Category: Sugar & Confectionery

High volumes sales sweeten Dangote Sugar Refinery’s half year revenue rising by 27.8%

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NIGERIA – One of Nigeria’s leading sugar processors, Dangote Sugar Refinery, has recorded a double-digit growth in its half-year revenue for the period ended June 2021 to N131.95 billion (US$320m) in contrast to N103.23 billion (US$250m) recorded at the same period in the preceding year. The 27.8% jump in top-line performance is attributed to increase in group sales volume to 388,589 tonnes while production volume also increased by 7.6 per cent to 403,846 tonnes driven by operations optimization drive. The Nigeria Stock Exchange Listed company generates its revenue through the…

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Keurig Dr Pepper, Hershey report strong Q2 results as markets recover from pandemic downturn

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US – Leading producer and distributor of hot and cold beverages Keurig Dr Pepper (KDP) and multinational chocolate company Hershey have reported strong second quarter results boosted by recovering demand in major markets globally.  KDP, saw its Q2 net sales grow 9.6% to US$3.14 billion driven by what its executives describe as growth across its business segments.  Both of the beverage giant’s largest units saw overall net sales growth in Q2 with packaged beverages growing its net sales by 7.6%, while coffee systems recorded a 5.6% increase.  The coffee systems segment saw nearly flat pod volume…

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Utz Brands makes 3 executive appointments to oversee growth ambitions post public listing

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USA – Utz Brands, one of the largest snack food manufacturers in the United States, is bulking its executive ranks as it embarks on an ambitious expansion drive post public listing.   The company recently announced a series of appointments to its C-suite, including the appointment of a COO, a new position at the company, a CFO, and a chief people officer.   Cary Devore, who has been Utz’s CFO since 2019, has been promoted to the newly created role of COO, with his former position being filled by Ajay Kataria who is currently the executive vice president…

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Nestlé invests US$70m to expand US facility as Undercover Snacks secures funds to grow ‘better-for-you’ snack brand

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USA – Swiss-based food manufacturing giant Nestle has unveiled plans to invest US$70 million in expanding its facility in Burlington, Food Business News has reported.   Lauren Rubbo, a spokesperson at Nestle said that the expansion will lead to the addition of four new lines, new technology and infrastructure designed for refrigerated cookie dough.  According to the report, the plant, which for many years produced candy bars such as 100 Grand, Nestle Crunch and Buncha Crunch, will be retooled to begin production of Nestle Toll House refrigerated cookie dough.  The Burlington plant was not included in…

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Dangote, BUA, FMN prioritized sugar importers in Nigeria following massive investments in industry

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NIGERIA – The Central Bank of Nigeria (CBN) has restricted importation of sugar into the country to be only undertaken by the three major industry players i.e., Dangote Sugar Refinery Plc, Golden Sugar Company owned by Flour Mills of Nigeria Plc, and BUA Sugar Refinery Limited. The Apex bank in a circular titled: “Sugar Importation in Nigeria,” signed by the Director, Trade and Exchange Department, CBN, Dr. Ozoemena Nnaji, hinged its reason for selecting the aforementioned sugar manufacturers on the fact that they had made reasonable progress in achieving backward…

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Cargill invests US$45m into production of soluble fibres to meet Europe’s demand for low-calorie products

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EUROPE – American multinational food corporation Cargill is investing US$45 million into production of soluble fibers in an effort to meet demand for low calories products in Europe.  According to a statement from the company, the investment will be pumped into Cargill’s existing facility in Wroclaw, Poland where construction of a soluble fiber products line is already underway. The company is expecting its initial offerings to be fully commercialized in the second half of 2022.  The move marks the company’s first entry into the European soluble fibre market and comes amid a growing demand for reduced-sugar products. Demand for low-sugar products grows…

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Economic headwinds weigh down Tongaat Hulett’s performance widening its headline loss to US$75m

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SOUTH AFRICA – Sugar producer Tongaat Hulett, has posted a wider headline loss of R1.1 billion (US$75m) for its financial year ending March 31, 2021, compared to a headline loss of R285 million (US$19.5m) for the prior full-year. This saw the South Africa headquartered group, which was rocked by an accounting scandal involving former executives just over two years ago, reporting a headline loss per share of 822 cents, a dip from 211 cents of 2020. The company attributes the decline in performance to South Africa’s broader Covid-19 economic fallout…

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California Dairies launches sustainability initiative as Carma Chocolate’s sustainability profile hits 100%

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US – California Dairies, Inc. (CDI) a leading farmer-owned dairy cooperative in California has formally launched an initiative aimed at measuring, validating, and further improving sustainable business practices.  Under the initiative, CDI has assembled a team of experts in the field of sustainability to quantify the current baseline status of CDI’s supply chain in key areas of sustainability, as well as layout a roadmap of goals and targets going forward.  The dairy cooperative notes that priority areas including environmental stewardship, employee welfare, and animal husbandry will be considered by the experts when developing its new sustainability goals and…

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South African sugar manufacturing giants RCL Foods, Tongaat Hulett expect rise in full year earnings

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SOUTH AFRICA – RCL Foods, South African consumer goods and milling company expects its profit for the year ended June 2021, to exponentially rise by as much as 592%, boosted in part by strong recovery in sugar and baking segment. The owner of Selati sugar, Ouma rusks and Rainbow Chickens brands, indicated in a trading update that it expects its headline earnings per share to be at least 90 cents compared to 13 cents a year ago on a recovery in sugar and baking. Meanwhile, its earnings per share would…

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Hershey partners Land O’Lakes to drive sustainability in dairy, appoints Geetika Mehta as MD for India

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US – The Hershey Company, one of the largest chocolate manufacturers in the world, is taking sustainability efforts to the farm level through a new partnership with one of its main dairy suppliers Land O’Lakes.  According to a statement from Hershey, the partnership will see the two companies work on a new initiative to reduce greenhouse gas emissions at Pennsylvania dairy farms and improve water quality in the Chesapeake Bay watershed.   At least 119 Land O’Lakes member dairy farms in Central Pennsylvania that ship at least half of their milk to…

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