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HomeBusinessCFI Keen On Strengthening Victoria Foods

CFI Keen On Strengthening Victoria Foods

Agri-business concern, CFI Holdings is making headway in strengthening its milling subsidiary, Victoria Foods after capitalizing the unit during the first quarter ended December 31, 2021.

Victoria Foods together with its sister company Agrifoods were place under judicial management in 2016 with the two entities requiring US$ 12 million capital then.

Victoria Foods exited judicial management in September 2021 following successful restructuring.

”Victoria Foods exited judicial management in September 2021, with the business being capitalized during the quarter. This has underpinned the resurgence of the Victoria Foods’ brands the market has always been accustomed to, enhanced with further innovations and consistent product quality and performance,” the group said in its latest trading update.

Through its farming unit- Glenara Estates, the group has established maize and soya bean crop with the intention of availing adequate supplies of raw materials to Victoria Foods.

“Glenara harvested 2,406 tonnes of potatoes during the period. The Estate has established maize and soya bean summer crop, which should assist with underpinning raw materials supplies to Victoria Foods and Agrifoods.”

Emirates

CFI Holdings operates Victoria Foods, Farm & City, Glenara Estates, Langford Estates, Suncrest,Agrifoods, and Crest Poultry.

The group is hinging its growth on increased consumer spending on foodstuffs as well as farming, construction, and mining activities, despite decreasing incomes.

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“Notwithstanding the challenges of high inflation levels and unstable exchange rate, the group projects that aggregate demand will continue to firm on the back of growth in consumer spending on the basic foodstuffs, farming activities, construction and mining activities,” CFI said.

During the quarter under review, historical revenues grew by 161 percent to ZWL$ 4.98 billion in the current quarter from ZWL$ 1.91 billion in the comparative prior year quarter.

Of the Group’s turnover, Retail contributed 87.06 percent (2020-Q1 – 96.6%) whilst Milling and Farming Operations accounted for 10.26 percent (2020 Q1-0%) and 2.68 percent (2020-Q1 – 3.4%) respectively

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