Shoprite’s half year sales grow by 7% despite dismal performance outside SA

SOUTH AFRICA – Africa’s retail giant Shoprite has reported a 7% growth in the group’s total sales to approximately R81.2bn (US$5.62b) in its half-year financial performance ending December 2019. The growth was driven its South […]

ADM’s Nutrition business delivers strong sales despite a fall in quarterly earnings

USA – Agricultural processor and food ingredient provider, Archer Daniels Midland (ADM) reported a 24% decline in net income to US$407 million during the third quarter ending September as the company battled through challenging external […]

Canadian agri-food company secures US$229m funding to support expansion

CANADA – La Coop Fédérée, a Canadian agri-food business has secured CAD 300 million ($229.1 million) in funding from four investors to support the company’s expansion strategy. The company said the proceeds from the subscription […]

Kellogg’s reports decline in profits amid lower sales in North America

USA – Kellogg’s, the Corn Flakes and Rice Krispies owner reported a 33.4 percent decline in profits in its third quarter as net sales in its largest market, North America, declined by 6%. The company’s […]

Baby formula maker China Feihe seeks up to US$1.14bn in Hong Kong IPO

CHINA – China Feihe, a Beijing-based infant milk formula producer, has initiated taking investor orders for its Hong Kong initial public offering (IPO) which could raise up to HK$8.9 billion (US$1.14 billion). According to a […]

Pick n Pay’s half year profits grow 19.8% as turnaround plan pays off

SOUTH AFRICA – South African retail chain, Pick n Pay has posted double-digits profit growth from 18.8% to 19.8% gross profit margin in the six months to end September following its turnaround strategy. Group trading […]

Fonterra offloads 50% stake in DFE Pharma in debt management strategy

NEW ZEALAND – Fonterra has agreed to sell its 50 percent stake in DFE Pharma, a joint venture with Royal Friesland Campina, for NZD 633 million (US$401 million). The 50% stake in DFE Pharma will be […]

Ghana’s cocoa regulator secures US$1.3bn loan to finance cocoa purchasing

GHANA – The Ghana Cocoa Board (COCOBOD) has secured US$1.3 billion from a consortium of 24 International French banks to aid in financing the purchase of cocoa in the 2019/2020 crop season. Sources at COCOBOB […]

South Africa’s Libstar to invest US$6.65m in upgrading three facilities

SOUTH AFRICA – South African food producer Libstar Holdings has announced that it will be investing a total of US$6.65 million in upgrading three of its facilities over the next six months. The company plans […]

Sea Harvest reports 86% growth in half year revenue boosted by acquisitions

SOUTH AFRICA – Sea Harvest, a South African seafood and fisheries group, posted 86 percent growth in half year revenues to R1.87bn (US$125.68m), buoyed by its recent acquisitions. During the six months period to end […]