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Afgri confident on higher grain prices

Mar 02 2011 08:15 Reuters

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Johannesburg - Agricultural services group Afgri [JSE:AFR] on Wednesday posted a slight drop in first-half earnings and said it was bullish on the current six months on the back of higher grain prices.

Afgri said headline earnings per share from all operations fell 1.3% to 44.6 cents.

Total revenue for the six months was down to R3.67bn from R3.82bn in the comparison period.

Afgri said it expects good results from its Afgri Foods division, should the country's economic growth be sustained.

An above average crop is once again expected this year, given little damage from excessive rain, the company said.

Sales in the company's retail stores rose in January this year compared to last year's, and the improved grain prices are expected to encourage farmers to invest in mechanisation equipment in the second quarter of this year.

The company declared an interim cash dividend of 24.15 cents per share.
afgri  |  agriculture
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