CFI Holdings on a recovery path, says acting CE

CFI Holdings on a recovery path, says acting CE

HARARE, March 31 (The Source) – CFI Holdings recorded a 24 percent increase in revenue to $22,6 million in the five months to February 2017 from $18,1 million in the same period last year.  Acting chief executive Timothy Nyika told shareholders on Friday that the group was ‘above break-even’ from a loss of $4 million for the same period the prior year.  

Margins increased by 4,6 percent as favourable margins were recorded in Farm and City retail and horticultural projects.

Nyika said Crest Poultry group and Victoria Foods, which are under judicial management, will resume operations in April and July this year respectively.

Nyika said the group’s joint ventures at Glenara Estates continues to perform well.

“Potato production continued to contribute positively to the group’s performance. The Estate utilised a sizable hectarage on maize and soya beans which could go a long way in providing input to our other operations,” said Nyika.

Previously, the group reported that its turnover for  the full-year to September 2016 dropped 56 percent to $29,3 million from $66,6 million recorded in the comparable period previous year.

The group’s loss after tax for the previous full year dropped by 45 percent to $13,7 million in the period from $25,2 million recorded previously.