CFI Holdings limited Turnover 34% Up

Zimbabwe Stock Exchange listed company CFI Holdings limited turnover for the half-year increased by 34% to $33.0 million compared to US$24.6 million achieved in the prior period.

According to the group financial results,earnings before interest, taxes, depreciation and amortization (EBITDA) for the period improved by 80%.

“The Group earnings before interest, taxes, depreciation and amortization (EBITDA) for the period improved by 80% to US$3.7 million against US$2.0 million in the prior period. The improvement was on the back of increased volumes, enhanced cost containment efforts and improvement in margins.

“Financing costs for the period increased by a marginal US$33.000 to US$221 000 .Consequently, the Group registered a 109% growth in profit before tax at US$3.2 million compared to US$1.5 million achieved in the prior period,” reads the report.

They added that the loss before tax incurred by entities under Judicial Management (and not consolidated) during the half- year declined by 36%.

“The loss before tax incurred by entities under Judicial Management (and not consolidated) during the half- year declined by 36% to US$0.9 million compared to a loss of US$1.5 million in H1-2017 on the back of resumption of operations at Agrifoods and the favorable impact of toll milling arrangements entered into at Victoria Foods.

“The Group’s capital expenditure during the period was US$0.65 million (2017-H1 – US$0.16 million). Cash generated from operations improved during the period due to improved profitability. Group borrowings declined to US$2.26 million from US$3.8 million owed in prior year after fully repaying the PTA loan,” read the CFI report.

 

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