SOUTH AFRICA – Daybreak Foods’ CEO, Richard Manzini, is set to steer a transformative phase for the company following the Public Investment Corporation SOC Limited’s (PIC) approval of a ZAR 250 million (US$13 million) corporate loan.
This funding is a great step in Manzini’s efforts to regain financial stability and drive the business toward growth.
In a recent statement, Manzini acknowledged the challenges faced by Daybreak, stating, “It has not been an easy road for any of us at Daybreak. However, the confidence shown through the approval of this loan allows us to prepare the business for a working capital reset and position ourselves for a growth path.”
Since taking on the role of CEO in 2023, Manzini and his new executive team have focused on stabilizing the previously struggling poultry producer.
Their initiatives have not gone unnoticed, as Manzini was recently named Businessman of the Year by the BBQ Awards, recognizing his contributions to strategy, operations, leadership, and overall transformation in South Africa.
The funds will be allocated towards technology upgrades in Daybreak’s abattoirs and machinery, enhancements to a water treatment facility, and increasing the efficiency of chicken processing systems.
Operating across Gauteng, Mpumalanga, Limpopo, and KwaZulu-Natal, Daybreak Foods produces a diverse range of poultry products.
The company already has a presence in the South African egg market, which is projected to generate revenues of approximately US$0.31 billion in 2024.
This market is expected to expand annually by 8.21% from 2024 to 2029.
Gauteng leads as the largest egg producer in the country, holding a market share of 24%. It is followed by the Western Cape, Free State, and KwaZulu-Natal, which account for 19%, 17%, and 13% of the market share, respectively.
This financial injection, alongside ongoing restructuring efforts, is expected to pave the way for further investments aimed at expanding Daybreak’s focus as a protein foods enterprise. Earlier this year, the company had also explored a debt restructuring deal.
Manzini’s leadership has not only positioned Daybreak Foods for recovery but has also instilled confidence among investors while preserving over 3,300 jobs within the organisation.
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