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Financial Performance Review In the six months to 28th February 2026, total revenue declined by 10% to K3.56 billion, compared to K3.97 billion in the prior comparative period. The decrease was primarily driven by lower domestic sales volumes, which had an adverse impact of K451 million. This was partially offset by improved revenue realisation across both domestic and export markets, contributing a positive K66 million.

Domestic sales revenue fell by 10%, reflecting a 20% reduction in volumes relative to the previous corresponding period. Export revenues benefited from a 24% increase in sales volumes; however, this was outweighed by a 25% adverse movement in price realisation, resulting in a 6% net decline in overall export sales revenue.

Operating expenditure increased by 6% year-on-year, reflecting sustained cost pressures, notably from continued reliance on premium-priced imported electricity, as well as targeted manpower investments to support a successful start-up of the 2026/27 harvesting season. Additionally, activity-based costs such as chemicals, consumables and cane haulage were higher due to increased production that resulted in 14% increase in sugar produced. Operating profit for the six-month period ended 28 February 2026 decreased to K437 million, compared to K907 million in the prior comparative period, representing a 52% decline. The reduction in profitability was primarily attributable to lower domestic sales volumes which adversely impacted domestic sales revenue. This was further compounded by sustained input cost pressures amid higher production levels, as well as the appreciation of the Kwacha, which negatively affected export sales realisation.

The combined effect of lower revenue and elevated capital expenditure resulted in increased utilisation of working capital facilities, driving finance costs up to K79.6 million from K20.1 million in the prior comparative period.

Profit after tax for the period was K273 million, compared to K790 million in the corresponding period in 2025. This translated to a 65% decline in Earnings Per Share (EPS), from 249.6 ngwee to 86.3 ngwee per share .

Operational Performance Cane supply during the period under review increased by 7%, supported by a 17% improvement in yields from own estate. This was partially offset by a 12% decline in out‑grower yields, reflecting the lingering effects of the 2023/24 drought on out-growers who were unable to access premium-priced imported electricity.

As a result, sugar production increased by 14% compared to the prior comparative period. The improved output was driven by higher cane throughput, supported by a 2% improvement in overall recovery.

Cane supply for the 2026/27 season is expected to improve, supported by more favourable weather conditions and the anticipated stabilisation of electricity supply from ZESCO, following improved rainfall patterns. Enhanced factory technical reliability, following extensive maintenance undertaken during the off-crop period, is also expected to support gains in production efficiency.

Market demand is projected to recover from the subdued first-half performance, with sustained momentum anticipated across both domestic and regional markets. However, input costs are expected to remain elevated, largely dependent on the duration of the Middle East crisis, which may exert pressure on the domestic currency and drive inflation upwards, particularly for imported production and agricultural inputs. In response, the Company has heightened its focus on a business‑wide cost efficiency drive, undertaking comprehensive reviews of its cost structure. This initiative is aligned with the strategic goal of building a sustainably low‑cost business, ensuring resilience against external shocks while supporting steady profitability and long‑term competitiveness.

The K1.72 billion Twazabuka Project, comprising a modern packing plant and warehouse facility at the Nakambala mill, is progressing well and remains largely on schedule. This strategically significant and transformational investment, aimed at enabling year-round packing capability, enhancing food safety standards, and improving product availability and flexibility to meet evolving customer demand, is central to the Company’s long-term growth strategy. In addition, the Company has commenced the 13.5MW co-generation renewable energy project and is in the process of contracting for the development of a 15MW solar plant. Collectively, these initiatives are expected to deliver significant returns for the business through increased revenue and costs savings in addition to broader socio-economic benefits, including job creation, increased participation of local suppliers, reduced reliance on the national electricity grid, and a stronger contribution to Zambia’s economy through enhanced productivity and tax revenues.

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Financial Performance Review In the six months

Lifestyle

According to the Law Association of Zambia, the National Assembly ignored significant constitutional and human rights concerns raised over the proposed Public Gathering Bill. Unfortunately, these concerns were not adequately addressed.

The proposed law has triggered outrage from civil society activists, lawyers, and governance stakeholders who fear the bill could weaken citizens’ freedom to assemble and protest.

Speaking in an interview with Zambian Business Times (ZBT), human rights activist Brebner Changala described the bill as “deceptive” and accused government of pushing laws without proper consultation.

