Victoria Foods set to make a comeback in FY2022

“...the market can expect to see the various Victoria Foods brands and offerings in the various supermarkets as the Group relaunches this prominent brand”.

0
441

HARARE – Zimbabwe Stock Exchange-listed diversified agro-concern, CFI Holdings Limited says it will relaunch its subsidiary, Victoria Foods (Private) Limited in the fiscal year 2022, a move that will bolster its contribution to the country’s food security.

In emailed responses, the Group said they are excited to utilise Victoria Foods which exited judicial management in September 2021 to help underpin national food security.

“The business will be capacitated in FY2022, and the market can expect to see the various Victoria Foods brands and offerings in the various supermarkets as the Group relaunches this prominent brand,” the Group added.

Victoria Foods which was placed under provisional judicial management together with its sister company, Agrifoods, in 2016 to allow for debt restructuring, re-organisation and recapitalisation had been operating under care and maintenance for four years.

Upon the provisional judiciary management, Victoria Foods had been operating below capacity and failed to recapitalise.

Victoria Foods requires about US$6 million for recapitalisation and has a milling capacity of 147 000 tonnes per year.

Meanwhile, CFI in its third-quarter ending 30 June 2021 also highlighted that the management of consistent raw material supplies for Agrifoods and Victoria Foods will remain an ongoing priority as they seek to play their part in underpinning food security in the country.

During the quarter, the Group’s sales volume for its key revenue drivers improved by 169% buoyed by an increase in aggregated demand following the good 2020/2021 rainy season, which boosted both summer crops and the tobacco season.

Also contributing to the Group’s growth in sales volumes during that period is the resurgence in construction activities.

Inflation-adjusted revenue for the third quarter increased by 88% from the comparable same period last year whilst margins softened to reflect a more stable pricing regime as inflation continues to slow down.

At Glenara Estates, both maize and table potatoes harvested increased by 42% and 85% respectively.

Equity Axis News

LEAVE A REPLY

Please enter your comment!
Please enter your name here