Zambia Sugar (LUS:ZSUG) Operating Income: ZMW1,516 Mil (TTM As of Feb. 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

LUS:ZSUG Zambia Sugar PLC LUS:ZSUG
25 GF Score
Price ZMW69.97
! 1 Warning Sign
View Full Analysis

What is Zambia Sugar Operating Income?

Zambia Sugar LUS:ZSUG 25 Operating Income is ZMW1,516 Mil as of Feb. 2026. GuruFocus rates LUS:ZSUG with a GF Score™ of 25/100. The stock has 1 warning sign investors should review.

Zambia Sugar's Operating Income for the six months ended in Feb. 2026 was ZMW437 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Feb. 2026 was ZMW1,516 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Zambia Sugar's Operating Income for the six months ended in Feb. 2026 was ZMW437 Mil. Zambia Sugar's Revenue for the six months ended in Feb. 2026 was ZMW3,586 Mil. Therefore, Zambia Sugar's Operating Margin % for the quarter that ended in Feb. 2026 was 12.17%.

Zambia Sugar's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Zambia Sugar's annualized ROC % for the quarter that ended in Feb. 2026 was 7.92%. Zambia Sugar's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 was 13.39%.


Zambia Sugar  (LUS:ZSUG) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Zambia Sugar's annualized ROC % for the quarter that ended in Feb. 2026 is calculated as:

ROC % (Q: Feb. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Aug. 2025 ) + Invested Capital (Q: Feb. 2026 ))/ count )
=873.046 * ( 1 - 23.437% )/( (7770.666 + 9106.814)/ 2 )
=668.43020898/8438.74
=7.92 %

where

Invested Capital(Q: Aug. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=8786.958 - 0 - ( 1016.292 - max(0, 1627.335 - 4770.954+1016.292))
=7770.666

Invested Capital(Q: Feb. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=9187.582 - 0 - ( 321.579 - max(0, 2433.751 - 2514.519+321.579))
=9106.814

Note: The Operating Income data used here is two times the semi-annual (Feb. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Zambia Sugar's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Feb. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Aug. 2025  Q: Feb. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=873.046/( ( (3948.102 + max(2127.733, 0)) + (6605.161 + max(363.582, 0)) )/ 2 )
=873.046/( ( 6075.835 + 6968.743 )/ 2 )
=873.046/6522.289
=13.39 %

where Working Capital is:

Working Capital(Q: Aug. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(609.127 + 3145.311 + 0.224) - (0 + 0 + 1626.929)
=2127.733

Working Capital(Q: Feb. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(307.996 + 1709.366 + 175.578) - (0 + 0 + 1829.358)
=363.582

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Feb. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Zambia Sugar's Operating Margin % for the quarter that ended in Feb. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Feb. 2026 )/Revenue (Q: Feb. 2026 )
=436.523/3585.746
=12.17 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


Zambia Sugar Operating Income Related Terms


Zambia Sugar Operating Income Historical Data

* Premium members only.

The historical data trend for Zambia Sugar's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Zambia Sugar Operating Income Chart

Zambia Sugar Annual Data
Trend Mar16 Aug17 Aug18 Aug19 Aug20 Aug21 Aug22 Aug23 Aug24 Aug25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1,740.92 1,336.68 1,257.41 2,880.21 1,986.78

Zambia Sugar Semi-Annual Data
Sep15 Mar16 Sep16 Mar17 Feb18 Aug18 Feb19 Aug19 Feb20 Aug20 Feb21 Aug21 Feb22 Aug22 Feb23 Aug23 Feb24 Feb25 Aug25 Feb26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 592.54 1,342.84 907.50 1,079.29 436.52
LUS:ZSUG
25GF Score
Zambia Sugar PLC LUS:ZSUG
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Zambia Sugar Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Feb. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was ZMW1,516 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of ZMW1,516 Mil mean?
Zambia Sugar (LUS:ZSUG) has a Operating Income of ZMW1,516 Mil as of Feb. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Zambia Sugar and its competitors.
Is Zambia Sugar's Operating Income too high?
Zambia Sugar's current Operating Income is ZMW1,516 Mil. Overall, Zambia Sugar has a GF Score™ of 25/100, reflecting its overall financial health beyond just this single metric.
How does Zambia Sugar's Operating Income compare to ?
Zambia Sugar's Operating Income of ZMW1,516 Mil can be compared against companies in the Consumer Packaged Goods industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Consumer Packaged Goods company?
A good Operating Income depends on the Consumer Packaged Goods industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Zambia Sugar and its competitors. Zambia Sugar's current Operating Income is ZMW1,516 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Zambia Sugar stock overvalued right now?
Zambia Sugar (LUS:ZSUG) has a current Operating Income of ZMW1,516 Mil. The current Operating Income is ZMW1,516 Mil. Zambia Sugar's overall GF Score™ is 25/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Zambia Sugar (LUS:ZSUG), the current Operating Income is ZMW1,516 Mil as of Feb. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Zambia Sugar Business Description

Comparable Companies
Address Lubombo Road, Plot No. 118a, Nakambala Estate, PO Box 670240, Mazabuka, ZMB, 10101
Zambia Sugar PLC is a sugar producer based in Zambia, serving both the domestic and regional markets. Its wide range of sugar and sugar products includes direct consumption sugar enriched with Vitamin A, brown and household refined sugar, sugar for industrial customers, syrups, speciality sugars, and molasses sold as animal feed for both the local and export markets. These products are marketed under the Whitespoon brand. The group is comprised of the following business segments: Sugar Production, which generates the majority of its revenue, and Cane Growing. Geographically, it generates maximum revenue from Zambia, followed by Congo, Kenya, South Africa, and other markets.
25GF Score

Get the complete analysis for LUS:ZSUG

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

ZMW69.97
Price