CFI revenue up 22%
RYAN CHIGOCHE
Diversified conglomerate, CFI Holdings’ top line grew 22% in the quarter to June 30, 2022 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.
Supply restrictions also hurt cement sales in the third quarter under review.
On the outlook, company secretary, Panganayi Hare said the group is anticipating local and global inflationary headwinds and steep exchange rate disparities in the local market to persist in the short term.
He, however, is optimistic that the company will consolidate its fortunes amidst the evolving challenges.
Hare is also hopeful the collaborative dialogue between government, industry and other stakeholders will be maintained in order to safeguard business confidence and the significant economic achievements attained since the introduction of the auction system.
