Zambia Sugar Hits One-Billion-Dollar Valuation
Zambia Sugar PLC has reached a major corporate milestone after attaining a market capitalisation of one billion United States dollars on the Lusaka Securities Exchange (LuSE), becoming the first company outside the energy and mining sectors to achieve this landmark valuation.
The achievement places Zambia Sugar in an exclusive club as only the third company on LuSE to exceed the billion-dollar mark, following Copperbelt Energy Corporation and ZCCM Investment Holdings.
Speaking at a bell-ringing ceremony held in Lusaka to commemorate the achievement, Zambia Sugar PLC Board Chairperson Roseta Chabala attributed the milestone to the country's improving economic outlook, which has created a more favourable environment for business growth and investor confidence.
Ms. Chabala praised the company for becoming the first firm outside the energy and mining sectors to reach the one-billion-dollar mark on LuSE, describing the development as a significant boost to Zambia's capital markets.
The company's market capitalisation has been propelled by a remarkable 40 percent increase in share price since the close of the 2025 financial year, rising from K48 to K67 per share. This growth has been supported by the strengthening of the Kwacha, which has appreciated nearly 10 percent since December 2025, reaching a fresh two-year high in early January 2026.
Thirty years after becoming the second company to list on LuSE, Zambia Sugar has demonstrated remarkable resilience and competitiveness in the global market. The company, which is 75 percent owned by Associated British Foods' ABF Sugar division and maintains a 25 percent free float, recorded revenue of K8.897 billion in its 2025 financial year, representing an 18 percent increase from the previous year.
Power Generation Expansion
In a major sustainability initiative, the company has announced plans to increase its power generation capacity from the current 40 megawatts to 53 megawatts by the end of 2026.
Zambia Sugar PLC Managing Director Oswald Magwenzi said the company also intends to expand power production to 60 megawatts by 2030 as part of its long-term sustainability strategy.
The expansion, which has received approval from the Energy Regulation Board for the first phase to 53MW, forms part of a broader US$132 million investment programme aimed at enhancing operational efficiency and increasing sugar production from 400,000 to 500,000 metric tonnes annually.
The company generates electricity through cogeneration technology, converting bagasse—the fibrous residue left after crushing sugarcane—into power. This process exemplifies circular economy principles, transforming agricultural waste into valuable renewable energy that contributes to national energy security at a time when Zambia is actively seeking to diversify its energy mix beyond hydropower.
Capital Markets Performance
LuSE Board Member Choongo Chiwabe commended both Government policies and Zambia Sugar PLC's resilience and competitiveness in the global market, saying the milestone reflects growing confidence in Zambia's non-traditional sectors.
The achievement comes as LuSE continues its impressive performance, with the exchange emerging as one of the world's top-performing stock markets. The LuSE All Share Index has surged significantly in recent years, driven by investor confidence, strong corporate results, and structural economic reforms.
Zambia Sugar, established in 1964, operates the Nakambala Sugar Estates in Mazabuka and is the largest single-mill cane sugar producer in Africa. The company produces sugar and sugar products under the renowned Whitespoon brand, which maintains a 96 percent brand preference among consumers.
As the largest employer in Southern Province with over 7,500 direct employees and supporting an additional 3,885 people through its extensive outgrower scheme, Zambia Sugar's success represents a significant economic contribution to the region and the nation at large.
The billion-dollar valuation milestone underscores the potential of Zambian companies to compete globally and demonstrates the maturation of the country's capital markets infrastructure.