Crest Breeders International has posted a stunning financial turnaround for the first half of 2025, registering a profit before tax of ZWG568.35 million, reversing a loss of ZWG189.63 million recorded during the same period in 2024. The recovery is not simply a statistical shift, it tells a deeper story of strategic adaptation, legal consolidation, and resilience in a turbulent Zimbabwean economy. As one of Zimbabwe’s agro-industrial giants, Crest Breeders has navigated a half-year shaped by monetary reforms, rainfall variability, escalating competition from the informal sector, and growing pressure on formal retail operations. Its remarkable comeback is powered by three key forces: the stabilisation of the Zimbabwe Gold (ZWG) currency following its devaluation in September 2024, a long-awaited legal victory over contested land, and a smart diversification strategy that balances farming, retail, food manufacturing, and property development.
The official devaluation of the ZWG to USD1:24.40 brought relative macroeconomic predictability, which in turn improved planning and forecasting across Crest’s divisions. Yet, currency stability came at a cost, tightened liquidity and stubbornly high operating expenses, notably wages and energy. These realities have hit formal retail players particularly hard, with many scaling back operations. Crest Breeders, however, saw this as a signal to recalibrate. Farm & City Centre (FCC), its core retail unit, saw a 25% surge in volume for key drivers, aided by an improved rainy season that boosted agricultural input sales. Agrifoods, the Group’s animal feed manufacturing unit, grew 16% in volume, benefitting from stronger regional harvest forecasts. Still, the onslaught of informal traders and price undercutting continued to squeeze margins across the board.
Perhaps the Group’s most transformative development was its victory in the Supreme Court over the contested Saturday Retreat Estate. In February 2023, the Supreme Court ruled in favour of Crest Breeders International, confirming the entity’s rights in the Saturday Retreat Estate, and in 2025 the Constitutional Court dismissed a final challenge brought by land barons. This legal clarity gives the Group firm ground on which to proceed with its property development ambitions. Management is currently formulating a comprehensive development strategy to enhance synergies with its retail arm and diversify the Group’s asset base. With its long-held vision of integrating agricultural and urban land development, the company is now well-positioned to contribute meaningfully to national housing delivery goals, particularly in Harare South, in line with Vision 2030.
Meanwhile, Langford Estates remains in legal limbo. Proceedings are still pending before relevant tribunals. However, Crest Breeders has not allowed the stalemate to stall progress entirely. The company is undertaking active crop farming and cattle breeding at the estate, maintaining operational relevance while legal issues are resolved. This pragmatic use of contested land reflects the Group’s broader resilience and tactical patience in navigating institutional delays.
In manufacturing, Victoria Foods faced headwinds early in the year due to an El Niño-induced maize shortage, but bounced back in Q2 and is expected to perform stronger in the second half, buoyed by improved regional harvests. Exchange losses narrowed significantly from ZWG235.4 million to ZWG51.2 million, while the Group recorded ZWG672.42 million in inflation-adjusted monetary gains due to its debt position. This further strengthened the balance sheet. Capital expenditure grew to ZWG6.36 million, primarily directed toward retooling operations at Glenara and Victoria Foods, signalling a sustained commitment to infrastructure development. While the Crest Poultry Group units remain under care and maintenance, the company is exploring joint ventures to leverage its dormant poultry assets.
Crest Breeders has also made a point of aligning its vision with national development priorities. The report emphasizes the company’s interest in contributing to affordable housing in Harare South and ongoing investments in milling infrastructure. The company’s directors expressed cautious optimism for the second half of the year, noting that while the operating environment remains tough due to informalisation and cost pressures, the Group is committed to strategic procurement, deeper market penetration, and community-aligned development.
Overall, Crest Breeders’ resurgence is as much about tactical financial discipline as it is about institutional maturity. By capitalising on land ownership victories, streamlining operations, and responding swiftly to currency dynamics, the Group has demonstrated that with vision, resilience, and strategic diversification, it is possible to not only survive but grow in Zimbabwe’s complex economic landscape.
