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Unaudited Abridged Financial Results for the six months ended 31 March 2026
Cafca Limited
Incorporated in terms of laws of Zimbabwe (Zimbabwe Registration number:40/1945)
Share Code: CAC
ISIN Code: ZW0009011942
("CAFCA" or "the Company")
Notice To Shareholders
Unaudited Abridged Financial Results for the six months ended 31 March 2026
All figures are in United States Dollars (USD)
Statement of Profit or Loss and other
Comprehensive Income ended 31 March 2026
31 March 2026 31 March 2025
Unaudited Unaudited
USD USD
Revenue 22,218,496 17,877,898
Operating profit 2,612,706 1,128,042
Finance cost (44,312) (24,576)
Profit before income tax 2,568,394 1,103,466
Income tax expense (738,974) (515,867)
Profit for the period 1,829,420 587,599
Other comprehensive income for the period - -
Total comprehensive income for the period 1,829,420 587,599
Issued Ordinary Shares(weighted)(number) 33,949,000 33,949,000
Basic Earnings per share (USD cents) (note 11) 5.39 1.73
Diluted Earnings per share (number) 33,949,000 33,949,000
Diluted Earnings per share (USD cents) 5.39 1.73
Headline earnings per share (number) 33,949,000 33,949,000
Headline earnings per share(USD cents) (note 11) 5.39 1.72
Statement of Financial Position
As at 31 March 2026 31 March 2026 31 March 2025
Unaudited Audited
ASSETS USD USD
Non-Current Assets
Property,plant and equipment 16,763,680 16,707,466
Current assets
Inventories 16,798,027 13,865,371
Trade and other trade receivables 5,523,527 4,665,772
Cash and cash equivalents 994,897 1,498,542
Total Current Assets 23,316,451 20,029,685
Total Assets 40,080,131 36,737,151
EQUITY AND LIABILITIES
EQUITY
Equity attributed to owners of the parent
Share Capital 339 339
Share premium 319,976 319,976
Retained earnings 17,171,326 15,341,906
Revaluation reserve 13,403,763 13,403,763
Total Equity 30,895,404 29,065,984
LIABILITIES
Non-current liabilities
Deferred income tax liabilities 2,879,510 3,081,505
Borrowings 585,523 124,761
Total non-current liabilities 3,465,033 3,206,266
Current liabilities
Bank overdrafts - 235,434
Trade and other payables 3,268,318 1,770,650
Provisions for other liabilities and charges 1,258,006 666,877
Current income tax liabilities 745 ,249 293,491
Borrowings 292,761 392,866
Dividend payable 155,360 1,105,583
Total current liabilities 5,719,694 4,464,901
Total equity and liabilities 40,080,131 36,737,151
Statement of Changes in Equity
=As at 31 March 2026
Share Share Share Revaluation Retained
Capital Premium option Reserve Earnings Total
USD USD Reserve USD USD USD
USD
Balance at 1 October 2024 37 319,976 - 15,893,338 14,424,392 130,637,743
Impact of change in functional currency 302 - - - - 302
Total comprehensive income for the period - - - - 587,599 587,599
Profit for the period - - - - 587,599 587,599
Other comprehensive income for the period - - - - - -
Transaction with owners in their capacity
as owners
Share options exercised - - - - - -
Transfers between reserves - - - - - -
Share options credit - - - - - -
Balance at 31 March 2025 339 319,976 - 15,893,338 15,011,991 31,225,644
Balance at 1 October 2025 339 319,976 - 13,403,763 15,341,906 29,065,984
Total comprehensive income for the period - - - - 1,829,420 1,829,420
Profit for the period - - - - 1,829,420 1,829,420
Other comprehensive income for the period - - - - - -
Transaction with owners in their capacity
as owners
Share options exercised - - - - - -
Transfers between reserves - - - - - -
Share options credit - - - - - -
Balance at 31 March 2025 339 319,976 - 13,403,763 17,171,326 30,895,404
Statement of Cash Flows as at ended 31 March 2026
31 March 2026 31 March 2025
Unaudited Unaudited
USD USD
Profit before income tax 2,568,394 1,103,466
Adjustments for:
Depreciation 838,130 798,723
(Profit) on sale of property, plant and equipment - (3,800)
Finance cost 44,312 24,576
Working capital changes:
(Increase)/decrease in inventories (2,932,656) 1,881,917
Increase in trade and other receivables (857,755) (1,312,100)
Increase/(decrease)in trade and other payables 1,497,668 (808,153)
Increase/(decrease) in provision for other
liabilities and charges 591,129 (238,062)
Net cash generated from operations 1,749,223 1,446,568
