DFSA join forces with Coega Dairy forming South Africa’s dairy powerhouse

SOUTH AFRICA – South Africa’s leading dairy companies, Dairy Farmers of South Africa (DFSA) and Coega Dairy have merged operations creating a new agribusiness venture in the region known as Dairy Group. Under the 50:50 partnership DFSA brings its over a century long experience as a market leader in the procurement of raw milk and supplying premium brands such as Clover, combining with Coega Dairy’s low-cost efficiency and house-brand knowledge. “The creation of Dairy Group means the industry as a whole has a better, clearer future growth path, which is…

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Agritech startup Clover raises US$5.5m in Series A funding round to scale operations

INDIA – Clover, a Bengaluru-based agritech startup has raised US$5.5 million from a pool of investors to further help the company accelerate growth of its farm network, and expand its B2B and B2C offerings. Clover raised the capital in a Series A funding round from private equity firm, Omnivore and existing investors including Accel and Mayfield. Founded by Avinash BR, Gururaj Rao, Arvind Murali, and Santhosh Narasipura, the startup partners with farmers across India to market premium quality, branded, greenhouse-grown fresh produce through B2B and B2C channels. Clover has centered…

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Sugar tax takes toll on South Africa’s Clover Industries Limited performance

SOUTH AFRICA – Clover Industries Limited, a South African branded consumer goods and beverages group, has revealed that sugar tax has continued to implicate on its performance shaving off US$2.98 million during its recent half year period. The Johannesburg Stock Exchange (JSE) listed group posted 4.1% growth to US$309.66 million during the six months 31st December 2018 period. However, clover said that costs of distribution increased during the period which in addition to the sugar tax introduced in April 2018 contributed to a decline in its net profit by 0.3%…

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Clover’s annual profit more than triples after a US$29m impairment in DFSA

SOUTH AFRICA – Clover Industries has reported that normalized annual profit more than tripled following the exit from the dairy business, Dairy Farmers of SA (DFSA) in which it recorded US$29 million impairment relating to a revolving credit loan given to the subsidiary. Normalised headline earnings per share (HEPS) rose to 206.9 cents for the year ended 30 June 2018, compared with 63.9 cents for the same period last year. Last year’s financial results were affected by severe drought but the period’s profits were boosted by recovery from drought and…

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Clover shares grow on expected increase in headline earnings

SOUTH AFRICA – The branded foods and beverages group, Clover Industries said it expects its headline earnings a share to increase by between 207.13% and 227.13% for the year to June, IOL reports. Following the announcement, its share price jumped by 2.14 % to $1.36 a share, from the previous price of $1.33. The release showed improved projections from the first trading update released at the end of June, where the group expected its headline earnings a share to increase by slightly more than 20%. “During the current period, a mix…

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Clover expects 20% increase in earnings on improved market conditions

SOUTH AFRICA – The branded foods and beverages group, Clover Industries Ltd expects headline earnings per share (“HEPS”) for the year ending 30 June 2018 to increase more than 20% stating improved market conditions in the period. In a trading statement released 28 June, the group said its earnings per share (Eps) would also lift by a similar margin during the period, which is 16.60cents higher than the 83.10c reported in June 2017. IOL Business reported that despite a positive outlook for the year, its stock continued was down with…

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Clover Industries partners with FUTURELIFE to launch new nutritional dairy drink

SOUTH AFRICA – Clover Industries Limited, the branded foods and beverages group has partnered with the South Africa’s functional food company FUTURELIFE to introduce Smart Drink, a nutritional dairy product to add to its portfolio of functional drinks. SMART DRINK is an enriched drink made of dairy and a combination of specialized starches (non-GMO), to resemble the taste and consistency of a drink made with Futurelife cereals and milk. It is a nutritionally complete on-the-go dairy snack available in a ready-to-drink format in three delicious flavors that is, milky chocolate,…

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Improvement initiatives push Clover’s revenue growth by 7.7%

SOUTH AFRICA – Clover S.A. Ltd, consumer goods and products producer reported 7.7% revenue growth to US$352.50 million in the six months to December, attributed to a series of efficiency improvement initiatives. The company’s operating profit shot up 14.8% to US$31.05 million, with headline earnings per share jumping 17.8%. Establishment of Dairy Farmers SA (DFSA) made a significant contribution to high revenues due to high volumes of raw milk collected through the program. This, together with initiatives to restructure the raw milk supply for the dairy segment allowed the company…

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Dairy producer Clover appoints Frantz Scheepers as CFO

SOUTH AFRICA – Frantz Scheepers has been appointed the new CFO of Clover Industries, replacing 2017 CFO Awards nominee, Elton Bosch. Starting 1 November, for two months, Scheepers will act as the CFO designate, working closely with Bosch to ensure a smooth transition. He will then formally take over as CFO, effective 1 January, also being appointed an executive director. Scheepers, a Chartered Accountant, joins the dairy products group from EY, where he has spent his entire career. This stands him in good stead, however, as he was EY’s lead…

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