African Distillers Limited half year profits grow by 159% to US$7m

Zimbabwe – Zimbabwean wine and spirits manufacturer, African Distillers Limited, recorded profit after tax amounting to US$7 million during its six months to 31st December 2018 against US$2.7 million recorded in the prior year, representing a 159% increase. The alcoholic drink manufacturer said that the remarkable performance was fuelled by increased revenues and cost containment…

South Africa’s Pioneer Foods reports 7.8% growth in turn over

SOUTH AFRICA – Pioneer Foods, a South African food and beverage company has reported a 7.8% increase in its turnover during the four months ended 31st January 2019 period reports Business Day. The packaged food company attributed the performance to the increased prices of bread prices, wheat flour, rice and export fruit in its operating…

Nestle India reports 9.6% growth in profits to US$47.96m in Q4

INDIA – Nestle India reported a 9.6% growth in net profits to US$47.896 million for its fourth quarter period ended 31st December 2018 up from US$43.76 million posted in the corresponding period in its previous financial year. The company total revenues in the period under review increased from US$417.16 million against US$372.26 posted in the…

Nestle posts 2.1% increase in sales after a good year in China and N. America

SWITZERLAND – Global food and drink giant, Nestle has reported 2.1% increase in sales to US$90.89 billion in the year 2018 (compared to US$89.11 billion in 2017) with the acceleration helped by China and North America. During the period, the company saw strong internal growth, resulting to organic growth of 3%, thanks to strong performance…

Coca-Cola revenues decline 10% hurt by refranchising operations in the year

USA – The Coca-Cola Company’s net revenues declined by 6% in the fourth quarter and 10% to US$31.9 billion for the full year impacted by refranchising of company-owned bottling operations and currency headwinds. Concentrate sales grew 3% and this together with price/mix growth contributed to organic revenues which climbed 3% in the year. Operating margin…

South Africa’s poultry products firm Quantum Foods reports 13.6% decline in earnings

SOUTH AFRICA – Quantam Foods, a feed and poultry products firm in south Africa, recorded 13.6% decline in its egg business during the first four months to January 2019, reports Business Day. Compared to earnings in the corresponding period of the previous year, Quantam had posted a significant decline in earnings which it attributed to…

Zimbabwe’s grain millers association seek to set product prices

ZIMBABWE - The Grain Millers Association of Zimbabwe (GMAZ) has applied to the Competition and Tariff Commission (CTC) seeking to be allowed to set the prices products under their purview rather than have it done by a government-appointed body. According to NewsDay, GMAZ seeks the responsibility saying that the pricing of situation does protect consumers…

Kenya posts highest tea earnings in five years as production increases

KENYA – Kenya’s tea farmers earned US$1.4 billion in 2018 as a result of production recorded in the year despite a decline in the average prices of the commodity at the international market.    In 2018, the tea revenues rose to the highest recorded in the past five years representing an 8.5% growth by US$110…

Kellogg reports 4.2% growth in sales as restructuring costs bite in the Q4

USA - The Kellogg Company has posted 5.4% rise in sales growth for the year 2018 even as the fourth quarter continued to feel the impact of the costs of ongoing restructuring at the company. Sales in the fourth quarter grew 4.2% but were largely affected by the effects of a strong dollar and preparations…

Ghana seeks US$300m to prop up underperforming cocoa regulator

GHANA – Ghana has embarked on engaging lenders as it seeks to raise US$300 million in credit to support the country’s cocoa regulator, Cocoa Board (COCOBOD), which has been struggling with losses. Ghana Cocoa Board, is struggling to cover its expenses after keeping farmers’ minimum pay unchanged for three season straight, despite a decline in…