Horticulture earns Kenya US$3.04bn as export markets become lucrative

KENYA - Kenya earned US$3.04 billion on account of good prices in the export market for the 2017 year, a 41% increase from the previous year, according to the market data from the Horticulture Department. This covers flowers, fruits and vegetables whose overall sales rose from US$2.15 billion in 2016 to US$3.04 billion last year…

Pioneer Foods signals higher profit of upto 44% for the first half

SOUTH AFRICA - The South African packaged goods company Pioneer Foods expects half year operating profit to increase 44% while headline earnings to go up 32% despite of a decline in revenue. Sales volume increased, while some of its main brands recorded a higher market share, others remained fairly stable promising a better first-half performance…

Pick n Pay reports 7% growth in net profit as a result of cost-cutting initiatives

SOUTH AFRICA - Pick n’ Pay, the second largest supermarket chain store in South Africa has reported almost 7% growth in net profit as a reward from cost-cutting programme and a steady 5% increase in sales, reported BusinessDay from a statement. “The group’s muted turnover growth reflects the pressure of an exceedingly challenging trading environment,…

Valio net sales jump 4.3% despite challenging market

FINLAND - Valio, the Finnish dairy manufacturer closed the 2017 financial year with 4.3% increase in net sales to US$2.10billion for the group after being able to pay the co-operatives a steady milk price despite unfavourable conditions in some of the markets. Apart from entering new consumer markets, Valio was able to introduce more than…

Zeder Ltd financial report falls from harsh macro environment impact results

SOUTH AFRICA - Zeder Investments Ltd., the South African company that focuses on agri, food and beverage sectors said its financial results for the year ended 28 February 2018 was impacted by challenging macro conditions. Most of its portfolio companies including Pioneer Foods, Capespan, Zaad and Agrivision Africa reported losses from the impact. According to…

Nestle reports a 2.8% organic growth with sales increase to US$22b

SWITZERLAND - Nestlé S.A, the Swiss transnational food and drink company has reported 2.8% organic growth, starting the year with 1.4% increase in sales to US$22billion. In 2018, Nestle is looking forward to 2-4% growth in organic sales, US$723 million in restructuring costs and increase its underlying earnings per share in constant currency and capital…

Unilever reports a 3.7% sales growth in first quarter results of 2018

LONDON - Unilever announced its results for the first quarter of 2018, with underlying sales growth of 3.7% which show good volume-driven performance across all its three divisions. According to the company, the Underlying Sales Growth (USG) excluding spreads was 3.7% with an encouraging shift to volume-led growth compared to the prior year. Across all…

Danone reports its first-quarter results with 10.8% increase in sales

FRANCE - Danone, a French multinational food-products corporation has reported its first-quarter results with a 10.8% increase in sales to Euro 6,085 million (US$7,477 million) boosted by its strong performance in infant nutrition foods in China. The company reported a strong start to the year with an increase of 4.9% sales growth and very strong…

Zimbabwe’s Delta Corporation revenue up 18% on beer volume growth

ZIMBABWE - Delta Corporation’s, the beer and soft drinks company of Zimbabwe revenue has increased 18% in the year to March 2018, attributed to higher beer volumes and growth in larger sparkling beverages. The Herald report cited a trading update for the fourth quarter and full year to March 2018, which included the results of…

Tesco reports 28% rise in annual profits boosted by high sales

UK - Tesco, the British multinational grocery retailer has announced a 28% rise in annual profits to US$2.02 billion, boosted by high sales of up to US$70.98 billion in ninth consecutive quarter of growth. The supermarket’s sales grew 2.8% more than expected in the last three months of its financial year while it made a…