Here’s the latest in ESM’s regular series, Notes From Africa, which brings you the latest retail, consumer goods, and food and beverage stories from across the African continent. Past editions can be found here.
Kenya: Kakuzi Reports 48% Drop In Profit In 2021
Kenyan fruit producer Kakuzi has posted a profit of Sh319 million (€2.54 million) in its 2021 financial year – a drop of around 48% compared to the previous year. This result came as the company's export earnings were affected by a drop in avocado sales, which provides 60% of its turnover. Despite this underperformance, the company said it would pay a total dividend of Sh431 million, compared to Sh353 million a year earlier.
Mozambique: Norfund, Zebu Invest In Terramar
The Norwegian investment fund for developing countries (Norfund) and private equity fund manager Zebu Investment Partners have jointly invested in Terramar, a Mozambican company engaged in the import and distribution of frozen food and consumer products. Norfund has taken a $6 million stake in the business, with Zebu committing $12 million. Terramar which serves 60% of the local market for food and beverages, intends to continue its expansion in Mozambique, targeting underserved areas. It also plans to develop supply chains to local and regional markets. According to data provided by Norfund, the food and beverage market in Mozambique was estimated at $1.4 billion in 2020, and is expected to grow over the next few years to reach $2.4 billion by 2025.
South Africa: Tiger Brands Venture Capital Fund Invests In Herbivore Earthfoods
South Africa's Tiger Brands’s Venture Capital Fund has invest an undisclosed sum in Herbivore Earthdoods, a plant-based food company. Thanks to this partnership, the firm will capitalise on current and future trends within the plant-based food market. South Africa has a 57% share of the African plant protein market, which is expected to grow at a compound annual growth rate of 6.5% to be worth more than €514 million by 2023. Herbivore Earthfoods was founded in 2014, with the aim of making plant-based foods, milk substitutes, confectionery and protein substitutes accessible in South Africa.
Nigeria: Champion Breweries Sees Strong Profit In 2021
Nigerian beer and soft drinks manufacturer Champion Breweries has reported a jump in annual profit, as activities recovered following the COVID-19 pandemic. Net profit in the business reached ₦984 million (€2.18 million) in 2021, more than six times the result recorded a year earlier. This surge is in line with a boost in earnings to ₦10 billion (€22 million), up 42% on the previous year. Founded in 1974, Champion Breweries employs 150 people and markets its products under the Champion Lager Beer and Champ Malta brands.
Egypt: Edita Food Industries Posts 54.7% Rise In Profit
Snack foods producer Edita Food Industries (EFI) has generated a net profit of EGP 471.9 million (€23.5 million) for its financial year ended 31 December 2021, an increase of around 54.7% from the previous year. Its performance was driven by both higher volumes and higher prices, which led to a 30.6% increase in revenues to EGP 5.2 billion (€260 million). This result reflects the company's continued resilience in an unpredictable global trading environment. Founded in 1996, EFI distributes a range of products including packaged cakes, bakery and biscuits.
Kenya: Sweet Potato Processing Plant Commissioned
Kenya's national executive has launched a sweet potato processing plant in Migori County, in the southwest of the country. The Sh113 million (€900,000) plant was built with co-financing from the European Union. It has a processing capacity of 100 tonnes of sweet potatoes per day. The unit will take advantage of the large supply of raw materials in the region, which is the second largest producer of sweet potatoes in the country, with an average annual volume of 300,000 tonnes.
© 2022 European Supermarket Magazine – your source for the latest A-brand news. Article by Espoir Olodo. Click subscribe to sign up to ESM: European Supermarket Magazine.
