Savanna Beef swings to N$25.9m loss

Savanna Beef Processors Limited has reported a group net loss of N$25.9 million for the year ended 28 February 2026, widening sharply from N$1.2 million a year earlier, as the commissioning of its new abattoir and meat processing plant weighed on earnings.

The Namibia Securities Exchange-listed company said its operating loss increased to N$30.9 million, from N$13.2 million in the prior year. Loss before taxation widened to N$42.1 million, from N$1.2 million, before a tax credit of N$16.2 million narrowed the bottom line. Headline loss per share came in at 10.14 cents, compared with 0.50 cents a year earlier.

The company said its subsidiary, Savanna Beef Operations, received the taking-over certificate for the abattoir from its contractor on 29 October 2025, allowing the facility to be capitalised in full. The total project value came to N$436.5 million, including N$17.4 million in capitalised borrowing costs. The certificate was issued 67 days later than planned, and the contractor paid N$9.2 million in delay damages as a result.

By year-end, the subsidiary had slaughtered 1 764 large stock units and employed 130 people. All output was sold on the local market while the company pursued export accreditation from the relevant authorities. Administrative expenses included N$15.5 million in salaries, covering the subsidiary's full management complement.

On 9 January 2026, the company issued 40 million new ordinary shares at N$0.01 each, plus a premium of N$0.99 a share, to BPF Windsor Holdings Limited under a subscription agreement signed in October 2023, taking total shares in issue to 290 million.

The subsidiary operated at reduced capacity in February and March 2026 while awaiting export accreditation from the European Union (EU) and the Southern African Development Community (SADC). The EU accreditation was granted on 7 April 2026, and the SADC accreditation followed on 11 June 2026, opening the way for exports to the EU, the United Kingdom and other African markets.

No dividends were declared for the year.