Fonterra returns to profitability with 2% rise in sales volume, to sell DFE Pharma stake

NEW ZEALAND – The New Zealand dairy co-operative, Fonterra has reported a net profit after tax of US$54.7 million (NZD 80 million), up 123% boosted by increase in sales volume. In the six months ended January 31, revenue dropped 1% to US$6.63 billion (NZD 9.7 billion), impacted by the Consumer and Foodservice Gross Margin which…

Ghana’s cocoa regulator secures US$300m facility to boost cocoa production

GHANA - The Ghana Cocoa Board (COCOCBOD), the cocoa regulator in the country has signed a new 3-year receivables-backed trade finance facility of US$300m that aims to boost Ghana’s cocoa production. According to a report by GhanaWeb, the facility will be used to refinance Cocoa Bills raised by Bank of Ghana on behalf of COCOBOD…

General Mills third quarter sales rise 8% with strong contributions from Blue Buffalo

USA – The multinational consumer goods company, General Mills has reported 8% increase in net sales to US$4.2 billion in the third quarter, including contributions from Blue Buffalo Pet Products which it acquired in 2018. The period ended February 24, 2019 saw operating profit increase 14% while diluted earnings per share (EPS) of $0.74 declined…

UK Government pledges to set zero tariff regime on some imports in no-deal Brexit

UK – The UK government has pledged to set the majority of import tariffs to zero while maintaining tariffs for the most sensitive industries within the food, beverage and agricultural space. If the case that UK leaves the European Union with no deal, the government has said it will cut tariffs on a range of…

Norwegian seafood exports valued at US$1.8b in 2019 boosted by salmons

NORWAY – Norway has exported 406,000 tonnes of seafood valued at US$1.88 billion (NOK 16.4 billion) this year to February, supported by among other factors, strong salmon exports. In February, which Norwegian Seafood Council said was the best ever for Norwegian seafood exports, 198,700 tonnes of seafood with a value of NOK 7.8 billion (US$898.23…

SunOpta ousts CEO David J. Colo on poor results, divests soy and corn business

CANADA - Global organic food company, SunOpta has announced that it has terminated the tenure of president and chief executive officer, David J. Colo following disappointing financial results. The company which also cited desire for a change in leadership for CEO ouster, reported a loss of $117.11 million in the year ended Dec. 29, 2018…

Carlsberg revenues rise 3% in the year over good craft beer sales

DENMARK – Global brewer, Carlsberg has reported better results in the year where net revenues rose 3% to US$9.53 billion (DDK 62.5 billion) boosted by strong performance of its core and craft beer brands. Total organic volume grew 4.8% while the company reported 11% increase in organic operating profit. Craft & speciality portfolio delivered growth…

South Africa’s restaurant chain RocoMamas’ sales sink by 6.7%

SOUTH AFRICA – south Africa’s quick service restaurant, RocoMamas posted a 6.7% decline in its six months financial results for the period ending 31st December 2018, reports Business Day.    RocoMamas is a major growth engine for Spur Corporation’s restaurant group. Pierre van Tonder, Spur crorporation Chief Executive Officer said the decline in sales from…

Guinness Nigeria’s half year net profits grow 21% to US$7.2m

NIGERIA -  Guinness Nigeria Plc has reported a 21% growth in its net profits to US$ 7.2 million (N2.6billion) during its first half year period ending 31st December 2018 driven by a sharp decline in net finance charge by 73% to US$2.34 million, reports Beverage Industry News. The beer manufacturer said that lower finance charge…

South Africa’s wine exports records 4% growth as revenues hit US$700m

SOUTH AFRICA - South Africa posted a 4% increase in wine exports in 2018 generating US$700 million (R9.6 billion) despite declined production by wineries following the low yielding harvests due to regional drought, reports Business Day. According to Wines of SA Chief Executive Officer, Siobhan Thompson, the increase in the value of exports arose from…