Category: Financials & Economy

Astral Foods undertakes new executive appointments, introduces new role

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SOUTH AFRICA – Astral Foods Limited (Astral), South Africa’s leading integrated poultry producer, has appointed Mr. Gary Arnold, as the Chief Operating Officer (COO) of Astral with effect from 1 October 2021. This new position has been introduced with a specific mandate to optimise expansion opportunities and continuous improvement initiatives, whilst effectively allocating capital and human resources across all Astral divisions. Mr. Arnold, who is currently the Managing Director of Astral’s Agriculture Division, will continue to report to the Chief Executive Officer of the company. He has been with the…

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Dairibord reports 54.5% rise in interim sales volumes triggering jump in revenue to US$11.6m

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ZIMBABWE – Zimbabwe’s leading dairy processor, Dairibord Zimbabwe Limited (DZL), has show-cased a stellar performance in the first half year period ended June 2021, reporting a 65% rise in revenue to ZW$4.2 billion (US$11.6m) from ZW$2.5 billion (US$6.9m) registered in the corresponding previous year. The solid top line performance was a result of the 54.5% increase in sales volumes and moderate price adjustments to minimise margin compression. According to the company, demand was firm across all product categories, with sales volumes for the period being 54.5% above prior year, the…

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High perishables, groceries sales drive Libstar’s half year revenue growth by 8.7%

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SOUTH AFRICA – Libstar, one of South Africa’s leading Consumer Packaged Goods (CPG) manufacturers and distributors has reported an 8.7% rise in half year revenue to R5.1 billion (US$360m), boosted by growth from the food categories, which represent 93% of group revenue. The food category, comprising of perishables, groceries, snacks & confectionery and baking products, registered a revenue growth of 10.5%, benefiting from the much-improved food service channel demand and a resilient performance in the retail channel. The producer of Lancewood dairy brand and Finlar meat products, highlighted that revenue…

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RCL Foods register strong earnings growth despite chicken division lagging behind

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SOUTH AFRICA – South African food processor RCL Foods, has reported a 14% rise in full year revenue for the year ended June 2021 to R31.7 billion (US$2.21 billion). More notable is that the group almost posted an eight-fold increase in headline earnings by 736% to R958.1 million (US$66.94m), from a loss last year after write-downs of around R1.5 billion (US$104m) due to the Covid-19 financial fallout. Earnings before depreciation, amortisation and impairment (Ebitda) was up 47.3 percent to R2.51 billion (US$175m) and headline earnings per share jumped 723.7% to…

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Hormel Foods Q3 sales surge driven by a rebounding foodservice sector

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USA – American food company Hormel Foods has seen Q3 sales surge mainly driven by a rebounding foodservice business which delivered a 45% rise in sales when compared to the same period last year.   According to the financial results of the Minnesota-based company, sales for the quarter rose sharply to US$2.86 billion from US$2.38 billion the year prior.  The sales surge was attributed to consumer demand across the company’s portfolio as sales rose in all four business units, pricing actions on almost every brand, and several weeks operating the recently acquired Planters business.  “Now more than ever,…

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Pernod Ricard buys minority stake in Sovereign Brands, expresses confidence on sales momentum as US, China lift profits

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US – French alcoholic beverage company Pernod Ricard has acquired a minority stake in wine and spirits company Sovereign Brands, starting off a long-term partnership aimed at creating business opportunities between Sovereign Brands and Pernod Ricard in the future.  Sovereign Brands creates new wine and spirits brands and boasts of an impressive portfolio of products including Luc Belaire sparkling wine and Bumbu rums. The company says it builds each of its brands “from the ground up”.  Following Pernod Ricard’s investment, the two groups will continue to operate independently as the agreement does…

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Campbell full-year sales decline 2% as pandemic boom wanes and inflation sets in

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USA – American processed food and snack company Campbell Soup has recorded a 2% decline in full-year net sales as markets return to normalcy following a pandemic boom in 2020 that saw sales for food companies sky rocket.  Revenue for the year stood at US$8.48 billion and Campbell says that three quarters of its brand portfolio grew or held share, “demonstrating strong underlying brand health and momentum”.   The company’s meals & beverages unit witnessed net sales fall by 2%, mainly due to declines in foodservice, partially offset by growth in V8…

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Coca-Cola Europacific Partners half year profits jump 58% driven by market rebound in Q2

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UK – Coca-Cola Europacific, one of the largest anchor bottlers of Coca-Cola, has seen its half year profits jump 58% driven by a strong market rebound in Q2, reflecting the easing of pandemic restrictions in Europe and Asia Pacific regions.  As pandemic restrictions eased, more people were able to eat away from home (AFH) leading to CCEP recording sales of 1.442-billion-unit cases during the quarter ending July 2.  The jump in unit cases sold led to the group recording a record €6.974bn (US$8.26bn) in revenues, an 11.5% jump when compared to the same period…

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Massmart’s half-year losses narrow as turnaround strategy takes shape

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SOUTH AFRICA – Struggling South African retail giant Massmart is starting to see returns from its turnaround strategy with losses narrowing by 8.1% in the first half of 2021 financial year.  According to a release from the company, the group incurred a net loss of R1. 0725 billion (US$74.26 million), a slight improvement from the prior year loss of R1.1668 billion (US$115.5 million).   Even with the company recording net losses, other parameters show that the much-vaunted turnaround strategy under the captainship of CEO Mitchell Slape is starting to yield some results.   Massmart for instance recorded a…

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Sea Harvests half-year revenues up 5% despite pandemic severely impacting aquaculture segment

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SOUTH AFRICA- The Sea Harvest Group, a leading seafood and branded fast-moving consumer goods (FMCG) agri-business in South Africa, has posted strong half-year results despite headwinds experienced in its aquaculture segment.  According to a statement from the company, group revenue for the period increased 5% to R2.1 billion (US$140 million) with headline earnings surging 19% to R202 million (US$13.95 million). Earnings per share increased 27% to 77.7 cents per share.   Sea Harvest noted that its half-year results were driven by “consistent performances” from its South African fishing segment, the Cape Harvest…

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