Heineken records 5.37% rise in revenue in full 2017 year results

NETHERLANDS - Heineken has recorded 5.37% increase in revenue to US$27.4 billion and a 7.1% rise in profits to US$2.75 billion in its 2017 full year financial report. The company attributed its overall growth to various new ventures it undertook in key developing markets and numerous expansions in 2017. Heineken expanded its production capacity in…

US$4.9 million sweet potato plant spells promise for Meru farmers

KENYA - Sweet potato farmers in Meru are looking forward to a brighter future following the establishment of a plant to aid in value addition as a way to boost their earnings. Construction of a US$494,000 bakery and milling plant funded by the European Union (EU) through the National Drought Management Authority (NDMA) is already…

The drought will slow growth, warns Kaap Agri boss

SOUTH AFRICA - Agriservices specialist Kaap Agri, which has a strong retail offering, expects prolonged drought conditions in certain farming areas of the Western Cape to slow earnings growth in the first half of the financial year to end September 2018. Speaking at Kaap Agri’s annual general meeting in Malmesbury, CEO Sean Walsh expected growth…

Afdis records 56% earnings growth with buoyant product demand

ZIMBABWE - Spirits and wines maker, African Distillers Limited’s (Afdis) has said the demand for its products remained buoyant but could not be fully satisfied due to the inconsistent supply of finished products owing to the unavailability of foreign currency. Performance for the half year to December 31, 2017, was however considered satisfactory as the…

Nestlé reports lower than expected full-year results for 2017

SWITZERLAND – Swiss food giant Nestle has reported its full year results for 2017, reporting a 2.4% organic growth, below expectations, as the new CEO Mark Schneider reported the results after his first year in charge of the company. Weak sales growth in North America and Brazil were largely blamed for the company's slower growth,…

Sabir, Wilmar in disputes over share buyout at Cassation Bench

EHIOPIA - Sabir Argaw and his former partner Wilmar Group, in dispute over a share buyout for the past one year, have set out for another battle at the Cassation Bench. The Case reached the Cassation Bench two months ago when Wilmar appealed to the Bench displeased with the Supreme Court’s order in Sabir’s favour,…

Coffee earnings drop 13% on low international prices

KENYA - Coffee earnings dropped 13% in the four months to January as low international prices affected local sales. A market report by Nairobi Coffee Exchange (NCE) indicates the earnings dropped from US$55million in October last year to US$47 million in the period under review. Kenya’s coffee is mainly traded at the New York Coffee…

Unga share rallies to Sh39 after foreign buyout offer

KENYA - Unga Group’s share price rose to US$0.38 on the Nairobi Securities Exchange (NSE), nearly matching the takeover offer of US$0.39 per share that the miller received last week from Delaware-based Seaboard Corporation. Seaboard’s offer now represents a premium of just 2.56% when viewed against Tuesday’s share price. The development is expected to make it…