27th Jan 2015 08:30
LONDON (Alliance News) - Shares in AfriAg PLC on Tuesday rose in early trade after the company reported a rise in air freight tonnage flown by its AfriAg SA business and said early trading for its AfriAg Marketing division is looking positive.
AfriAg said its AfriAg SA African agri-logistics business flew 1.07 tonnes of perishable produce in the first half to December 31, up 65% on the previous half-year and up 7% year-on-year.
The group said the drop in the oil price is also providing benefits for the company.
The majority of the goods flown were trucked by its fleet of trucks from farming and fishing operations in Mozambique, Zambia, Zimbabwe and South Africa, it said.
AfriAg also said its AfriAg Marketing business, created in August 2014, has performed well in its first five months and said it expects the unit to grow in line with its expectations.
In the first quarter of 2015, the company said the AfriAg Marketing business will focus on securing supply agreements for seafood products, though it said it would expand its product focus as the year progresses.
"AfriAg has seen a very solid performance in operations over the period and expects to see robust growth for the year ahead. The drop in global oil prices is improving performance on both the trucking and airfreight components of the business," said AfriAg Executive Chairman David Lenigas.
Shares in the company were up 8.2% to 0.395 pence in early trade, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Afriag Global