Zambia’s economy has made positive gains over the past year, and with it, there has come a strong appetite from local and foreign investors to invest in the economy – leveraging the current positive macroeconomic conditions.
The nation’s largest brewer, Zambian Breweries (ZB), recently announced a US$80 million package of capital investment buoyed by the conducive trade and investment climate. The new investment is in addition to the company’s long-standing contribution to the Zambian economy over many years, with just under US$400 million spent on capital investment programmes in the last decade.
MANUFACTURING STAKEHOLDERS LAUNCH POLICY BRIEF ON EFFECTIVENESS OF DIGITAL TAX STAMPS
Representatives from the Ministry of Finance and National Planning, Ministry of Commerce, Trade and Industry, Ministry of Small and Medium Enterprises Development and the Zambia Revenue Authority (ZRA) toured Zambian Breweries’ Mungwi Road plant in Lusaka recently to gain a better understanding of the implications of government’s proposed introduction of Digital Tax Stamps (DTS).
ZAMEFA ; CHANGE IN DIRECTORATE
Pursuant to section 3.59 of the LuSE Listing Requirements, the Board of Directors of Metal Fabricators of Zambia Plc (“ZAMEFA” or the “Company”) wishes to announce the resignation of JOHAN LOUIS DU PLESSIS as a Director of the Board with immediate effect.
The Board would like to express appreciation to Mr du Plessis for his valued contribution to the Company during his tenure as a Director and wishes him well in his future endeavours.
ZAMBEEF ; FULL YEAR TRADING UPDATE
Zambeef (AIM: ZAM), the fully integrated cold chain foods and retail business with operations in Zambia, Nigeria and Ghana, is pleased to provide the following update on trading.
The Group announces that for the year ended 30 September 2022 (all in USD), revenue, adjusted* EBITDA and reported profit before tax are expected to be in line with current market expectations.
The year ended 30 September 2022 saw macroeconomic fundamentals stabilise. The exchange rate remained largely stable and the inflation rate steadily reduced. However, constrained consumer spending negatively impacted volume growth in our Retail and Cold Chain Food Products, particularly in the first half of the financial year.
The Russo – Ukraine conflict and its impact on input raw material costs remain a concern. Coupled with that is the uncertainty around the global economy, which could have an effect on the local economy.
The Group expects its results for the year ended 30 September 2022 to be released by the end of November 2022. Shareholders are advised that the information contained in this Trading Update has not been reviewed nor reported on by its external auditors.