“For years, Zambians have been crying for the reformation of the Public Order Act, but this new bill does not address the concerns people have raised,” Changala said.

Changala claimed the proposed legislation strips citizens of their constitutional freedoms protected under the Bill of Rights.

“It takes away the right for an individual to assemble and associate. People are now being forced to beg for rights that are already guaranteed in the Constitution,” he said.

He further accused government of sidelining civil society organizations and churches during the drafting process.

“This public gathering bill in its entirety has not been done consultatively with the input that came from civil society and Christian-based organizations,” Changala said.

The activist also backed the position taken by the Law Association of Zambia, which reportedly questioned the legality of the bill.

Changala warned that the law could be used to suppress protests and criticism against those in power.

“They don’t want anybody to protest. These are inherent rights that citizens must enjoy without hindrance,” he said.

He added that the proposed law falls below international human rights standards and compared Zambia’s situation to South Africa, where public protests are more openly tolerated.

Article by Catherine Mwansa

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According to the Law Association of Zambia,

Agribusiness

The early purchase of maize by the Millers Association of Zambia (MAZ) at K200 per 50kg bag has triggered outrage among farmers, with fears that the low price could destroy farmer profits and threaten Zambia’s ambitious 10 million metric tonnes maize production target.

Farmers say the proposed buying price is too low and does not match the rising cost of fertiliser, seed, fuel, labour, transport, irrigation, and mechanisation.

Speaking in an interview with the Zambian Business Times (ZBT), Agriculture Climate Action Foundation Executive Director Oliver Kandela Bulaya warned that low maize prices could discourage farmers from producing more maize in future seasons.

Bulaya said many small-scale farmers are already struggling with high production costs and may fail to recover their investments if maize is bought at K200 per bag.

He said this could force some farmers to reduce hectarage, abandon maize farming, or shift to other businesses entirely.

“This situation risks weakening farmer confidence at a time when Zambia wants to increase maize production to 10 million metric tonnes,” said Bulaya.

He explained that achieving such a target requires profitable markets, stable pricing systems, irrigation expansion, mechanisation, and increased private sector investment.

Bulaya also warned that vulnerable farmers could become victims of distress sales during the post-harvest period due to financial pressure and lack of storage facilities.

He said low maize prices may negatively affect rural businesses such as transporters, agro-dealers, traders, and community enterprises that depend on farming income.

However, some stakeholders believe lower maize prices could help reduce pressure on mealie meal prices and ease the burden on struggling consumers.

Millers are also facing serious operational costs, including expensive electricity, fuel, taxes, transport, and financing, which continue pushing up mealie meal prices.

But Bulaya argued that mealie meal prices are influenced by many other costs beyond maize purchases alone.

Oliver Kandela Bulaya said Government, millers, farmers, financial institutions, and other stakeholders must urgently work together to create a fair maize marketing system that protects farmers while keeping food affordable for consumers.

He said Zambia’s agricultural transformation agenda will only succeed if farmers remain motivated, protected, and financially secure.

Article by Catherine Mwansa

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The early purchase of maize by the

Agribusiness

Zambia’s trade with the Democratic Republic of Congo faces potential short-term disruptions following the Ebola outbreak in the DRC, with business leaders calling for stronger border health measures to protect commerce and public safety.

In an exclusive interview with Zambian Business Times -ZBT Zambia Chamber of Commerce and Industry Acting CEO Emmanuel Mumba said the outbreak could affect both immediate and medium-term trade flows, given the DRC’s role as one of Zambia’s key regional markets and transit routes.

“The DRC is a significant market for Zambian products such as mealie meal, cement, sugar, processed foods, construction materials, and agricultural commodities,” Mumba said. “Any disruptions at border points such as Kasumbalesa could affect the movement of goods, increase clearance times and raise logistics costs for exporters.”

Mumba noted that the World Health Organization’s declaration of the outbreak as a Public Health Emergency of International Concern had heightened risk. He warned that Zambia could see slower export volumes due to tighter border surveillance, movement restrictions, and reduced commercial activity in affected areas.

He added that investor confidence and regional supply chains could also take a hit if the situation worsens.

“Sectors that rely heavily on regional trade integration including mining supply chains, agriculture, retail trade, and transport services may feel the impact most significantly,” he said.

