Jumia yet to turn to profitability, reports 6.4% decline in Q1 revenue

AFRICA – The New York Stock Exchange listed Africa-focused eCommerce company, Jumia has posted first-quarter revenues of €27.4 million (US$33m), a 6.4% drop from the €29.3 million (US$35.3m) that it reported in Q1 2020. Interestingly, Jumia seems to have generated more revenue during the period under review from third party sales at US$24m compared to US$23m in Q1 2020. But the gains were wiped out by first-party revenue declining by 35% from US$12m in Q1 2020 to US$8m in Q1 2021. According to reports by Tech Cruch, the eCommerce giant…

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Kenyan firm Sasini bounces back to profitability despite decline in half year revenue

KENYA – Sasini, a Kenyan agricultural firm that produces and exports tea, coffee, macadamia and avocado has bounced back to profitability, posting a net profit of Ksh.122million (US$1.13m) in half-year period ended March 31 2021, a recovery from a Ksh13 million (US$121,000) loss attained in the same period last year. The firm, according to reports by Citizen Kenya, attributes the improved performance to gains from non-sales income, with the group ‘s operating activities yielding in gains of Ksh.177.9 million (US$1.66m) from a loss of Ksh.7.3 million (US$68,000) previously. The growth…

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Dangote Sugar records 41.5% growth in revenue catapulted by surge in commodity price

NIGERIA – Dangote Sugar Refinery, one of Nigeria’s leading sugar processors has reported a 41.5% surge in first quarter (Q1) revenue, for the period ended March 2021, to N67.39 billion (US$164m) compared to N47.6 billion (US$116.4m) earned in the same period in 2020. The rise in revenue is attributed to increase in sales volume as well as an uptick in price, reports Naira Metrics. During the period under review, the sugar producer witnessed its sales value increase by 41.5%. The company has indicated that it had no choice but to…

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National Foods reports 14% growth in volume despite being derailed by poor performance in maize category

ZIMBABWE – National Foods Holdings Limited, Zimbabwe’s listed agri-industrial concern has reported a 14.2% rise in volumes to 395 000 tonnes for the nine months to March 31, 2021, compared to the same period the previous year. However, excluding the maize category, growth is pegged at 47%. Meanwhile, for the third quarter volumes decreased by 2.4% to 131 000 tonnes but increased by 35 percent when excluding maize. “The maize division has had a difficult year. This has largely been due to the substantial volumes of maize meal imports from…

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Kellogg raises full-year outlook as following strong growth in Q1

US – American multinational food manufacturing company, Kellogg is upbeat about its full-year results after experiencing every successful first quarter. The company recorded a 5.1% net sales increase in the first quarter, following a strong performance by its cereals range and Pringles brand, particularly in Europe and the AMEA region. The company posted net sales of US$3.58 billion for the quarter, compared to US$3.41 billion the same time last year; witnessing strong growth across all regions and global categories.  The owner of Crunchy Nut and Frosted Flakes revealed that its…

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Rising costs take huge bite on Unilever Nigeria’s Q1 earnings resulting to 144% profit decline

NIGERIA – Unilever Nigeria, one of the leading players in the Nigeria’s consumer goods sector, has recorded a turnover of N19.4 bn in the first quarter of 2021, representing a 46% growth compared to N13.3bn recorded in the corresponding period of 2020. According to reports by Brand Spur, the rise is attributed to a 48% growth in sales. However, the gains were wiped out by a 51% upsurge in cost of sales, jointly driven by an increase in brand and marketing, overheads, and service fees which shot up by 63%,…

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Dairibord swings into loss despite 5% rise in revenue, shadowed by rising costs

ZIMBABWE – Dairibord Zimbabwe Limited (DZL), a leading dairy processor in Zimbabwe has reported a 5% rise in full year revenue for the year ended December 2020 to ZWL$5.2 billion (US$14.3m) from ZWL$5 billion (US$13.8m) reported in 2019. According to reports by News Day, the company’s earnings were boosted by local sales as export revenue was affected by border lockdown restrictions and was lower than the prior year by 6%. Despite the overall rise in earnings, the group’s sales volume was 12.5% below the previous year. The performance was particularly…

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Nigerian Breweries reports 26.9% Q1 revenue jump triggering impressive bottom-line growth

NIGERIA – Nigerian Breweries, subsidiary of Heineken International, has reported a 38.59% year-on-year growth in profit to N7.66 billion (US$18.7m) for the first quarter of 2021, up from the N5.53 billion (US$13.5m) reported in the corresponding quarter of 2020. The impressive bottom-line growth can be directly linked to the 26.98% increase in net revenue, buoyed by the increase in sales during the quarter. Its net revenue in q1 2021 was N105.68 billion (US$258.3m), up from the N83 billion (US$203.04m) it made from sales in the corresponding period of 2020. According…

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AB InBev names new CEO to succeed Carlos Brito, reports 17.2% rise in Q1 revenues

BELGIUM – Michel Doukeris, president of the AB InBev’s North America business, has been unveiled as the CEO designate, to take over from Carlos Brito who has been at the helm of the company for 15 years. Carlos Brito has been credited as the man behind Anheuser-Busch InBev transformation into the world’s largest brewer through a series of high-profile deals. Brito, a 60-year-old Brazilian, has worked with AB InBev for over 32 years and he oversaw the integration of U.S. brewer Anheuser-Busch with the Belgian-Brazilian conglomerate InBev. More recently, he…

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Endress+Hauser delivers strong performance in 2020 as China overtakes US to become company’s largest single market

SWITZERLAND – Endress+Hauser, a Swiss-based globally operating process and laboratory instrumentation and automation supplier, weathered the 2020 pandemic year well, managing to report sales higher than the industry average. According to a statement from the company, group’s sales for the year amounted to €2.577 billion (US$3.09bn). When compared to 2019, this was a 2.9% drop in revenue but Endress+Hauser notes that were it not for the heavy influence from exchange rate developments, the business would have almost reached the previous year’s level in sales. Endress+Hauser noted that Digitization which picked…

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