Business model

How we create value over the short-, medium-, and long-term.

Capital Inputs

Financial Capital
Our Financial Capital is made up of the cash generated from our operations as well as the debt financing, investment from our shareholders, and the grants and funds made available to us to grow and enhance our business.

Manufactured Capital
CBL’s Manufactured Capital is made up of all of our tangible assets; the property, equipment, and tools we use to produce and distribute primary agricultural products, and transform land use.

Intellectual Capital
Our Intellectual Capital consists of our strong historical brand reputation, 108 years of goodwill and expertise, continuous improvement of our farming practices, and automation and technological advancements. From optimizing farming operations to our internal financial record keeping, our effective systems and resourcing processes empower and enable our operations.

Human Capital
CBL’s Human Capital makes up the people we employ, the skills and expertise we bring, succession planning, and the costs to company to look after our teams and leadership capabilities. As part of our aim to move the Group towards becoming a learning organisation, we continually focus on growing and developing our employees. We believe in deploying the right people, in the right places, in the right roles.

Social and Relationship Capital
Forming strong partnerships with like-minded companies and community joint ventures is key to our ability to meaningfully contribute to food security. Our engagements with neighbouring land owners, communities, and regulatory bodies are essential to implementing our strategy.

Natural Capital
Our Natural Capital includes the land, water, energy, and fuel that we use to carry out our operations. Using these resources efficiently ensures better produce yields. Soil health remains critical to our capability to create sustained value. We optimise the land we use and develop to unlock potential.

Financial Capital

  • Borrowings: R219.0 million
  • Net debt: R145.4 million
  • Equity: R1 089.7 million

Manufactured Capital

  • Consolidated farm operations through community owned land: 3 705 ha
  • Owned property: 3 689.38 ha under irrigation
  • Capital expenditure: R57.3 million
  • Repairs and maintenance: R3.5 million
  • Value of property, plant and equipment: R751.3 million

Intellectual Capital

  • 108 years of farming experience
  • Expertise in farming practices
  • Well established and managed internal systems and processes
  • Investment in new technologies and innovation (Eswatini Solar Project): R16 million
  • Evolving strategy to enable our vision and purpose
  • Strong brand reputation

Human Capital

  • Our skilled and experienced people
  • Investment in training and skills development: R1.7 million
  • Number of employees: 2 356
  • Total employee remuneration: R239.5 million
  • Robust corporate governance and leadership structures

Social and Relationship Capital

  • Long-term relationships, partnerships, and joint-ventures
  • Broadly, our key stakeholder groups include:
    • Business partners
    • Communities
    • Employees
    • Shareholders and investors
    • Customers and suppliers
    • Government and regulators

Natural Capital

  • Electricity consumption
  • Water consumption
  • Fuel consumption (diesel)
  • Plant material for propagation
  • Fertilizer to maintain soil health
  • Pesticides and herbicides for yield protection

consistently unlock value for all our stakeholders through leading in sustainable vertically integrated food production in southern Africa.

Our key Business activities include the production of primary agricultural products and long-term property development

  • Developing farming operations to their utmost potential to produce and supply quality products
  • Empowering the best growers for the best yields
  • Unlocking value through land use transformation and optimisation
  • Leveraging partnerships and shareholdings in the value chain for greater vertical integration

Primary agricultural products:



Sugar cane

Deciduous fruit

Property development:

Residential units and developable land
We strive for excellence
We work smart
We act with integrity
Together we grow

Capital Outcomes

  • Revenue: R635.6 million
  • Operating profit: R97.9 million
  • Headline earnings: R41.6 million
  • CBL continues to unlock returns for our shareholders
  • Long-term financial sustainability

  • New acquisitions
  • Disposal of non-optimal assets
  • Creating commercially viable land through land use transformation and development

  • Continuously improved systems and new insights into monitoring enable the Group to better manage and enhance poor performing farms
  • Improved brand recognition and reputation enables us to scale our business

  • 1115 employees trained/upskilled/ redeployed
  • 13 Learnership opportunities/diplomas
  • 0 employees retrenched
  • Our low staff turnover of 2.2% reflects the sentiment that people want to work for CBL
  • Expertise and skills gained through everyday learning

  • CBL continues to establish valued partnerships and joint-ventures
  • Tax contributions: R19.9 million
  • B-BBEE status: Level 4
  • CSI Contribution: R1.8 million
  • Benefits to our partners through dividends

  • Improved efficiency and conservation processes for water and electricity usage
  • Soil health maintained through NPK inputs for better yields
  • Waste recycled through circular processes
  • Waste generated from internal operations.
  • As part of our commitment to respond to climate change, the Group has launched processes to measure and record our total GHG emissions.
  • Savings from our solar plant