CFI back in the black as revenue jumps 45pct in FY17

CFI back in the black as revenue jumps 45pct in FY17

HARARE, January 31 (The Source) – CFI Holdings reported an after tax profit of $879,800 for the year ended September 31, 2017 from a $45 million loss in the prior year, driven by a 45 percent increase in revenue. 

Revenue at $42,5 million was up from $29,3 million recorded the previous year.

The company’s retail divisions contributed 94 percent to total revenue.

Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) was up to $2,8 million from a negative position of $41,8 million in the previous year.

CFI subsidiaries, Crest Breeders Group, Agrifoods and Victoria Foods which are under judicial management incurred a $3,1 million loss before tax which was not consolidated during the period under review.

“The group’s focus in 2018 is to ensure that operations that were put under judicial management resume production and exploit blossoming market in the new political dispensation,” said acting chairperson Itai Pasi on in statement accompanying results on Wednesday.

Finance costs declined from $2,9 million to $600, 000 following a $1,6 million land for debt deal.

Borrowings increased marginally from $3,6 million to $3,8 million while total assets remained flat at $72 million.