Danone reports 4% sales growth in first-half results despite Moroccan boycott

FRANCE – Danone, a French multinational food-products corporation, has reported 4% increase in sales growth in its first-half year results despite Morocco being excluded. According to the company, the double-digit recurring EPS growth at constant exchange rate was up by 13.4% excluding Yakult transaction impact, with 4% increase in H1, 3.3% in Q2 on a…

Nestle inaugurates a new US headquarters in Arlington, Virginia

USA – Nestlé, the multinational food and beverage company, has inaugurated its new U.S. headquarters in Arlington, Virginia through a celebration that will convene Nestlé leadership and employees, elected officials and community members. According to the company, the new location in the Rosslyn neighborhood is home to Nestlé USA’s corporate functions, its Beverage, Baking &…

Tanzania initiates construction of US$2.19m abattoir and meat processing facility

TANZANIA - Tanzania’s Longido district council has initiated the construction of US$2.19 million facility that will act as an abattoir as well as meat processing facility in accordance with the industrialization agenda. According to Daily News, this was in line with President Magufuli’s initiative to have more than 100 new industries in every region by…

Nigerian Breweries profits fall 22% on new duty and tax revisions in the quarter

NIGERIA - Heineken’s Nigerian Breweries has reported 22% decline in Profit After Tax (PAT) to US$49.78 million impacted by new exercise duty and higher tax rates on beer in the first quarter of this financial year. The federal government announced new excise duty rates on alcoholic drinks and tobacco, spread over a three-year period targeting…

Nigerian Breweries establishes new US$275.2m ‘Commercial Paper’ programme

NIGERIA - Nigerian Breweries Plc, a subsidiary of Heineken N.V. Group has set up a US$275.2 million Commercial Paper (CP) programme to complement other sources of working capital, while diversifying its funding sources to include non-bank investors, the Guardian has reported. The programme would be issued in tranches or series with specified amounts, dates, discounted…

World Food Programme picks Uganda as global food procurement hub

UGANDA - The World Food Programme (WFP), world’s number one Zero Hunger campaigner has picked Uganda as the global procurement hub, providing more than 1,000 grain farmers with opportunity to benefit from local procurements. According to the Monitor, WFP has constructed more than 70 silos in the country for post-harvest management as part of the…

EABL revenues rise 5% on higher spirits as testing begins at new Kisumu plant

KENYA – The East African Breweries Limited (EABL), a subsidiary of the British multinational Diageo Plc, has reported 4.57% increase in revenue to US$731.8 million attributed to strong sales in its spirits segment and bottled beer in Kenya and Tanzania. The brewer is now banking on increased sales of its spirits in the region and a…

Seaboard Corp in a renewed bid to delist Unga after failed buyout

KENYA - Seaboard Corp, the American multinational conglomerate is planning to delist Unga Group from the Nairobi Securities Exchange (NSE) after a failed takeover bid of the Kenyan grain miller, according to Business Daily. The grain and commodity merchandising company is yet to face another stand-off with minority shareholders and investors who rejected its offer…

US Foods to buy Services Group of America’s Food Group of Companies for US$1.8b

USA - Food distribution company US Foods Holding Corp, has reported that it would buy Services Group of America’s Food Group of Companies for $1.8 billion in cash. With 12 distribution centers and more than 20 private brands, SGA’s Food had 2017 net sales of US$3.2 billion from its five operating units - Food Services…

Nigeria’s Coca-Cola bottler pledges continued investment in glass bottles

NIGERIA - Nigerian Bottling Company (NBC), the bottler of Coca-Cola has announced it will continue to invest in more ‘environmentally friendly’ packaging solutions especially glass bottle to tackle plastic pollution. The company has also pledged to provide customers with healthier drinks at the wake of a shift in tastes and preferences towards healthier and safe…