Zambeef Products PLC on Friday reported positive earnings despite a slump in revenue.

Zambeef is a fully integrated cold chain food products and retail business with operations in Zambia, Nigeria, and Ghana.

In the half-year ended March 31, pretax profit increased 14% to $2.9 million from $2.5 million the previous year.

Revenue fell 9.2% to $144.1 million from $158.7 million.

Administrative expenses reduced 15% to $32.0 million from $37.5 million, meanwhile distribution expenses fell 15% to $3.3 million from $3.9 million.

Interim Chair Monica Musonda said: ‘The past financial year presented numerous challenges, which continued into the first half of the current year. The macroeconomic environment witnessed ongoing deterioration, marked by high levels of inflation and exchange rate volatility.

‘Despite these formidable challenges, our management team remained resolute in our strategic objectives. Through concerted efforts focused on revenue maximization, volume growth, and cost management, the group was able to achieve commendable profitability growth.’

The company is progressing its $100 million medium-term expansion plans on schedule while enhancing capacity and efficiency in Cropping, Milling, Stockfeed, Dairy, and Poultry.

Zambeef shares last traded at 5.75 pence each in London on Thursday.

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