Mumba said the extent of the impact would depend on how quickly the outbreak is contained and on regional coordination.

He noted that Zambia had already strengthened surveillance and screening at key entry points to minimize transmission risk while keeping trade moving. he urged Zambia to diversify export markets and improve digital trade facilitation and emergency preparedness at border posts.

“The outbreak highlights the importance of strengthening regional health-security systems and trade resilience mechanisms within COMESA and SADC frameworks,” Mumba said.Echoing the need for stronger border controls, Southern Africa Cross Border Traders Association Secretary General Jacob Makambwe said small-scale traders were particularly exposed due to daily movement across the border.“Our concern is the readiness and preparedness of government around putting up screening centers and areas where people coming from DRC to Zambia are screened on a daily basis,” Makambwe said.

He explained that many traders operate around border towns like Kasumbalesa, Mokambo, Sakanya and Maheba, and rarely travel deeper into the DRC.

However, they remain at risk through contact with people crossing into Zambia to trade.

Makambwe urged traders to comply with screening processes and called for clear communication from authorities.

Article by Francine Chibuye

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Zambia’s trade with the Democratic Republic of

Uncategorized

Child protection in Zambia remains under serious pressure as violence against children, weak protection systems, and poor access to essential services continue putting many children at risk, with national evidence showing that nearly 50 percent of Zambians experience violence during childhood.

Speaking in an interview with the Zambian Business Times – ZBT, Child Fund Protection Specialist Chimuka Hamusunse said one of the biggest challenges affecting child protection is lack of coordination and cultural beliefs that clash with modern child protection methods.

“We are failing to accept that things have moved and so we need to also evolve with the way life has evolved,” Hamusunse said.

National evidence further shows that most abuse cases happen in homes and communities, with many perpetrators being people known to the child.

Hamusunse explained that many people still believe old methods of raising children are correct, making it difficult for modern child protection systems to work effectively.

However,he revealed that authorities sometimes fail to respond quickly to child abuse cases because of inadequate funding and shortage of social welfare officers.

“The structure doesn’t allow them to be everywhere when you need them,” Hamusunse explained.

He said in some cases officers only respond after one or two days, which may already be too late for the child involved.

Hamusunse also disclosed that Zambia does not have enough shelters and support systems for abused and abandoned children, with only a few districts having safe shelters.

He noted that there is still hope if government increases funding and strengthens awareness campaigns on child protection.

Article by Catherine Mwansa

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Child protection in Zambia remains under serious

Mining

Business Times (ZBT) shows that Zambia exported copper anodes worth K1.2 billion to China in March 2026, cementing copper’s status as the country’s leading export commodity to Asia’s largest economy.

The report further indicates that Zambia’s total exports to China for March stood at K2.4 billion. Other key products exported included high-purity copper cathodes valued at K729.7 million, copper blisters at K146.2 million, and zinc concentrates worth K100.8 million.

China ranked as Zambia’s fourth-largest export destination for March, accounting for 9.6% of overall export earnings. Copper anodes for electrolytic refining made up 50% of Zambia’s total export revenue from China during the period. A comparative look at February data places China as the third main export destination, responsible for 14.4% of export earnings, with copper anodes accounting for 61.5% of revenue from that market.

With the recent introduction of zero tariffs on Zambian exports to China, there is growing optimism that the country’s copper export earnings could rise even further. Financial expert Aquila Ngonga emphasized the need for Zambia to invest in research, development, and skills to shift from exporting raw minerals to high-value products.

 “While expanding production volumes is important, the most crucial aspect is ensuring that our exports have high value, which could mean shifting away from traditional mineral exports and converting them into tech products and other value-added goods,” Ngonga told ZBT.

Ngonga noted that countries investing in advanced manufacturing and innovation have experienced stronger economic growth. “If Zambia is to overcome the debt crisis and boost domestic resource mobilization, we must invest in industrial capacity and become an export beacon for the region and beyond.”

Experts agree that while copper remains Zambia’s dominant export to China, leveraging policy changes and investing in value addition and innovation will be vital to driving sustainable growth and maximizing export earnings.

Article on Justine Phiri

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Business Times (ZBT) shows that Zambia exported

Sport

Boxing is ranked amongst the most prominent sports in Zambia, but its relevance has come under strain; struggling stables and empty coffers for the association have clamped its growth. After the demise of Commonwealth and ABU champion Lottie Mwale and Olympic gold medalist Keith Spinks Mwila, the boxing world has not been the same.

