2nd Apr 2019 11:58
LONDON (Alliance News) - Woodbois Ltd on Tuesday said it saw double-digit revenue growth in the first half of 2019, helped by improved trading activity.
Woodbois was formerly known as Obtala, but has changed its name on March 21 to better reflect its new strategy, which is focused on building an African forestry and timber trading platform.
The company said revenue in the three months to the end of March grew by 15% to USD4.5 million compared to USD3.9 million in the first quarter of 2018. The revenue increase was recorded from both trading activities and from sales of the company's own sawn timber and veneer production, it said.
During the period, Woodbois said it shipped a record 114 containers of sawn timber and veneers from its production facilities, more than doubled on the first quarter of 2018.
"This impressive step-up was achieved despite encountering some notable headwinds that were completely outside their control, such as the temporary closure of the port in Libreville while a container that had fallen into the harbour was located, as well as a strike by customs workers," Woodbois explained in the statement Tuesday.
Woodbois shares were trading 0.4% higher on Tuesday at 7.03 pence each.
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