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Johannesburg - Agricultural services group Afgri [JSE:AFR] posted a profit for the year ended June 30, it said in results released on Wednesday.
It said profit for the period was up 32%, headline earnings per share had risen by 6.0% while cash at the end of the period stood at R690m, an increase of 43%.
Afgri was committed to growing its investment in the food sector, having recently acquired Rossgro Chickens and the remaining
minority interest in Midway Chix, CEO Chris Venter said.
"Purchasing Rossgro Chickens is a strategic move for Afgri, by increasing the abattoir capacity to the intended goal of just over
a million chickens per week."
Afgri's overall poultry business was now more complete in its ability to supply day-old chickens and take these through to the
abattoir.
Venter said Afgri Financial Services, a provider of specialised finance to the commercial farmer countrywide, had displayed pleasing results for the period under review by returning to profitability.
Following the third successive year of a large maize crop, the Afgri silos contained nearly two million tonnes of grain at June 30 2010, more than in the previous two years.
"Unless significant opportunities arise to export maize from South Africa, these higher stock levels will be stored for a longer period of time, allowing the grain storage division to sustain its current levels of profitability," Venter said.
Following the global recession, Afgri had emerged a stronger and more aligned business, "with a clear vision of the future which
includes the grain value chain, expansion into the food sector and Africa, while remaining committed to South Africa".
It said profit for the period was up 32%, headline earnings per share had risen by 6.0% while cash at the end of the period stood at R690m, an increase of 43%.
Afgri was committed to growing its investment in the food sector, having recently acquired Rossgro Chickens and the remaining
minority interest in Midway Chix, CEO Chris Venter said.
"Purchasing Rossgro Chickens is a strategic move for Afgri, by increasing the abattoir capacity to the intended goal of just over
a million chickens per week."
Afgri's overall poultry business was now more complete in its ability to supply day-old chickens and take these through to the
abattoir.
Venter said Afgri Financial Services, a provider of specialised finance to the commercial farmer countrywide, had displayed pleasing results for the period under review by returning to profitability.
Following the third successive year of a large maize crop, the Afgri silos contained nearly two million tonnes of grain at June 30 2010, more than in the previous two years.
"Unless significant opportunities arise to export maize from South Africa, these higher stock levels will be stored for a longer period of time, allowing the grain storage division to sustain its current levels of profitability," Venter said.
Following the global recession, Afgri had emerged a stronger and more aligned business, "with a clear vision of the future which
includes the grain value chain, expansion into the food sector and Africa, while remaining committed to South Africa".
