21st May 2021 14:26
Agriterra Ltd - African agricultural company - Grain and beef divisions performed well in its recent financial year, despite the severe impact of Covid-19 and the recent surge in violence in northern Mozambique.
Says grain division sales volume up 25% to 25,389 tonnes in the year that ended March 31. The grain division performed better than in the previous financial year, with meal sales exceeding 2020 volumes by 25% to reach 25,389 tons.
Mozbife, Agriterra's beef division, posts sales 9% below the previous year but the bottom-line results are expected to be 33% better than 2020 driven by "aggressive cost cutting and efficiency improvements".
Non-Executive Chair Caroline Havers comments: "Recent months have posed numerous challenges to our businesses operating in Mozambique. Despite the significant and broad ranging difficulties, taking all factors into account, I believe that our whole team has performed fantastically to address these challenges."
Looking ahead, Agriterra says for financial year 2022, it aims to minimise the long-term impact of the pandemic on the business and to improve margins and overall business performance
Current stock price: 4.02 pence
Year-to-date change: down from 6.00p on December 31
By Will Paige; [email protected]
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