Zambia Sugar Plc held its 64th Annual General Meeting of the members at Intercontinental Hotel, Lusaka on Thursday 27th November 2025. The meeting which was filled to capacity was also attended by the ABF Sugar CEO Mr. Paul Kenward.
The Board Chairperson Mrs. Roseta Chabala thanked all the members for unanimously passing all the resolutions proposed by the Board which included the appointment of Mr. Christian Rees as a Non- Executive Director. The members ratified the appointment of Mrs. Susan M’kandawire Mulikita and Mr. Lekani Katandula as Independent Non- Executive Director and Non- Executive Director, respectively. The members approved payment of a final dividend of 109.6 ngwee, for the year ended 31 August 2025 and that it should be payable on 22nd December 2025.
Managing Director Mr. Oswald Magwenzi earlier gave a comprehensive summary of the Company’s performance for the year as well as an update of the strategic initiatives that the Company was pursuing in view of the weather and economic and business forecasts. He commended employees for demonstrating resilience amid the worst drought experienced in recent memory. He also praised their teamwork and focus on strategy implementation which led to the Company delivering a stellar performance.
Oswald thanked the members for their investment in the Company which was a demonstration of their confidence highlighting the recent and planned multi-million dollar investment projects including; the Twazabuka warehouse project, innovative irrigation projects, the Falling Film Evaporator and the latest power plant expansion project phase 1 increasing capacity from 40MW to 53 MW due to be completed in the next financial year. He encouraged the members to look to the future with great optimism.
Oswald assured the members of the Company’s position to meet its Environment, Social and Governance (ESG) Commitments. He highlighted initiatives being implemented such as Green House Gas (GHG) Emissions reduction under Scope 1,2 & 3, Efficient usage of abstracted water, Preservation of biodiversity & Soil Health, and maximizing usage of biomass energy.
Finance Director Mr. Hezron Musonda, praised employees for a robust performance amid harsh weather as he presented the Company’s financial performance the year. He explained that although sugar production and sales volumes was adversely impacted due to the lingering effects of the drought, revenue increased on account of optimising sales mix. Sugar production dropped from 424,531 tonnes in 2024 to 372,328 tonnes while sales volume declined from 400,631 tonnes in 2024 to 315,120 tonnes.
Hezron commended the commercial teams for the robust sales mix both in the export and domestic markets. The Company focused on select export markets while leveraging route to market to help penetrate new domestic markets, thanks to small formats including the installation of containers in remote areas and the new 70g packets under the favourite Whitespoon brand.
The Company generated K8.9 billion in revenue compared to K7.5 billion in 2024. Operating profit was K1.9 billion and profit after tax was K1.6 billion resulting in earnings per share of 516 ngwee. Zambia Sugar’s share price rose above the Lusaka Security Exchange (LuSE) all share index for the year, moving from K34 per share in August 2024 to K48 per share at the end of the financial year.
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