CFI invests ZWG$84.79m in capex
BUSINESS REPORTER
CFI Holdings Limited, a listed agro-industrial conglomerate, has embarked on a significant capital expenditure programme, investing ZWG$84.79m in 2025 to ramp up production across its operations.
The investment marks a substantial increase from the ZWG$20.40m spent in the prior year.
In a statement accompanying the group’s full-year results for the period ended September 30, 2025, group chairperson Itai Pasi confirmed the development.
“The group invested ZWG84.79m in 2025 into property, plant, and equipment, mostly towards re-tooling and plant spares for Glenara Estates, Victoria Foods and towards resuscitating its hatchery operations,” Pasi said.
This strategic capex push comes as the group reported a slight 5.46% decline in inflation-adjusted revenue to ZWG$2.72bn , down from ZWG$2.87bn the previous year.
The company attributed this primarily to “increased competition mainly from the informal sector.”
The retail division, Farm & City Centre (FCC), remained the core revenue driver, contributing 83.53% of group turnover.
Sales volumes for FCC’s key drivers grew by 19%, propelled by improved agricultural product sales due to better rains and lower selling prices. Pasi noted that the division “will continue to diversify its product portfolio to reduce over-dependency on agricultural sectors and strengthen the entity’s adaptability to economic volatility.”
Other segments showed a shift in contributions. Food manufacturing and down-packing operations contributed 12.99% to turnover, while farming operations accounted for 2.82% and group properties made up 0.66%.
A major turnaround was recorded in profitability. The group recognised unrealised exchange gains of ZWG$441.2m on foreign currency loans, leading to a profit before tax of ZWG$448.26m. This contrasts sharply with a loss before tax of ZWG$875.04m incurred in the prior year.
On legal fronts, the group confirmed a favourable ruling regarding Saturday Retreat Estate.
“The entity remains seized with formulating a development strategy as the group looks to enhance its synergies with the retail unit and diversify its portfolio,” Pasi stated. Legal proceedings concerning Langford Estates remain pending.
Agrifoods reported an 8% increase in sales volumes, with the group focused on growing market share despite sector competition. Glenara Estates maintained its summer cropping of soya beans and maize with improved results, successfully continued potato production, and maintained its cattle breeding and pen fattening operations.
However, Victoria Foods faced challenges, with performance declining by 26% against the prior year. Pasi explained that “the business was largely impacted by power supply disruptions and procurement challenges arising from the El-Nino induced drought, driving up the costs of raw materials.” He added that performance “is set to improve with the region’s anticipated improved harvest and Management’s turnaround strategies.”
Units under the Crest Poultry Group, namely Crest Breeders and Suncrest Chickens, remained under care and maintenance, with opportunities for the group’s poultry infrastructure and brands still being pursued.
