11th Jul 2022 12:03
Woodbois Ltd - London-headquartered African-focused timber producer - Posts higher revenue as volumes of sawmill and veneer production grows. Revenue in the first half of 2022 jumps 38% to USD11.3 million from USD8.2 million a year ago. Gross profit margin rises to 23% from 20%.
Veneer production rises 50% over the year to 2,740 cubic metres, while sawmill production grows 37% to 9,565 cubic metres.
"The group continuously monitors exposure to customers in countries that are starting to experience an inflation-driven slowdown or import controls. We are pleased to note that pricing and demand for our high-quality products currently remains robust, particularly from the Middle East and growth economies of North Africa," firm says.
The company has a focus on Mouila, Gabon. Adds that 2022 is "on track to deliver strong revenue and profit growth". Chief Executive Officer Paul Dolan says: "Whilst there are many challenges ahead, the next step in our journey to scale the business is the full commissioning of our second veneer line in Mouila, Gabon, which we expect to contribute to a further increase in revenues, margins and profitability."
Current stock price: 5.47 pence, down 0.1% on Monday
12-month change: up 29%
By Tom Budszus; [email protected]
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