• CFI experienced a 10% increase in maize meal volumes
  • Retail division saw a 16% increase in sales volumes
  • Agrifoods division of CFI Holdings experienced an 18% increase in sales volumes
  • Glenara Estates, a subsidiary of CFI Holdings Limited, doubled its potato harvest

Harare- In its first quarter trading update for the period ended December 31, 2023, CFI Holdings Limited, a prominent player in the agricultural industry, has defied the challenging backdrop of a severe drought. Despite adverse conditions, the company has achieved impressive growth in various divisions. One notable success story lies in the surge of maize meal volumes, indicative of CFI Holdings Limited's resilience and adaptability in navigating market challenges.

CFI Holdings Limited experienced a notable 10% increase in maize meal volumes, rising from 1,497 tonnes to 1,647 tonnes. This growth can be attributed to improved supplies of raw materials. By capitalizing on enhanced procurement strategies, the company has ensured a steady flow of maize meal to meet consumer needs.

CFI Holdings Limited's Retail division experienced a remarkable 16% increase in sales volumes for key revenue drivers. The division sold an impressive 21,453 tonnes during the quarter, compared to 18,446 tonnes in the previous year. This growth can be attributed to strategic measures, including the normalization of fertilizer prices, which had spiked due to global supply chain disruptions caused by the Russian-Ukrainian conflict.

The Agrifoods division witnessed an exceptional 18% increase in sales volumes, selling 9,832 tonnes during the quarter, compared to 8,313 tonnes in the previous year. This growth showcases CFI Holdings Limited's ability to capitalize on market opportunities and meet consumer demand despite the challenging drought conditions.

Victoria Foods, a subsidiary of CFI Holdings Limited, maintained stable sales volumes of wheat flour during the quarter. With 3,916 tonnes sold, the division registered a modest 3% growth compared to the previous year. Stable wheat supplies played a crucial role in maintaining consistent production, although intermittent power outages posed challenges to substantial growth.

Glenara Estates, another subsidiary of CFI Holdings Limited, witnessed an impressive doubling of its potato harvest during the quarter. The harvest yielded 2,989 tonnes, compared to 1,468 tonnes in the previous period. However, an oversupply of potatoes in the market led to an 8% drop in average selling prices. This demonstrates the need for effective market analysis and proactive pricing strategies.

CFI Holdings Limited's first quarter trading update showcases its ability to thrive in challenging market conditions. The surge in maize meal volumes, despite the backdrop of a severe drought, reflects the company's resilience and adaptability. By leveraging improved supplies of raw materials, CFI Holdings Limited has managed to meet consumer demand and capitalize on market opportunities. This success further solidifies the company's position as a key player in the agricultural industry, and serves as an inspiration to other businesses facing challenging operating environments.

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