Category: Financials & Economy

Olam’s 2020 annual report, a reflection of a company committed to sustainable growth

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SINGAPORE – Global food and agri-business company Olam International has released its 2020 Annual Report, highlighting its key achievements for the year with a particular focus on financial achievement and progress in sustainability commitments. The company noted in its report that it successfully navigated the pandemic and emerged stronger, with a robust operational financial performance in 2020. The company’s overall annual revenues went up 8.6%, totaling US$35.8 billion, including US$12.5 billion for its food division, despite the ongoing coronavirus pandemic. In the report, Olam was also proud of the significant…

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Cadbury Nigeria reports 10% decline in full year revenue while Unilever Nigeria registers 2% top-line growth

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NIGERIA – Cadbury Nigeria, subsidiary of snack and confectionery firm Mondelez International has reported a 10% decline in full year revenue for the period ended December 2020, to N35.41 billion (US$86.5m). The decline, according to Naira Metrics was occasioned by the decrease in domestic and export sales, spearheaded by the impact of COVID-19, which further affected its profits. The maker of hot chocolate beverage suffered an 83% decline in profit to N172.67 million (US$422,000). Cadbury’s profitability thrives on high volume and high revenue as FMCG profit margins are usually rather…

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Innscor Africa reports 45% growth in half year revenue boosted by improved performance across most categories

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ZIMBABWE – Innscor Africa Limited, an expansive manufacturing and retail conglomerate in Zimbabwe, has reported 45% growth in half year revenue for the six months to December 2020. The rise from ZWL 19.1 billion (US$52.7m) of the corresponding period in 2019 to ZWL 27.7 billion (US$76.5m) was driven by strong volume performance across most units, the removal of subsidized pricing on certain core product categories, and pricing policies that were implemented to secure inventory replacement. According to the company’s financial statement, the operating environment was characterized by fragile macro-economic environment…

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Simbisa Brands showcases stellar performance recording triple digit rise in revenue

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ZIMBABWE – Simbisa Brands, Zimbabwe’s largest fast-food restaurant operator has reported a 101% rise in the group’s half year revenue for the period ended 31 December 2020 to ZWL 8 billion (US$22.1m) from ZWL 3.9 billion (US$10.7m) of the corresponding period in 2019. The growth in earnings was reflected in its home country Zimbabwe, recording a 44% rise in revenue mainly driven by a 56 percent increase in average spend despite customer counts falling by 7% year on year. Its overall operating profit increased by 75% while profit attributable to…

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General Mills Q3 profits jump 27% buoyed by elevated at-home food demand

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US – American multinational food company General Mills has posted a 27% rise in third-quarter operating profit, as it continues to benefit from elevated at-home food demand driven by the pandemic. For the three months ending 28th February 2021, the company recorded an operating profit of US$827 million while sales increased 8% to US$4.5 billion. The company’s biggest unit – North American retail – recorded a 9% increase in net sales to US$2.37 billion while the unit’s meals and baking segment rose 15% and US cereal went up by 9%.…

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Zimbabwe’s National Foods reports 25% rise in volume on back of reduced inflation

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ZIMBABWE – National Foods, one of Zimbabwe’s largest food manufacturer has reported a 766% rise in half year revenue to ZWL 12.682 billion (US$35m) in historical terms, for the period ended December 2020. According to the company, the period saw a significant stabilisation in the economic environment, mainly brought about by reduced inflation following the introduction of the foreign currency auction. Volumes for the period increased by 25% to 264,000 tons compared to the prior period, reflective of the company’s pricing strategy as well as the improved consumer purchasing ability…

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African Distillers Zimbabwe appoints Stanley Muchenje as Managing Director

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ZIMBABWE – Zimbabwean wine and spirits manufacturer, African Distillers Limited (Afdis) has announced the appointment of Stanley Muchenje as the Managing Director of the company with effect from 1 April 2021. Stan will be taking over the helm of the organization from Cecil Gombera who retires from the company effect from 31 March 2021. Cecil joined the Afdis in October 2012 as the Chief Operating Officer. On 01 July 2013 he was appointed as the Managing Director, a position he held for 8 years. “The Board is grateful to him…

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Food inflation rate in Nigeria swell to 15 year high impacted by border closure, COVID-19

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NIGERIA – Nigeria’s food inflation rate surged to 21.79% in February 2021, which is the highest rate recorded in the country since October 2005. The February 2021 CPI and Inflation Report as released by the National Bureau of Statistics (NBS) revealed that the rise in the food index was caused by increases recorded in the prices of bread and cereals, potatoes, yams, and other tubers. Also, the increase in the prices of meat, food products, fruits, oil, and fats, vegetables, and fish contributed to the recorded spike in the food…

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Zimbabwe’s leading beverage manufacturer Delta Corporation expands soft drink distribution network

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ZIMBABWE – Delta Corporation Limited, leading manufacturer and marketer of beverages in Zimbabwe has received the approval of the Competition and Tariff Commission (CTC) to expand its soft drink footprint and distribution network in Manicaland province. The beverage maker is involved, through its principal subsidiary Delta Beverages, in the brewing of lager and traditional beer and the bottling of soft drinks under licence from the Coca Cola Company. Following the approval, The Coca-Cola Company has extended its sparkling beverages franchise arrangements to cover the Eastern part of Zimbabwe. This cements…

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Astral Foods expects its half year profit to nearly half impaired by COVID-19, high feed costs

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SOUTH AFRICA – Astral Foods Limited (Astral), South Africa’s leading integrated poultry producer has warned of a sharp fall in profits for its six months to end-March, as the owner of Goldi Chicken and County Fair brands struggles to recover increases in feed costs due to constrained consumer spending. The JSE listed company said in a trading update that headline earnings per share is expected to fall by no more than 45% on the comparative previous interim period’s results of 951 cents per share, coming in at least 523c per…

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