Finance cost (44,312) (24,576)
Income tax paid (489,210) (229,079)
Net cash generated from operating activities 1,215,700 1,192,913
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment (894,345) (206,614)
Proceeds from sale of property, plant and equipment - 3,800
Net cash utilised in investing activities (894,345) (202,814)
CASH FLOWS FROM FINANCING ACTIVITIES
Increase in borrowings 360,657 180,556
Dividend paid (950,223) (1,507,888)
Net cash utilised in financing activity (589,566) (1,327,332)
Decrease in cash and cash equivalents (268,211) (337,232)
Cash and cash equivalents at the beginning of the
year 1,263,108 536,562
Cash and cash equivalents at the end of the period 994,897 199,329
NOTES TO THE UNAUDITED ABRIDGED FINANCIAL STATEMENTS
For the six months ended 31 March 2026
1 General information
CAFCA Limited (the "Company") manufactures and supplies cables for transmission and distribution of
energy. CAFCA is primarily listed on the Zimbabwe Stock Exchange and secondary listed on the
Johannesburg Stock Exchange.
2 Basis of preparation
The unaudited abridged financial statements for the six months ended31 March 2026 have been prepared in
accordance with IFRS Accounting Standards as well as in a manner required by the Companies and other
Business Entities Act(Chapter 24.31). The same accounting policies, presentation and methods followed in
the unaudited abridged financial results are as applied in Company's latest annual financial statements.
3 Functional and presentation currency
The unaudited abridged financial statements are presented in United States Dollars(USD), being the
functional and reporting currency of the primary economic environment in which the Company operates.
4 Going Concern
Management has assessed that the Company will continue operating as going concern, citing the following: -
a. The Company has got firm demand for its products.
b. The Company has stock cover of 2 months in finished goods.
c. The Company has adequate working capital and facilities from local banks.
5.Related party transactions
31 March 2026 31 March 2025
Unaudited Unaudited
USD USD
Purchases of goods
CBI-Electric African Cables-A Division of ATC(Pty) Limited 2,888,578 1,163,041
Metal Fabricators of Zambia Plc(Zamefa) - 1,805,610
2,888,578 2,968,651
Balance with related parties
CBI Electric African Cables-A Division of ATC (Proprietary
Limited 194,972 -
6.Key management remuneration:
Key management includes directors (executive and non-
executive) and executive managers (members of the
executive committee)
Salaries and short-term benefits 506,492 542,688
Director' emoluments:
Fees 39,138 38,190
545,630 580,878
7.Segmentation information
Company has one product line and operates in one industry sector.
Revenue is primarily from customers who are domiciled in Zimbabwe and revenue from external customers
pertains mainly to customers domiciled in Malawi, Rwanda and Mozambique.
Revenue is analysed as follows
31 March 2026 31 March 2025
Unaudited Unaudited
USD USD
Revenue from customers domiciled in Zimbabwe 20,643,010 16,768,202
Revenue from external customers 1,575,486 1,109,696
22,218,496 17,877,898
The segment information provided to the executive team for the product reportable segments for the half
year ended 31 March are as follows:
31 March 2026 31 March 2025
Unaudited Unaudited
USD USD
Revenue from customers 22,218,496 17,877,898
Profit before interest and taxation 2,568,394 1,103,466
Finance cost 44,312 24,576
Income tax expense 738,974 515,867
Total assets 40,080,131 36,737,151
Liabilities 8,599,204 7,546,406
8.Capital commitments
Capital expenditure of $1.39 million for the procurement of plant and equipment was authorised by the
Board and is contracted for the reporting period (2025:0.429million).
9.Property plant and equipment
Capital expenditure 894,345 206,614
Depreciation charge 838,130 798,723
10.Borrowings 31 March 2026 30 Sept 2025
Unaudited Audited
Bank loan-payable in 12 months 292,761 392,866
Bank loan-payable after 12 months 585,523 124,761
878,284 517,627
The loan is a drawdown from USD1 million facility at an average interest rate of 11% per annum and payable
over 36 months and is secured against the Solar Plant financed from the loan.
