Zimbabwe Stock Exchange-listed company CFI Holdings limited turnover for the year ended 30 September increased by 45.3% to $42.6 million compared to US$29.3 million achieved in the prior year.
According to the group financial report, of the total turnover, the Retail and Farming Divisions contributed 93.9% and 6.1%.
“Of the total turnover, the Retail and Farming Divisions contributed 93.9% and 6.1% respectively.
“The Group earnings before interest, taxes, depreciation, and amortization (EBITDA) was a US$2.8 million positive contribution against a loss (LBITDA) of US$41.8 million incurred in the prior year.
“ Financing costs for the period decreased to US$0.6 million from US$2.9 million incurred in the prior year due to a decrease in borrowing levels following a US$1.6 million land for debt settlement consummated at the end of the 2016 financial year,”reads the report.
They noted that the group posted a profit before tax of US$1.5 million compared to a restated US$47 million loss incurred in the prior year.
“The Group consequently posted a profit before tax of US$1.5 million compared to a restated US$47 million loss incurred in the prior year, taking into account a once off US$31,4 million provision on intergroup balances for entities that were put under judicial management.
“The loss before tax incurred by entities under judicial management and not consolidated during the year were US$3.1 million, mainly driven by depreciation and care and maintenance costs.
“The Group’s capital expenditure during the period was US$0.5 million (2016 – US$0.5 million). Group borrowings increased marginally to US$3.8 million from US$3.6 million owed in the prior year,” they said.
“Farm and City turnover was at $40.1m which is 94.8% higher than the comparable period mainly due to improved stocking and the favorable impact of above normal rainfall throughout the country that resulted in increased demand for agro-inputs, ”reads the report.
Meanwhile, they added that In view of the need to conserve capital, the Board considers it inappropriate to declare a dividend for the year ended 30 September 2017.