•  Revenue has more than doubled since 2021 while earnings have nearly tripled, pushing Unifreight’s earnings-based valuation from US$9 million to US$30 million.
• The Cheetah Express acquisition moves Unifreight beyond transport into express logistics, customs services and higher-margin asset-light revenue streams.
• Debt reduction and cash generation have become the next strategic priority as the group seeks to convert growth into stronger liquidity and shareholder value.

Harare - Unifreight used its 2025 annual general meeting to reposition the group from a freight carrier into a multi-service logistics platform, announcing a strategy that adds express courier, customs clearance, fourth-party logistics and supply chain management to its existing transport operations.

The move arrives after four consecutive years of earnings growth that have already revalued the business and now shifts management attention firmly toward cash generation, debt reduction and balance sheet discipline.

Revenue grew from US$17.5 million in 2021 to US$38 million in 2025. Profit before tax rose from US$1.3 million to US$3.4 million across the same period, and the group’s earnings-based valuation expanded from US$9 million to US$30 million.

Chief Executive Officer Justin Mupamhanga traced the expansion to hard currency revenue concentration, disciplined fleet management, tighter capital allocation and the disposal of underperforming assets. The financial profile that has emerged from this period now gives management the credibility and the platform to pursue a structurally more complex business model.

The acquisition of an effective 86.67% stake in Cheetah Express Logistics for US$2.08 million is the most consequential decision the group has taken since its restructuring began. Cheetah holds the status of Zimbabwe’s sole authorised FedEx Express Global Service Participant. That status gives Unifreight immediate entry into international courier networks and access to service-led revenue that does not depend on fleet size, fuel costs or road kilometres. 

Transport businesses grow by adding trucks and deploying more assets. Logistics platforms grow through network effects, service integration and customer retention. The Cheetah acquisition moves Unifreight from the first model toward the second, and the financial consequences of that shift will compound over time in ways that pure freight expansion cannot replicate.

The group has committed to preserving both the Cheetah and FedEx customer-facing brands while consolidating governance, treasury, procurement, reporting and route planning into the broader Unifreight operating structure. The outcome is a single logistics ecosystem operating through multiple service channels, with shared overheads, improved fleet utilisation and expanded service access for existing customers.

Beyond courier integration, Unifreight intends to establish a dedicated customs clearance and border services unit. The unit will initially serve the group’s own fleet before extending services to subcontracted transporters and external customers. The commercial logic is direct. Customs clearance fees currently leave the Unifreight revenue chain and flow to third-party providers.

Bringing that function in-house retains margin that already exists within the group’s cargo volumes without requiring new freight contracts to generate it. As the unit scales to serve external clients, the business transitions from cost centre to profit centre with the group’s own fleet acting as the guaranteed base load.

The tobacco logistics segment continues to demonstrate operating strength. The group has transported 85 million kilograms this season and expects total volumes to reach 110 million kilograms before the marketing season closes.

Investment in specialised tautliner equipment has improved carrying efficiency, cargo protection and turnaround times, and the operational reliability that has resulted from this investment is now a competitive differentiator with major tobacco merchants who prioritise consistency over price.

In Botswana, the fourth-party logistics division operates through an independent local management structure and is forecast to handle more than 200,000 tonnes in the current year. The model expands regional reach without proportional fleet investment, meaning revenue in this segment can grow ahead of capital expenditure requirements. For a group now prioritising cash generation, that asymmetry between revenue growth and asset deployment is exactly the operating characteristic management needs.

Net debt stands at US$7.41 million and gearing has risen to 25%. The company identified debt reduction, liquidity preservation and operating cash generation as the primary financial objectives for the period ahead. Capital allocation is already adjusting accordingly.

Non-core and low-yielding properties remain earmarked for disposal, with proceeds redirected toward higher-return logistics assets. Future fleet additions will be concentrated in areas where demand visibility and margin quality justify the deployment, with tipper fleets serving mining operations and additional less-than-truckload vehicles identified as the priority targets.

The earnings outlook remains positive through this transition with  2026 revenue projections of US$37.16 million and operational profit before tax of US$3.8 million on a standalone basis. The inclusion of Cheetah lifts 2026 revenue to US$46 million and operational profit before tax to US$4.8 million. The 2027 planning framework points to revenue approaching US$50 million and an earnings-based valuation of US$46.9 million.

Unifreight is entering a structurally different phase. Revenue growth has already been delivered. The measures that will define the next period are cash conversion, leverage reduction and the speed at which the logistics integration model generates returns that pure freight operations cannot. The Cheetah acquisition, the customs clearance build-out and the Botswana fourth-party operation each contribute to a platform that earns through network density rather than asset volume. The next twelve months will establish how quickly that architecture translates into shareholder value.

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