Danone reports a 16.6% increase in sales, driven by China

FRANCE - Danone dairy company has reported a 16.6% increase in sales in the company’s Q3 2017 results, which brought the value to US$7.52, due to the strong performance recorded in infant formula sales in China. The strong performance was reflected in the company sales, as it recorded an increased 17.8% in the three months…

Flour Mills of Nigeria begins raising US$194m in rights issue

NIGERIA – Flour Mills of Nigeria has announced it would commence the process of raising additional capital through the rights issue and medium term notes (MTN). The company, following high bank charges, had been paying on borrowings, which drove costs of finance upwards for many years, It has authorised directors to raise up to US$110…

Dufil Prima Foods raises US$28m in rights issue

NIGERIA - Dufil Prima Foods Plc has successfully raised N10 billion (US$27.7m) under its N40 billion (US$110.8m) issuance programme. The Series 1 issuance achieved a 100 per cent subscription level with participation from a wide array of domestic (pension fund administrator, fund managers and commercial banks) and foreign investors. The Series 1 bond was issued at…

Fonterra increases annual revenues as profits decline

NEW ZEALAND – Fonterra, the world’s largest cooperative that processes milk and dairy products, has released its annual results which show a 12% increase in its revenue to US$17.6 billion, but with an 11% drop in its net profit after tax of US$682million due to lower margins. The giant dairy company however said it was…

Honeywell Flour Mills posts US$12m profit

NIGERIA - Shareholders of Honeywell Flour Mills Plc last Friday approved N475.812 million for the year ended March 31, 2017. The dividend, which translates to six kobo per share, was approved at the annual general meeting (AGM) of the company held in Lagos. The company recorded revenue of N53.23 billion (US$148m), up by five per cent…

General Mills reports a 4% decline in first-quarter results

USA – General Mills has reported a 4% decline in its net sales- down to US$3.77 billion in its fiscal Q1 with 3% operating profit decline, which was 16% down in constant currency terms. The company however has reaffirmed its fiscal 2018 full-year outlook including organic net sales down to 1 or 2%, constant-currency total…