CFI Holdings Limited is a leading agricultural-based industrial holding company in Zimbabwe; primarily involved in manufacturing and selling fresh produce and manufacturing stock feed, as well as property management and letting. Through subsidiaries and joint ventures; it manages wholesale and retail outlets, offers products and services for animal health, operates maize and wheat mills, and is involved in poultry farming and producing and selling poultry products. CFI Holdings Limited manages a separate entity offering services for the development and management of real estate in Zimbabwe. STALAP Investments is now the largest shareholder in CFI Holdings Limited after increasing its stake in the company to over 40%. STALAP is an investment vehicle owned by Zimre Holdings.
Its retail outlets include Farm & City and Vetco Animal Health; its specialised divisions include Victoria Foods, Saturday Retreat Estate, Reston Developers and Maitlands Zimbabwe Limited. Poultry is marketed and distributed through Agrifoods, Agrimix, Hubbard Zimbabwe, Glenara Estates, Crest Breeders International and Suncrest Chickens.
- I. Pasi Chairman
- T. Nyika Chief Executive Officer & Director
- Chesternoel Mutevhe Group Finance Director
- Shingirai Norman Chibanguza Director & Deputy Group Chief Executive Officer
- S. D. Zinyemba Director
- Panganayi Hare Secretary
Group inflation-adjusted turnover for the year increased by 25.2%, from $277.9million in the previous period, to $347.8million, with the Retail Operations contributing 98.0% (2018- 95.0%) and farming operations contributing 2.0% (2018 –5.0%) to the total turnover. The Group operating profit improved by 141.3%, from $20.2 million in the prior period to $43.2 million. The improvement was a result of the increased merchandise volumes in retail and enhanced cost-containment efforts. The Group incurred financing mark-to-market costs of $38.9million arising from the loan raised to finance the exit of entities from judicial management. The Group recorded a profit before tax of $44.4 million against a profit before tax of $18.4million in the prior year. Entities under judicial management posted a profit before tax of $144.0million against losses of $4.1 million incurred in the prior year. This improvement is mainly attributable to monetary gains of $171.9 million during the year.
FARM & CITY
Turnover increased by 200% relative to the comparable prior period. Demand remained relatively firm throughout the year, with the first half benefitting from panic induced consumer demand as customers were in a rush to convert monetary balances to commodities and goods. In the second half of the year, the Group ran the second edition of the Golden Leaf promotion, which performed reasonably well. Farm & City refurbished the Chinhoyi branch and started trading in December 2018.
The Estate harvested 1 102 tons of soya and 101 tonnes of maize in the 2018/9 season. Table potato production has continued and performed reasonably well during the period. Although yields were negatively affected by the poor agricultural season for cereals, the farm operated profitably during the season.
Collections for stand purchases continued from residents during the period. The Group is now seized with finalising layout plans regularization and development preliminaries to give impetus to the development stage of the project.
SUNCREST PARK (FORMERLY MAITLANDS ZIMBABWE)
Crest Breeders continued to recover land compensation dues in respect of stand purchases during the period. The Group progressed town planning processes during the period.
|It is resolved that for the avoidance of doubt, the Ordinary Resolution of 16 October 2015 approving and ratifying the transaction be set aside for lack of competency at law.||Passed|
|2.||It is resolved that the sale of shares agreement entered between CFI and Fidelity Life for the disposal of 81% of the equity of Langford Estates 1962 (Private) Limited be set aside for (i) lack of approval from the shareholders, (ii) failure to follow peremptory provisions of the Listing Rules and (iii) inconsistency with the invalid 16 October 2015 Resolution.||Passed|
|3.||It is resolved that the legal actions instituted by Directors of the Company in setting aside the above transaction be and are hereby ratified, and that the Directors of the Company be and are hereby authorized to do any and all such things, as may generally be required or necessary to give effect to the above resolutions 1 and 2 above.||Passed|
Accordingly all resolutions proposed to shareholders were duly passed.