Natfoods invests US$16m
LIVINGSTONE MARUFU
National Foods Limited (Natfoods) is set to invest approximately US$16m in various projects aimed at upgrading its production facilities and enhancing efficiency across its operations.
The investment will include the modernization of several plants nationwide.
Group Chief Executive Officer Mike Lashbrook told Business Times that the company will fund these projects using internal resources.
“Capital expenditure for the 2025 financial year [July 2024 to June 2025] is expected to be around US$16m,” Lashbrook said.
“The key projects include Harare Stockfeeds plant upgrade (US$7m), Solar power installation at Aspindale, Harare (US$2.5m) and expansion of the rice packing plant (US$2.5m).
Lashbrook reaffirmed Natfoods’ commitment to delivering high-quality, affordable products to Zimbabwean consumers.
“Our priority is to provide quality products at competitive prices. If we achieve this, our volumes and profitability will continue to grow. The consumer remains at the center of everything we do,” he said.
The company is also strengthening its core product offerings, which include flour, maize meal, rice, salt, snacks, and stockfeeds.
“In addition, we are moving up the value chain by expanding into new categories such as breakfast cereals, pasta, and biscuits,” Lashbrook added.
While these are new markets for Natfoods, he acknowledged that substantial effort is needed to establish a strong foothold.
Following its recent delisting from the Victoria Falls Stock Exchange (VFEX), Natfoods has opted to fund its growth independently rather than seek external capital.
“Stock exchanges exist to help companies raise capital, but we have maintained low debt levels for many years and have not needed to approach shareholders or the market for funding,” Lashbrook explained.
“Our operations have historically been self-funded through retained earnings, supplemented by moderate debt financing. We do not anticipate any major changes to this approach in the foreseeable future.”
