CFI targets low cost houses

TINASHE MAKICHI

Diversified conglomerate, CFI Holdings, is targeting to construct low-cost housing units in Harare South, Business Times can report.

The development comes after some parts of the land belonging to CFI Holdings subsidiary Crest Breeders in Harare South was invaded by land barons who distributed land to desperate home seekers.

Some illegal houses were, however, demolished.

“Priority will also be given to the development of low cost housing delivery in Harare South in support of the government’s 2030 housing plan. 

The scourge of land barons will need resolution to make way for progressive and orderly infrastructure deployment and service delivery to the various settlements,” CFI company secretary Panganai Hare said.

In its trading update for the first quarter to December 31, 2020, revenues for the group grew 73.2%. Retail operations contributed 96% of the turnover for the reviewed quarter while farming operations contributed 4%.

Sales volumes in the retail business improved by 67% during the quarter and the growth is attributable to the resurgence in construction activities and the relatively good 2020/21 rainy season.

“The improved performance is also attributable to the growing demand for Agrifoods stock feeds after its exit from judicial management in the prior year.”

Trading conditions in the second quarter are expected to remain stable and largely unchanged as impacted by the Covid-19 restrictions.

However the Covid-19 vaccine rollout which commenced mid-February has offered reason for optimism for turning the tide on the efforts to battle the pandemic.

CFI continues to pursue the exit of Victoria Foods from judicial management and thereafter further recapitalisation of all the business units in the second half of the year.

The group further noted that the management of consistent raw material supply lines for Agrifoods and Victoria Foods will remain an ongoing priority given the current liquidity situation in the economy and long delivery lead times for imported products.

CFI is also maintaining efforts to engage the Zimbabwe Stock Exchange to try and resolve the outstanding issues pertaining to the suspension placed on trading of the company’s shares.

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