Hindustan Unilever posts 19.5% rise in profit to US$207m in second quarter

INDIA - Mumbai based consumer goods company, Hindustan Unilever has reported a 19.51% increase in net profit to US$207.33 million on account of double-digit growth across categories in the second quarter. According to the company’s regulatory filings, sales during the quarter under review stood at US$1.24 billion against US$1.11 billion in the year-ago period, up…

Agricultural Trust disburses US$87m for boosting agric development operations

ZIMBABWE - The Zimbabwe Agricultural Development Trust (ZADT) has provided US$87.5 million towards funding small-holder farmers and agribusinesses as it seeks to boost their operations. The Herald reports the disbursement goes to almost 530,000 beneficiaries, 26% of which are women, something in line with the government’s drive to economically empower women. According to ZADT chief…

Agricultural regulatory body AMA raises US$75m for grain procurement

ZIMBABWE - The Agricultural Marketing Authority (AMA) of Zimbabwe has raised US$75 million for grain procurement, about a month after it issued agro-bills to purchase maize from farmers. A statement from its financial advisor, CBZ Bank said that the authority sought to secure the funds for buying maize through the grain trade and marketing company,…

Pick n Pay’s half year profits grow 19.1% on gains to price cuts

SOUTH AFRICA - The retailer supermarket Pick n Pay has said that half-year profits before tax grew by 19.1% to US$47.17 million boosted by massive price cuts that attracted more shoppers into its stores, reports IOL Business report. Headline earnings per share grew by 80.5%, excluding the impact of voluntary severance costs from last year’s…

Arla Foods Ingredients wins award for innovative infant formula development

UK – Arla Foods Ingredients (AFI), global leader in natural whey ingredients for products in a range of categories, has been recognized with the 2018 Global Product Leadership Award for developing an innovative infant formula ingredient, Lacprodan OPN-10. According to the company, this recognition was based on the recent analysis of the global infant nutrition…

Hearthside Food Solutions signs agreement to acquire Greencore USA

USA - Hearthside Food Solutions, a leading contract manufacturer, has announced the signing of a definitive agreement to acquire Greencore USA, a leader in frozen contract packaging and a top producer of refrigerated, fresh-made sandwiches, entrees, and salad kits. According to the company, the transaction marks a significant step in the further growth and development…

Famous Brands earnings to be hit by US$61m impairment from UK Gourmet Burger

SOUTH AFRICA - South African restaurant franchisor Famous Brands has announced that it expects to register US$61.06 million (R874m) impairment from its UK restaurant business, GBK which has failed to meet performance expectations, according to IOL Business Report. Gourmet Burger Kitchen it acquired in 2016 for US$146.6m has been recording losses as trading conditions continue…

RLJ Group to invest US$100m in revamping fishing industry

LIBERIA - The government of Liberia is set to receive US$100 million investment into the fishing industry from RLG Group, an innovative business network that provides strategic investments in a diverse portfolio of companies. The proceeds will go towards improving the fish industry through the development of fishing depots and the building of fish processing…

Parliament approves US$10m Agro-Business financing agreement with IDA

SIERRA LEONE - Members of parliament of the republic of Sierra Leone have approved the US$10 million agro-business financing agreement between the government and the International Development Association, reports Concord. The investment aimed at improving the agro-business sector, will focus on promotion of an enabling environment and reduce the burden and constraints faced by agro-business…

Müller Milk & Ingredients completes Dairy Crest integration, appoints new CFO

UK - Müller Milk & Ingredients (MMI) CEO Patrick Müller has confirmed completion of Britain’s largest ever dairy industry integration, set out his strategy for the future of the US$1.96 billion fresh milk, cream, butter and ingredients business, and confirmed a key executive board appointment. According to the company, Brian Watson has been appointed as…