31 March 2026 31 March 2025
Unaudited Unaudited
11.Reconciliation of basic earnings per share to headline earnings per
share
Profit for the period attributable to CAFCA LTD shareholders 1,829,420 587,599
Adjustment to basic earnings per share:-
-Profit on disposal of fixed assets (3,800)
Headline earnings attributable to CAFCA LTD shareholders 1,829,420 583,799
Commentary on Half Year Results
For the six months period ended 31 March 2026.
Trading Environment
The first half of the financial year saw stability in trading conditions bolstered by a positive 2024/25
agricultural season, increased diaspora remittances, and the continued rally in gold prices. Furthermore,
a sustained tight monetary regime has maintained the stability of the Zimbabwe Gold (ZWG), keeping month-
on-month inflation within single digits. Consequently, the construction sector benefited significantly as
both corporate and household players increased allocations of amounts spent to infrastructure projects.
We acknowledge Government efforts to improve the ease of doing business by strengthening governance and
harmonizing regulatory levies and taxes. We anticipate that the ongoing crackdown on smuggling and unfair
trade practices will eventually yield positive results if sustained.
While most economic indicators are positive, the global commodity rally as well as the costs push
inflationary factors caused by fuel price escalations has increased raw material costs, specifically
copper and polymers for cable manufacturing. This rise in input costs may dampen the appetite for
infrastructure-related products and create pressure on competitiveness as the businesses balance volume
growth with balance sheet protection.
Operational Update
Sales & Marketing
Overall volumes for the 6 months to 31 March 2026 grew by 14% year-on-year. This was supported by a 16%
and 10% recovery in Copper and Aluminium volumes respectively.
• Retail: Grew by 37%, driven by enhanced channel partner integration and a renewed focus on customer
service within our factory shops.
• Commercial: Remained stable at 2% above the prior year.
• Exports: Improved by 109% following the realignment of the distribution model and the removal of the
consignment-stock system. The business continues to benefit from its agility in meeting customer lead
times.
• Utilities: Declined by 17% as offtake was limited by liquidity constraints within the sector. There
is commitment from utilities to convert the pipeline of back orders into deliveries.
Factory Operations
Production volumes grew by 13% against the prior year as the company adapted its stocking and
manufacturing approaches to shifting demand.
• Equipment & Power Improvements: While power availability improved, power quality remains a challenge;
324 hours of production were lost due to voltage fluctuations, compared to 99 hours in the prior
year. It is important to note that the Solar Plant went live in March and is expected to contribute
30% of CAFCA's power requirements going forward.
• Safety: The company maintained an excellent safety record during the first 6 months with zero
incidents recorded, compared to four incidents in the same period prior year.
Financial Update
• Revenue: Grew by 24% compared to the previous year, driven by volume growth and higher copper prices.
• Profit after tax: Increased by 211%, primarily due to volume growth and cost-optimization measures
implemented in the previous year.
• Statement of financial position: Remains robust, supported by strong working capital optimisation
initiative.
Directorate
There were no changes to the Directorate during the period under review.
Dividend
The Board decided not to declare an interim dividend given cash flow consideration (2025 nil).
Outlook
We maintain an optimistic outlook yet remain mindful of the persistent challenges in the operating
environment specifically supply chain instability, power quality, and the influx of smuggled or otherwise
substandard imported cables.
Results Announcement
The Unaudited Abridged Financial Results for the six months ended 31 March 2026 ("Results"), which is the
responsibility of the directors, is available on the JSE cloudlink at:
https://senspdf.jse.co.za/documents/2026/jse/isse/cac/interim26.pdf.
and on the Company's website at www.cafca.co.zw and, any investment decisions by investors and/or
shareholders should be based on such information.
By Order of the Board
C.Kangara
14 May 2026
Directors H.P Mkushi (Chairman) E.T.Z Chidzonga T.Chigumbu L.Corte S.E Mangwengwende
S.Maparura J.Tapambgwa
JSE Sponsor
Merchantec Capital
Date: 14-05-2026 09:14:00
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