Zambia Sugar Celebrates US$1bn Milestone on LuSE
Zambia Sugar Plc has reached a historic milestone after surpassing the US$1 billion market capitalisation mark on the Lusaka Securities Exchange (LuSE), becoming only the third publicly listed company to achieve this landmark valuation.
The achievement was commemorated with a traditional bell-ringing ceremony at the Exchange. Speaking at the event, Zambia Sugar Managing Director, Mr Oswald Magwenzi, said the milestone was a clear reflection of the company’s resilience, consistency and strong growth trajectory over the years.
Mr Magwenzi noted that reaching the US$1 billion valuation shortly after the company’s 61st anniversary highlighted sustained performance and market confidence. He highlighted that Zambia Sugar’s profitability has continued to strengthen, growing from ZMW1 billion to ZMW2.6 billion, driven by disciplined execution and long-term strategic focus.
Board Chairperson, Ms Roseta Chabala, said the company was proud to join Copperbelt Energy Corporation Plc and ZCCM Investment Holdings Plc as the only LuSE-listed firms to cross the US$1 billion threshold. She attributed the achievement to continued investment in production capacity, a supportive investment climate, and favourable government policies.
Ms Chabala added that while Zambia Sugar’s Nakambala estate has a maximum production capacity of about 500,000 metric tonnes, current output stands at approximately 425,000 tonnes, with the company firmly focused on reaching full capacity.
Finance Director, Mr Hezron Musonda, said the milestone demonstrated strong investor confidence in Zambia Sugar’s business model and future prospects. He cited the rise in the company’s share price to ZMW75 per share, alongside improving economic fundamentals, as key drivers of the valuation.
Mr Musonda reaffirmed the company’s commitment to continued investment and value creation for shareholders and stakeholders.
Meanwhile, LuSE Board Chairperson, represented by Mr Chongo Chibawe, described Zambia Sugar’s achievement as a significant milestone for Zambia’s capital markets. He said the development highlighted the growing depth and maturity of the local stock exchange.
