Milling company, CFI Holdings, which also operates a chain of retail stores and is probably the country’s biggest poultry producer could be heading for an exceptional year.
According to its results for the half-year ending March, its sales increased from $10.7 billion to $31.6 billion beating total sales for the year ending September which were $26.2 billion. Net profit increased from $767 million to $3.1 billion. Total profit for the year ending September was $2.9 billion.
Despite these excellent results, the company says it usually performs better in the second half and this pattern should be repeated this year.
The milling division which comprises Agrifoods and Agrimix which manufacture and distribute animal feeds, minerals and supplements, and Victoria Foods, millers of maize and wheat and distributors of snack foods, were adversely affected by price controls especially on maize meal and flour but they still performed to budget because of strategies adopted to increase trading of other products.
The retail division which includes Town and Country supermarkets and Farm and City centres had significant increases in both volumes and market share and achieved excellent results.
The poultry division, which comprises Ross Breeders, Crest Breeders and Suncrest as well as Vetco which distributes veterinary and related products also had a good year with encouraging exports to new regional markets.
The specialised division, Dore and Pitt, had a commendable half-year from mainly service and back up work.