.
Ka Nubian Princess, princess my foot atase!!
Kabudula Bamba
Do you know what it entails to be a national flag carrier? Its not a company with one aeroplane.. Just because one is related to another person it doesn’t mean that will equate to success….ain’t you aware of the fact that Zambeef is listed on the LUSE and the first Zambian private company to be listed London Stock Exchange.Do you know what that entails? Accountability, transparency and prudent business operations which equates to success.
Thats why am proud to business with zambeef.
The get away with injustices because fools in government did not stand up for their people. Let e foreign entity misuse Russian employees; the shall pay dearly. Though Russia can suppress it’s own people.
Yes! Finally someone writes about belly fat cure.
Feel free to visit my web site … http://www.youtube.com (Felicitas)
My family members always say that I am killing my time
here at web, except I know I am getting knowledge all the
time by reading thes nice posts.
my homepage :: are electronic cigarettes safe around kids
This is very interesting, You’re a very skilled blogger.
I’ve joined your rss feed and look forward to seeking
more of your fantastic post. Also, I’ve shared your website in my social networks!
My webpage – Minecraft Gratuit
We are a group of volunteers and starting a new scheme in our community.
Your site offered us with helpful information to work on.
You’ve done a formidable job and our entire
neighborhood will be grateful to you.
Feel free to surf to my homepage: hay day hack (Dominga)
We’re a group of volunteers and starting a brand new scheme in our community.
Your site offered us with valuable info to work on.
You have done an impressive process and our entire neighborhood will likely
be grateful to you.
My web page: clash of clans hack [oneokrockasia.wordpress.com]
Magnificent beat ! I would like to apprentice at the same time as you amend
your website, how could i subscribe for a weblog site? The account aided me a acceptable deal.
I had been a little bit familiar of this your broadcast
provided shiny clear idea
Also visit my page clash of clans hack (http://proudoutfit53695737.pen.io/)
Everyone loves it whenever people come together and share thoughts.
Great site, keep it up!
Feel free to visit my site – Minecraft Gratuit
Hello, I want to subscribe for this web site to obtain hottest
updates, thus where can i do it please help.
Also visit my blog Xbox One Jailbreak