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Agriterra beefs up revenues

Agriterra, the agricultural and logistics company focused on sub-Saharan Africa, more than doubled its revenues in the first half of the year. The group revealed that record maize meal sales were achieved from its maize processing operations, and new monthly milling records were set.
Agriterra beefs up revenues

Agriterra (LON:AGTA), the agricultural and logistics company focused on sub-Saharan Africa, more than doubled its revenues in the first half of its financial year.

Revenues in the six months to the end of November clocked in at US$11.4mln, versus US$5.3mln in the first half of the previous financial year.

Euan Kay, Agriterra Executive Director said: "The first half of this financial year has been highly successful with our grain processing operations performing extremely strongly, and our beef operations expanding and beginning to generate material revenues for the group.”

The group revealed that record maize meal sales were achieved from its maize processing operations, and new monthly milling records were set.

In Chimoio, in central Mozambique, the company’s abattoir is now fully operational with production slaughter starting on December 3, while the retail unit opened for business on December 11.

"The investment programmes, which we executed at both our beef and grain operations, have created a solid foundation for sustainable growth and expansion, and this is now translating into significant revenue generation. As our abattoir operations continue to build towards full capacity, and our retail units take market share, our turnover and margins should continue to grow, significantly enhancing shareholder value and strengthening Agriterra's position as a pan-African agriculture business," Kay said.

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Article
December 12 2012

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