What the fight at CFI was all about?


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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 today.

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. – The Source

See also:

Zimbabwe Stock Exchange suspends CFI for three months

CFI battle gets nastier

CFI boardroom squabbles over as Rudland quits

CFI boss quits as shareholder fight intensifies

More trouble at CFI?

(53 VIEWS)

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The Insider

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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