In accordance with the Lusaka Securities Exchange (“LuSE”) Listings Requirements, the Board of Directors of Zambia Forestry and Forest Industries Corporation Plc (“the Company”) hereby advises the Shareholders of the Company that the Earnings per Share and Headline Earnings per Share for the Half Year Ended 30 June 2022 are expected to be approximately 723% higher than the Half Year Ended 30 June 2021.
The movement in profitability is attributed primarily to the increment in the net profit by 723% largely due to the change in accounting estimates for biological assets from the cost method to the fair value method. The gain from fair valuation of biological assets was ZMW 594,856,440 as at 30 June 2022, in comparison to nil as at 30 June 2021.
The results for the half year ended 30 June 2022 are released on SENS and published in the local press on or before 6 September 2022.
Accordingly, on 1 September 2022, shareholders were advised in a statement issued by the company secretary, to exercise caution when dealing in the Company’s Securities until the publication of the results.