5th Sep 2018 14:29
LONDON (Alliance News) - Anglo African Agriculture PLC on Wednesday said it saw higher revenue from food manufacturing business as product sales rose in the third quarter of 2018.
Anglo African Agriculture holds 46.8% stake in Dynamic Intertrade Agri Pty Ltd.
The investment company said revenue from food manufacturing increased by 15% in the third quarter to ZAR11.15 billion or GBP560.5 million.
Tonnage of product sold also rose by 11% to 321 tonnes in the three months to the end of July from 288 tonnes sold in the same period a year ago. The company said Dynamic sales force was increased by three people during the period to delivering better performance over the next period.
"We are seeing a good uptrend in business activities from our core food manufacturing business in South Africa," said Chairman David Lenigas.
On Thursday last week, Anglo African Agriculture agreed to help fund the growth of the privately owned Kenya-based port & marine logistics company Comarco Group.
During this calendar year, the Comarco Group has secured some new contracts and re-signed most of its existing major port clients, Anglo African Agriculture said.
In June Comarco signed a contract for the handling and export of 200,000 tonnes of iron ore, which is expected to be completed before December.
Also, it secured confirmation of the extension of its stevedoring licence issued by the Kenya government to operate the Comarco port on a private basis.
"The Comarco commentary is important as the company is considering a secured loan to Comarco that, if closed, will be secured by a number of the port's assets. A strong Comarco provides a much better level of security for the proposed loan," added Lenigas.
Shares in Anglo African Agriculture were trading 3.1% lower on Wednesday at 0.53 pence each.
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