CFI revenue up 73% in Q1
Agro-industrial group, CFI Holdings said on Friday it recorded a 73.2 percent revenue surge in the first quarter ended December 2020, with its retail operations contributing 96 percent to turnover.
“Sales volumes in the key revenue drivers for the retail business improved during the quarter,” the company said in a trading update.
“The growth is attributable to a resurgence in the construction activities and relatively good 2020/2021 rain season. The improved performance is also attributable to growing demand for Agrifoods stock-feeds after its exit from judicial management in the prior year.”
The firm’s farming division contributed four percent to revenue, up from one percent during the prior comparable period. CFI Holdings’ subsidiaries include Farm & City, Vetco, Habbard Zimbabwe and Crest Breeders which fall under the retail division, with Victoria Foods, Agrifoods and Agrimix under the milling division. The farming division includes Glenara Estates and the poultry concern Suncrest Chickens.
Looking ahead to the second quarter, the company said: “The trading conditions going into the second quarter are expected to remain stable and largely unchanged, as impacted by the Covid-19 restrictions.”
“However, the Covid-19 vaccines rollout, which commenced mid-February gives reason for optimism for turning the tide on the efforts to battle the pandemic.”
Meanwhile, CFI Holdings remains in talks with the Zimbabwe Stock Exchange after its shares were suspended from trading in 2018 over failure to meet regulatory requirements.
“Your board is hopeful that the same maybe resolved in due course,” the company said. – New Ziana
