Overview

Zambia Sugar Plc is the largest cane sugar producer in Zambia.

Founded in 1964.

Headquartered in Mazabuka, Southern Province, with main factory and estate operations at Nakambala Sugar Estate.

Listed on the Lusaka Securities Exchange under the ticker ZSUG.

Ownership & Structure

75% of its shares are owned by Illovo Sugar Africa, with the remaining 25% held by institutional and private investors.

Operates under two main segments:

Cane growing — production of sugarcane from both company-owned estates and independent growers.

Sugar production & refining — processing of cane into various sugar products and downstream products such as syrup and molasses.

Products & Markets

Products are marketed under the Whitespoon brand, including refined sugar, brown sugar, household sugar, speciality sugars, syrup, and molasses. Some products are fortified with Vitamin-A.

Serves both the Zambian domestic market and exports to regional markets under SADC and COMESA trade agreements.

Production Capacity & Operations

Cane supply: around 1.9 million tonnes of cane processed annually from company estates and outgrowers.

Sugar production: approximately 450,000 tonnes of sugar produced each year.

Employment: about 6,700 people across permanent and seasonal roles.

Infrastructure: large sugar factory and refinery at Nakambala, extensive cane estates, and electricity co-generation during the crushing season to power operations and supply surplus for residential use.

Financials & Recent Performance

Revenue (FY 2024): about ZMW 7.53 billion.

Operating profit: around ZMW 2.57 billion.

Profit after tax: about ZMW 2.06 billion.

Assets: about ZMW 7.04 billion; Liabilities: around ZMW 2.13 billion.

Half-year to February 2025:

Revenue grew by ~22% year-on-year.

Operating profit dropped by about 32% due to higher input costs and currency depreciation.

Profit after tax declined, with earnings per share also lower.

Key Strengths

Market leadership as Zambia’s largest sugar producer.

Vertically integrated operations spanning cane growing, milling, refining, and downstream production.

Product diversification across multiple sugar types and value-added products.

Key Challenges & Risks

Rising input costs (fertiliser, fuel, machinery, energy, labour).

Currency depreciation affecting imported inputs and local earnings.

Weather variability impacting cane yields and production stability.

Electricity supply disruptions outside of the crushing season.

Recent & Strategic Moves

Expansion projects such as the Twazabuka Project to improve packing capacity and product availability.

Improved cane supply anticipated in the 2025/26 crop year thanks to favourable weather conditions.