ZAM has reported results for the year ending September 2021. Despite another tough (albeit improving) macro year in Zambia, ZAM has delivered a very resilient performance highlighting its strong market position and operational management. The group has navigated high inflation, supply constraints, a consumer trading down, drought and load-shedding to deliver results that are slightly better than our expectations. Year-end net debt was in line and a comfortable 19% of equity. We slightly upgrade ....
