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: Government Launches $1.3m Banana Processing Plant
A banana processing plant has been commissioned in Kisii County, located in southwestern Kenya. At a total cost of 158 million shillings ($1.3 million), the new unit will be able to process about 80 tonnes of bananas per day. It will rely on local farmers for its raw material supplying. This project is expected to tackle some challenges such as post-harvest losses, which are linked to the lack of processing facilities as well as poor storage conditions.
Sierra Leone: Kings Beverages Receives Financial Boost
Sierra Leone-based agribusiness company Kings Beverages has benefited from a $5 million loan from the International Finance Corporation (IFC) and the Global Agriculture, Food and Security Programme (GAFSP). With this funding, the company is aiming to complete the construction of its water and soft drinks facility. It will also introduce new product lines, and increase the number of fruit suppliers it uses from 40 to 150 by 2025. Kings Beverages was established in 2000 and is one of the biggest local players in the carbonated soft drink sector in Sierra Leone.
Nigeria: Cadbury Nigeria Reports Decrease In Profits In 2021
Cadbury Nigeria, a subsidiary of Mondelez International, has posted profits of ₦449.7 million ($1 million) for its financial year ended December 2021. This figure represents a decrease of 52%, compared to the same period last year. The underperformance was due to higher production costs, as raw material prices rose and logistics costs soared. This poor result was announced despite a 20% increase in sales to ₦42.3 billion ($100 million) over the period. The company is headquartered in Ikeja, Lagos State and its portfolio includes local gum and candy products.
Egypt: ON Market Raises $215,000 For Expansion
In Egypt, e-grocery marketplace ON Market has secured $215,000 for its expansion. The company intends to use this funding to expand into more cities such as Cairo, Alexandria, Tanta and Mansoura over the course of 2022. The company, founded in 2020, empowers grocery retailers with tech solutions to build and sustain online commerce and connects customers through its app with nearby grocery retailers. The start-up aims to capitalise on the widespread use of communication technology by consumers that has led to an increase in e-commerce activity.
Kenya: KMC Gets $12 Million Support To Strengthen Its Operations
Kenya Meat Commission (KMC) is to receive Sh1.4 billion ($12 million) to help it grow its business. The funding will be allocated through the Kenya Defence Force. With this money, KMC intends to improve the efficiency of slaughter and meat processing operations at its production plant based in Athi River town. The factory currently exports about 500 tonnes of fresh and frozen meat to the Middle East and the rest of Africa.
Zimbabwe: Dairibord Targets South African Dairy Market
Zimbabwean dairy products manufacturer, Dairibord Holdings has announced plans to start exporting its products to South Africa. This initiative will enable the company to diversify its product outlets and increase its export revenue. The company has already sent a visiting team to South Africa to establish contacts with potential local distributors for possible business partnerships. In southern Africa, Dairibord currently exports its products mainly to Zambia, Mozambique and Botswana.
© 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.
