ZCFI needs $20 mil

Senior officials from the agricultural firm, Zimbabwe Consolidated Farming Industries, said it required up to $20 million to recapitalize its operations.

The company’s Chief Executive Officer, Ngoni Chidemo, told delegates at a stakeholders’ meeting that the group was currently building its investments after scaling down operations, particularly in its poultry division.

“Profit margins this year have been under pressure from high competition levels, but there was an improvement in stock levels in the latter part of the second half of the year.”

Chidemo said in the year that ended October 30, 2011, ZCFI reported a turnover of $30.5 million and a loss before tax of $1.5 million.

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