Illovo Sugar (Malawi) plc outgoing managing director Lekani Katandula says he is proud to leave the Malawi Stock Exchange-listed firm in a stable financial position after spearheading its turnaround.
He was promoted to be Associated British Foods (ABF) chief financial officer effective January 2025. ABF is the parent company of Illovo Sugar Africa Group, whose subsidiary is Illovo Sugar (Malawi) plc.
In his address during a farewell cocktail in Blantyre on Wednesday, Katandula said he is happy to leave a legacy of having turned around the business that was nose-diving when he took over in 2020.
He said: “I remember then we had just announced that the expected profits would be down by 75 percent on the previous year. We were projecting that we would probably end up losing money.
“But from that point on, we embarked on a deliberate strategy of making sure that we are as close to our customers as we can and try to turn the business into one that is as efficient as it can get.”
Katandula said the business has turned to be much more profitable and has also shared that profitability with Malawians, having contributed more than K58 billion in taxes in the last financial year.
Illovo Sugar (Malawi) plc board chairperson Jimmy Lipunga said Katandula’s overall profile, his capabilities, intellectual capacity and professional journey impressed ABF Group.
“His legacy is one of spectacular performance and we are not surprised that our utmost shareholder noticed him,” he said.
Meanwhile, Illovo Sugar (Malawi) plc has appointed its financial director Kondwani Msimuko to be MD for the sugar manufacturer effective January 2025.
