There were 2 Stock Exchange News Services (SENS) announcements in week 33 on the LuSE from Airtel Networks Zambia Plc (Airtel) and Zambian Breweries PLC (ZAMBREW).
Airtel: CHANGE IN DIRECTORATE
Pursuant to section 3.59 of the LuSE Listing Requirements, the Board of Directors of Airtel Networks Zambia Plc (“Airtel” or the “Company”) wishes to announce the resignation of Rogany Ramiah as a Director of the Board effective 18 July 2022. Furthermore, the Board would like to announce the appointment of Monicah Sambo as director of the board effective 18 July 2022.
ZAMBREW: HALF YEAR FINANCIAL 2022
The 2022 financial year has remained positive for the business so far with the first half year recording double digit growth in revenue over prior year driven by consumer demand for our brands, as well as progressive easing
off of COVID-19 restrictions that partially impacted prior year results. The general economic environment has also presented relatively stable factors notably so the exchange rate against major trading currencies which has not only softened, but also remained impressively predictable allowing for better cost forecasting and control.
A high level summary of results for the first half year relative to prior year is as follows:
• Total Revenues grew 22% owing to volume growth driven by high margin core and premium global brands.
• Profit before tax grew 51% owing to the strong top-line performance as well as excellent cost control of both operational and financial costs.
• The business remains liquid with a positive cash position of ZMW 256.4m with a strengthening balance sheet.