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Thursday, March 28, 2024
HomeBusinessCFI Holdings limited Turnover 34% Up

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.

Emirates

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.

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“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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