No one has come closer to emulating the legends; none have filled their shoes or gloves, a status quo that raises questions over why the sport that once beamed now remains below par. Not discarding the prowess of the new generation of boxers like David Mwale, who has done extremely well with his WBC Bantamweight title, and Patrick Baddo Chinyemba, who has now been ranked as number one in the amateur flyweight category, and many more boxers.

 The nation awaits to witness greatness, and the biggest challenge remains the lack of substantial funders. There are a few corporate entities that are funding the sport; perhaps the eyes have shifted to football.

Speaking in an interview with the Zambian Business Times, Olympians Association of Zambia President Jonathan Chipalo says the likes of Mwale and Chinyemba have the potential to step into the shoes of Lottie Mwale. Chinyemba, also renowned as Baddo, has, over the recent years, made something out of nothing, featuring two times at the 2020 and 2024 Olympics, a status that has now ranked him first in the world in the amateur featherweight category.

The ZBT has interviewed boxing stables numerously, particularly those in the outskirts, and the details are appalling, as most of them struggle to finance the talent that longs to burst to prominence. At the height of the challenges, Oriental Boxing Queries has stepped to the fore in organizing bouts, but they are not enough to revitalize the sport, as much of the grassroots remains untapped.

 Administratively, there are factions in the current administration and a lack of unity between ZBF and the Zambia Professional Boxing and Wrestling Control Board (ZPBWCB). Interestingly, the Zambian Boxing Federation revealed their renewed membership into the World Boxing Council (WBC), a development that is likely to boost the sport.  The plans are just plans without results, and the nation awaits to witness

Article by Samuel Mutale

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Boxing is ranked amongst the most prominent

Markets

Can Zambia’s Kwacha appreciate to K15 per US dollar? This question has attracted attention from financial analysts and the public alike, as the local currency posted a robust 14.8% gain against the dollar in the first quarter of 2026.

At the Bank of Zambia’s (BoZ) first quarter 2026 media briefing, Governor Dr. Danny Kalyalya announced that the Kwacha appreciated by 14.8% against the US dollar in Q1, a surge attributed to robust inflows from the mining sector and foreign financial institutions.

Despite the local currency currently trading at K18.9 per US dollar, financial experts are optimistic that continued positive performance in key economic indicators could see the Kwacha appreciate further, potentially reaching K14 or K15 per dollar.

 During the briefing, the Zambian Business Times (ZBT) asked whether this appreciation trend could be sustained, considering that inflation dropped to 6.8% in April and is projected to remain within the central bank’s 6–8% target band for the next eight quarters.

 In response, Dr. Kalyalya emphasized that exchange rate stability depends on more than just supply and demand. “Our job is to create a conducive environment by managing inflation within the 6–8% target band, keeping the budget on track, and above all, increasing export earnings, which is a reliable way to earn foreign exchange,” he stated.

Dr. Kalyalya noted that growth in non-traditional exports, such as avocados, chili, and beef, is vital to increasing forex inflows. “If more players take advantage of non-traditional exports, it will help boost foreign exchange receipts,” he said.

He added that the central bank’s Export Proceeds Tracking framework, introduced over two years ago, has improved visibility on export earnings. “This framework has provided important data on who is exporting, addressing the issue of whether export proceeds are actually returning to the country,” Dr. Kalyalya explained.

Article by Justin Phiri

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Can Zambia’s Kwacha appreciate to K15 per

Companies

Official government statistics show that Lusaka led provincial inflation rates in April 2026, recording an 8.6% year-on-year increase, more than double Luapula Province’s 4% rate for the same period. Of the overall annual inflation rate of 6.8 percent in April 2026, Lusaka Province accounted for the highest contribution at 2.5 percentage points, followed by Copperbelt Province at 1.3 percentage points.

 Central and Southern Provinces contributed 0.7 percentage points each, while Luapula and Northwestern Provinces recorded the lowest contributions at 0.2 percentage points each. Commenting on the figures in an interview with the Zambian Business Times (ZBT), economic analyst Samuel Lungu attributed the 4.6 percentage point gap to underlying structural differences between Zambia’s high-demand urban centres and its lower-demand rural economies.

