CFI Holdings Limited delivered largely stable inflation-adjusted revenues in the third quarter to 30 June 2026, with strong showings in food manufacturing and agriculture cushioning a downturn in retail. The company recorded revenue of ZWG 690.89 million, a marginal 1.89% decline from ZWG 704.22 million in the same period last year.
The operating environment remained broadly stable during the quarter, underpinned by prudent fiscal and monetary policies, exchange-rate stability and low inflation. However, business continued to be constrained by tight liquidity, elevated borrowing costs, and rising input and distribution expenses linked to geopolitical tensions in the Middle East. The period also coincided with the start of the 2026 tobacco marketing season, which achieved record sales volumes but at lower average prices, impacting disposable incomes in the farming community.
At divisional level, performance was mixed. Farm & City Centre saw retail volumes fall 21% year-on-year, weighed down by reduced spending power among tobacco farmers and higher international fertilizer and fuel prices. In response, the business is advancing an enhanced product diversification strategy aimed at strengthening resilience. Agrifoods posted a 27% increase in volumes, driven by robust product demand and improved capacity utilisation. Victoria Foods reported an 86% jump in wheat flour volumes on the back of stronger demand, while maize meal volumes slipped 5% due to supply constraints.
Glenara Estates also recorded notable shifts in crop mix. Soyabean sales volumes doubled following a deliberate prioritisation of the crop, while maize sales declined 64%. Potato yields fell 10.6% after a disease outbreak affected productivity. The estate’s cattle breeding and pen-fattening operations continued under joint arrangements and delivered reasonable results.
Overall, the company’s inflation-adjusted revenue dipped slightly, reflecting the offset between weaker retail trade and stronger agricultural and manufacturing output. Looking ahead, the company anticipates that the remainder of FY2026 will remain challenging, with liquidity constraints and subdued aggregate demand likely to persist. In light of this, cost containment measures will continue to be implemented across all operations to protect margins and preserve cash flow.
