Zambeef Products PLC appoints Patrick Kalifungwa as New CFO 

ZAMBIA –  Zambeef  Products PLC,  the largest beef producer in Zambia,  has named Mr. Patrick Kalifungwa as its new Chief Financial Officer and Executive Director. 

Kalifungwa, a financial expert with two decades of experience, previously held significant positions at Minet Zambia Insurance Brokers and Stanbic Bank Zambia. 

His extensive background in finance is anticipated to bolster Zambeef’s growth trajectory and operational success.

Zambeef’s operations span across Zambia and the region, encompassing 236 retail outlets and large-scale production in beef, chicken, pork, and dairy. 

The company has expressed high confidence in Kalifungwa’s ability to enhance the board’s strategic initiatives.

This executive appointment comes on the heels of Zambeef’s recent financial report release. 

The company witnessed a 2.2% rise in share price on Wednesday, with shares peaking at GBX 6 (US$0.08) before settling at GBX 5.75 (US$0.07). 

This surge occurred alongside a substantial trading volume of around 581,785 shares, marking a 422% increase from the average daily volume of 111,526 shares. 

The stock had previously closed at GBX 5.63 (US$0.07).

Zambeef’s 50-day moving average is GBX 5.73 (US$0.08), and its 200-day moving average stands at GBX 5.70 (US$0.07). 

The company currently holds a market capitalization of £17.66 million (US$22M), a price-to-earnings ratio of 587.50, and a beta of -0.29. 

Financial metrics show a current ratio of 1.34, a quick ratio of 0.39, and a debt-to-equity ratio of 35.97.

The rise in share price follows the company’s quarterly interim results, which forecasted a 15% revenue and gross profit shortfall for the fiscal year ending September 30, 2024, due to operational challenges and a weakening local currency. 

The first half of 2024 has been challenging for Zambeef, facing a tough market and operational environment. 

Factors such as restricted consumer spending, stringent monetary policies by Zambia’s Central Bank, and limited government expenditure have significantly impacted the company’s performance.

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