 Lungu explained that the inflation disparity indicates rural Zambia remains relatively insulated from price increases, while urban households, particularly in Lusaka, are bearing the full brunt of rising costs in housing, fuel, food, and essential services.

“The significant inflation gap is both demand and supply driven, and Lusaka’s high population creates stronger pressure on prices compared to provinces like Luapula,” Lungu observed.

 He noted that Lusaka’s elevated consumption levels, limited housing supply, and escalating transport costs are key drivers pushing inflation well above the national average. “With limited housing and rapid urbanisation, costs such as rent, transport, and wages are significantly higher, and these feed directly into inflation in Lusaka,” he stated. According to Lungu, rural provinces are shielded by their reliance on subsistence living, where households depend less on formal markets and more on locally sourced food.

“Rural provinces have an informal buffer through peasant farming and informal trade, which dampens inflation compared to urban centres that depend on formal supply chains,” he stated. Lungu warned that if these disparities persist, Zambia risks deepening economic inequality. Urban residents would continue to face mounting living costs, while rural areas fall further behind in development—entrenching a structurally imbalanced economy increasingly driven by urban inflation.

Article by Phillip Sinkala

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Official government statistics show that Lusaka led

Lifestyle

President Hakainde Hichilema appointed Solwezi East Member of Parliament Dr Alex Katakwe as Minister of Health on March 13, 2026, replacing Dr Elijah Muchima who had served in the portfolio from July 2024 until February 2026 after taking over from Sylvia Masebo who held the ministry between September 2021 and July 2024.

Barely 2 months after his appointment, Dr Katakwe has found himself at the centre of controversy after allegedly suggesting during his farewell address that there was nothing wrong with public officials receiving “something for talk time” from members of the public as appreciation for services rendered.

The Minister’s remarks have triggered backlash from governance activists, State House and the Anti-Corruption Commission (ACC), with some accusing the minister of dangerously normalising corruption in a ministry already battling theft of medicines, procurement scandals and public mistrust.

Dr. Katakwe’s statement has also revived memories of the late former president Edgar Lungu’s controversial 2018 “ubomba mwibala alya mwibala” remarks, which then opposition leader Hakainde Hichilema strongly condemned as glorifying corruption and abuse of public resources.

In a sharply worded statement issued on February 11, 2018 on his official Facebook page, Hichilema accused Mr Lungu of confirming corruption within government, stating that public resources meant to reduce poverty were instead being diverted to individuals.

At the time, Hichilema warned that the remarks reflected a dangerous culture of self-enrichment and vowed that “we shall take decisive actions to stop Mr Lungu from further depleting our country’s resources.”

Now, eight years later, critics argue that Dr Katakwe’s comments appear to echo the same political language the UPND fiercely condemned while in opposition.

However, State House in a statement, quickly moved to distance President Hichilema from the remarks, reiterating government’s unequivocal zero tolerance stance on corruption.

State House further stated that there is no threshold of moderation adding that any benefit accepted by a public officer in connection with public service amounts to corruption and would not be tolerated.

And on May 18, 2026, the Anti-Corruption Commission (ACC) also issued a public statement warning that what may appear as appreciation or “talk time” can legally constitute gratification or a disguised bribe under the Anti-Corruption Act No. 3 of 2012.

The Commission further reminded public officers that the revised Code of Ethics prohibits civil servants from accepting gifts, rewards or benefits that may compromise judgement, integrity or impartiality.

Meanwhile, speaking in an interview with Zambian Business Times – ZBT, Advocates for Democratic Governance Foundation (ADEG) described Dr Katakwe’s remarks as extremely unfortunate and inconsistent with ethical leadership expectations.

ADEG Executive Director, Gideon Musonda said that his remarks would mean direct encouragement of civil servants to involve themselves in corrupt activities where a service is provided and expect something in return.

Musonda added that the comments risk damaging government’s anti-corruption credibility because the Ministry of Health has historically faced repeated allegations involving medicine theft, procurement irregularities and abuse of public resources.

“A wrong is a wrong no matter who commits it, and even if the minister is out of office now, he should come back to the public and retract that statement because it dents the image of the President’s fight against corruption,” he said.

Article by Phillip Sinkala

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President Hakainde Hichilema appointed Solwezi East Member

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