Kroger upbeat about 2021 fiscal year following an exceptional first quarter

US – American retail company Kroger has raised its annual forecast for 2021 after an exceptional first quarter that saw the company surpass its own guidance and Wall Street’s expectations.  Revenue for the Cincinnati based company came in above pre-pandemic levels at US$41.3 billion, surpassing the US$39.78 billion estimate that had been predicted by financial analysts.  To inject fresh energy to a struggling business, Kroger executives propped up the company’s online grocery business, expanding its grocery pick up service to 2,233 stores and increasing its delivery ability to 2,488 stores reaching 98% of its customers.  A partnership with Uk-based…

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Zambeef Products registers impressive bottom-line performance driven by poultry, retail division

ZAMBIA – Zambeef Products Plc, the integrated cold chain foods and retail business with operations in Zambia has reported a strong start of the financial year 2021, reporting 20% rise in revenue in Kwacha terms, in the half year period ended March 2021. The group’s revenue was ZMW2.150 billion a rise from the previous year’s ZMW1.79 billion. However, in terms of the US dollars, the company’s earning was down by 21% from US$129.2 million to US$102.5 million. The performance in US$ was adversely impacted by the steady depreciation of the…

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Rising demand of fish products boost Oceana Group’s bottom line performance recording 5% jump in profit

SOUTH AFRICA – Africa’s largest fishing company, Oceana Group, has continued its growth trajectory started three years ago, reporting a rise in profit before tax by 5%, headline earnings per share up 4%, and earnings per share up 13% at the interim stage. Group CEO, Imraan Soomra said that demand remained strong right across its product spectrum, despite the COVID related supply chain disruptions. “I am particularly pleased that we have maintained our growth trajectory in this environment, delivering further earnings growth after a strong performance last year. “Furthermore, we…

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Honeywell Flour Mills boasts of 73% rise in full year profit attributed to operational efficiency

NIGERIA – Leading flour milling company in Nigeria, Honeywell Flour Mills Plc has recorded an all-time high revenue of N109.5 billion (US$266.8m) in the year ended March 2021, reflecting a 36% jump over N80.4 billion (US$195.9m) posted in the previous year. The rise in earnings is attributed to increased production output and more efficient operational capabilities at its factories in Apapa, Sagamu and Ikeja. Despite the increase in production activities, challenges with forex and COVID-induced disruptions in global trade, affected the sourcing of raw and packaging materials leading to cost…

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Nampak turns to profitability courtesy of business restructuring move

SOUTH AFRICA – Nampak, Africa’s largest diversified packaging manufacturer, has recorded impressive results in the six months ended March 31, despite the ongoing restrictions on trading caused by the Covid-19 pandemic. The can maker’s headline earnings per share (HEPS) for the first half year period, has jump significantly to 17.6c, from 0.3c registered in the corresponding period in 2020. Growth in the group profitability was driven by its strategy to simplify and optimise operations, coupled with working capital management and prudent capital expenditure, which resulted in substantially improved cash generation.…

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Illovo Sugar Malawi registers marginal rise in revenue to US$93.26m on back of improved domestic sales

MALAWI – Illovo Sugar Malawi, the Malawian subsidiary of pan-African sugarcane grower and sugar producer, Illovo Sugar Africa, has reported a rise in Net profit for the six-month period to February 2021, amounting to K6.1 billion (US$7.64m) compared to K2.1 billion (US$2.63m) for the corresponding period. The listed sugar manufacturer has highlighted that its sales revenue remained relatively flat with sugar and molasses sales totalling K74.5 billion (US$93.26m), slightly up from K73.5 billion (US$92. 01m) in 2020, despite the COVID-19 challenges. Its operating profit rose to K10.6 billion (US$13.27m) against…

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Massmart shifts to bigger, upgraded Distribution Center enhancing service delivery

SOUTH AFRICA – South African retailer Massmart, has built a new state-of-the-art Distribution Centre (DC) in Brackenfell, Cape Town, featuring an eye-catching curved and seamless roof, measuring over 60 000m2. Under the roof, the DC is customized to suit Massmart’s needs with innovative modular mezzanine racking, allowing for easy expansion of picking areas to accommodate varying stock demand. With a capacity of 53 000m2, this is the second largest DC in the Massmart group, and a significant upgrade from the previous Airport DC that had a capacity of 19,500 m2.…

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Tate & Lyle’s profits jump 6% buoyed by strong growth in Food & Beverage Solutions

UK – UK -based food and beverage ingredient supplier Tate & Lyle has recorded a 6% jump in profit before tax for the year ending March 31st, the group has said in a recently released  statement. The rise in profits can be attributed strong growth recorded by Food & Beverage Solutions and a higher demand for the company’s new products. Tate and Lyle’s  Food & Beverage Solutions saw volumes rise 3% resulting in a 6% growth in revenues and a 12% jump in profits to £177m (US$250m). According to the…

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South Africa’s RFG Holdings weathers COVID-19 storm reporting 46% rise in earnings

SOUTH AFRICA – RFG Holding, South Africa-based producer of fresh, frozen and long-life convenience meal solutions, has reported a double-digit growth in earnings in the six months to end March, despite the impact of Covid-19 on its operations. The food producer has reported a 46.4% increase in headline earnings to R119 million (US$8.53m) and headline earnings per share has gone up by 46.2% to 45.6 cents a share. The owner of market-leading brands Rhodes, Bull Brand, Magpie, Squish, Bisto, Hinds and Pakco, increased operating profit by 14.9% to R185 million…

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Tiger Brands to accelerate innovation, production through launch of US$7m fund targeting food, beverage start-ups

SOUTH AFRICA – South African food manufacturing giant, Tiger Brands is seeking to launch a venture capital fund with an initial capital allocation of about R100 million (US$7.17 million), targeting food and beverage start-ups. The fund, according to reports by Money Web, will be launched in June and it will majorly focus on its home market, South Africa. The capital injection will also invest in technology sectors that are linked to areas which Tiger Brands operates in. “It aims to give food and beverage start-ups the much-needed capital they require…

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