Campbell Soup’s CEO Denise Morrison retires abruptly

USA - US soup maker Campbell Soup has announced that its CEO Denise Morrison abruptly decided to step down effective today and she has been replaced by Keith McLoughlin, who joined the company's board in 2016, as CEO on an interim basis. In a statement Campbell Soup, maker of V8, Pepperidge Farm, Pop Secret and…

Dairibord’s revenue up 17% on overall volumes growth

ZIMBABWE - Dairibord Holdings, Zimbabwe’s leading processor of food and dairy has reported 17% growth in revenue in the first quarter ended April as compared to the same period last year. The company indicated that overall volumes grew 8% above same period last year while demand was firm across all categories, reported the Herald. During…

Walmart’s revenue beat forecasts reaping big on online sales

USA - The American retail giant, Walmart’s revenue rose almost 2% higher than the forecasts to US$122.69 billion boosted by US online sales which grew 33% in the quarterly results. Earnings were up to US$1.14 cents per share as opposed to US$1.12 per share forecast by Thomson Reuters. Walmart e-commerce push reaped well on high…

Famous Brands expects to report US$9.21m loss from Gourmet Burger deal

SOUTH AFRICA - The South African fast-food franchises, Famous Brands said it expected to report a US$9.21m operating loss from the UK acquisition of Gourmet Burger Kitchen (GBK) in the financial year ending February results. Business Day reported its share price fell 5.4% to US$8.03 on Thursday morning after it warned shareholders it expected to…

Morocco to receive US$236m from AfDB to reinforce agricultural value chains

MOROCCO - The Board of Directors of the African Development Bank, Côte d’Ivoire’s multilateral development finance institution has approved US$236 million loan for Agricultural development in Morocco. The funding will finance the Program for Supporting the Inclusive and Sustainable Development of Agricultural Value Chains (PADIDFA) while reinforcing sustainable job creation. The program aims to support…

China’s dairy market to reach US$54.9b with steady high value retail sales growth

CHINA - China’s dairy market will grow at a 6.6% CAGR in value to reach US$54.91billion in 2022 led by yogurt and cheese markets which are experiencing steady high value retail sales growth, according to a new research from Mintel. The report indicates that yoghurt maintains an annual retail sales growth of over 20% since…

Olam profit grows despite 10.5% drop in revenue for confectionery and beverage

SINGAPORE - The global agribusiness company Olam International, has reported profit growth in the 2018 first quarter results despite 10.5% drop in revenue for its confectionery and beverage segments on both lower volumes and prices. Olam reported US$274.18 million in EBITDA lower than that of Q1 2017 which stood at US$296.9 million. During the quarter…

Britannia embarks on global sourcing to cut costs with profits 25% higher

INDIA - The Indian biscuit maker and food products corporation has reported a 25% increase in net profit in the fourth quarter ended March 31, boosted by high demand met through a wide distribution reach across its market. Following a reformed tax environment that recognizes a uniform producer levy, Britannia said it was consolidating its…

Unilever Nigeria to sell Spreads business after 30% increase in turnover

NIGERIA - Shareholders of Unilever Nigeria Plc have approved the proposed sale of its spread business unit to Netherlands based consumer staples and packaged food company, Sigma Bidco. According to Vanguard, the company also unveiled its financial report, having recorded 30% increase in turnover to US$251.59 million from US$193.34 million in the previous year, 2016,…

Astral Foods manage improved results with 15% revenue increase despite bird flu

SOUTH AFRICA - Astral Foods, the South African integrated poultry producer has reported positive results, having managed 15% increase in revenue to US$535.93 million despite challenges with the Avian influenza in the period, according to IOL Business report. While operating profit grew by 392.6%, the group’s operating profit margin increased 15.7% as compared to the…