CFI Profits Drop $25Million


Agro-industrial group CFI holdings on Friday reported an after tax loss of $25 million in the full year to September compared to $9 million last year, as revenue plummeted by over a quarter.

CFI is the holding company of several agro-industrial concerns including Agrifoods, Crest Breeders, Victoria Foods as well as retail chain Farm and City Centre. It also has interests in real estate and retail in consumer goods and hardware. It recently instituted a management shake-up in a bid to revive its fortunes. Last month, it retired its chief executive Stephen Kuipa and replaced him with Timothy Nyika, who was appointed in an acting capacity



Chairman Simplicius Chihambakwe and another board member, P Bwerinofa also left the company last month, while former finance director Acquiline Chinamo quit at the end of last year.

NicozDiamond Insurance managing director, Grace Muradzikwa, was appointed acting chairperson of one of the country’s largest agro processing firms, whose fortunes had been affected by slowing turnover, sustained losses and working capital deficits over the past two years.


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