CFI joins ZSE big boys
BUSINESS REPORTER
Consumer staples concern, CFI Holdings, has joined the big boys on the Zimbabwe Stock Exchange (ZSE) on the back of a stellar performance.
The entry of CFI into the top 10 index has relegated Axia Corporation to a lower rank.
The top 10 constituents are grouped by virtue of having the biggest market capitalisation.
The top 10 constituents for the fourth quarter of the year are BAT Zimbabwe, CBZ Holdings, CFI Holdings, Delta Corporation Limited, Econet Wireless Zimbabwe Limited, EcoCash Holdings, Hippo Valley Estates, Innscor Africa Limited, National Foods Holdings Limited and Simbisa Brands.
In the quarter to June, CFI Holdings’ top line grew 22% to ZWL$ 6.5bn from ZWL$5.3bn in the same period last year driven by a strong performance of the retail sector.
The retail division was the biggest contributor to the revenue growth with 71%, while the milling and farming operations accounted for 25.79% and 3.6% respectively.
Flour sales at Victoria Foods increased 135% compared to the comparable preceding quarter following its recapitalisation at the start of the year and better raw material availability.
However, sales volumes for the retail division’s primary revenue drivers fell short of the same period last year.
In the reported period Glenara harvested 1,770 tonnes of maize as well as 729 tonnes of potatoes and 621 tonnes of soya beans, maintaining yields relative to prior year.
