Illovo Zambia half year earnings plummet

Illovo Zambia half year earnings plummet

The country’s sugar company Illovo Zambia’s half year earnings declined by 79.6 percent to ZMW18.1mn from ZMW89mn on account of flush global sugar and thin export markets.

Statistics indicate that this is the first time Zambia Sugar plc is reporting half year performance after its financial year changed to February.

Revenues generated in the period declined 19 percent (ZMW250mn) to ZMW1.064bn accounted for by both sugar production and cane growing lines that slowed by 18 percent and 21.7 percent respectively.

The entities operating profit halved to ZMW150.18mn levels as its asset base narrowed 8.27 percent to ZMW3.39bn.

Zambia Sugar was adversely impacted by changing weather patterns in addition to an advent of pest and disease.

Previous Manufacturers told to make women friendly agricultural machines
Next CEC buying soya beans

About author

You might also like

Markets 0 Comments

Zambian grain futures – no need to hold back

The Johannesburg Stock Exchange (JSE) has been working closely with ZAMACE to prepare the market participants as well as trading and settlement systems to accommodate the trading of futures contract

Business 0 Comments

Agri goods to Saudi Arabia in the pipeline

The Fisheries and livestock Minister Kampamba Chewe made mention during an Interview in Lusaka that the Memorandum of Understanding (MoU) signed between Government and Saudi Arabia will soon be in

Business 0 Comments

CEEC buys 32% shares in Mumbwa Ginnery

The Citizens Economic Empowerment Commission (CEEC) has partnered with the Mumbwa Cotton Ginnery following the approval of a K16 million loan for the project. CEEC head of public relations and