CFI volume jumps 17%
LETTICIA MAGOMBO
Diversified conglomerate, CFI Holdings reported a 17% increase in sales volumes in the quarter to December 31,2022 attributed to improved agricultural output, increased construction activities and payments of bonuses and salaries in foreign currency.
Revenues for the group increased 65.7% to ZWL$ZWL$5.25bn in the reviewed period from ZWL$3.17bn reported in the prior comparative period.
Company secretary, Panganayi Hare, said CFI’s unit, Victoria Foods, which exited judicial management in September 2021, was capitalised during the quarter.
“This has underpinned the resurgence of the Victoria Foods’ brands the market has always been accustomed to, enhanced with further innovations and consistent product quality and performance,” Hare said.
The group’s estate, Glenara, harvested 2,406 tonnes of potatoes during the period.
The estate has established a maize and soya bean summer crop, which should assist with underpinning raw materials supplies to Victoria Foods and Agrifoods.
Hare is optimistic that aggregate demand will continue to firm on the back of growth in consumer spending on the basic food stuffs, farming activities, construction and mining activities , despite the challenges of high inflation levels and unstable exchange rates.
He said: “The board is encouraged by the positive trajectory the economy is on and hopes that the on-going 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.”
He also said the group would continue to uphold Covid-19 protocols in order to safeguard the health and safety of its staff and stakeholders.
