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CFI Holdings

Agriculture output spurs CFI sales volumes

CFI holdings

By Fortunate Rekai

CFI HOLDINGS Limited recorded a 17 percent sales volumes increase in its retail division, compared to the prior year, due to the improved agricultural output; the firm’s trade update for the quarter ended 31 December 2021 stated.

In September 2021, Victoria Foods exited judicial management with the business being capitalized during the quarter. This underpinned the resurgence of the Victoria Foods brand’s market.

Glenara Estates harvested 2,406 tonnes of potatoes during the period under review. The estate established maize and soya bean summer crops, which assist with underpinning raw materials supplies to Victoria Foods and Agrifoods.

According to the firm, the trading environment remained hyperinflationary; hence, the quarter witnessed generally more challenging business conditions.

“Annual year-on-year inflation for the quarter averaged 57.9% compared to 407.2% for the comparable prior year,” company secretary Panganayi Hare said.

“Notwithstanding the challenges of high inflation levels and unstable exchange rates, the group projects that aggregate demand will continue to firm on the back of the growth in consumer spending on the basic foodstuffs, farming activities, construction, and mining activities,” Panganayi Hare said.

Despite the decreasing income level, the firm keeps growing on farming, construction and consumer foodstuff.

The company’s suspension from trading on the Zimbabwe Stock Exchange was lifted on 6 October 2021, and trading in the group’s shares resumed on 11 October 2021.

During the quarter under review, historical revenues grew by 161% to ZWL4.98 billion in the current quarter from ZWL1.91 billion in the comparative prior year.

The CFI board expressed hope that the ongoing collaborative dialogue between the Government, industry and other stakeholders will be maintained to safeguard business confidence and the significant economic achievements attained since the introduction of the auction system.

CFI Holdings operates Victoria Foods, Farm and City, Glenara Estates, Langford Estates, Suncrest, Agrifoods and Crest Poultry.

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