Premier Group triumphs load shedding, rising inflation to post nearly 40% jump in annual profit

SOUTH AFRICA – South African food producer Premier Group has posted a near 40% jump in annual profit despite increasing commodity prices and rising inflation.

Premier Group produces food brands including Blue Ribbon, Snowflake, Iwisa, Mister Sweet, and Manhattan confectionery, as well as home and personal care brands Lil-lets, Dove Cottons, and Vulco.

According to the company, the headline earnings reported on June 6 correspond to earnings per share of 634 cents for the year ended 31 March, up from 453 cents a year earlier.

In addition, the company noted that the group’s revenue increased by 23.4% year-on-year to R17.9 billion (US$928 million), driven by increases in revenue in both the Millbake brand and the groceries at international categories of 25.4% and 14.5%, respectively.

will persist for the remainder of the year, the future performance of the group is not expected to be materially impacted. “

Recently, the company acquired the remaining half of Futurelife Health, eight years after buying its initial stake in the maker of nutrient-dense breakfast cereals and snacks, making Futurelife a wholly-owned subsidiary of Pioneer Foods.

The company, however, stated that like other food producers, Premier Group has had to endure soaring inflation and incessant power cuts.

“Loadshedding continues to impose multiple operational challenges … but despite indications that load shedding will persist for the remainder of the year, the future performance of the group is not expected to be materially impacted. “

Recently, the company acquired the remaining half of Futurelife Health, eight years after buying its initial stake in the maker of nutrient-dense breakfast cereals and snacks, making Futurelife a wholly-owned subsidiary of Pioneer Foods.

Tanzania to install 25 cassava processing plants to boost local production

TANZANIA – The Cereals and Other Produce Board (CPB) has identified 25 areas where it will build cassava processing facilities, as part of efforts to boost cassava production and ensure markets for local farmers.

Tanzania is the twelfth largest producer of Cassava in the world and sixth in Africa after Nigeria, DRC, Ghana, Angola, and, Mozambique.

Mr John Maige, the board’s acting director general, revealed that the processed cassava is expected to be blended with maize flour, targeting the Lake Zone market where residents are reported to prefer the mix.

According to him, the first plant which will process 12 tonnes per day is in the installation stage at the Mkata area in the Handeni District of Tanga Region, adding that the plant will benefit over 6,000 cassava farmers.

Earlier, the Tanzanian Government under the Ministry of Agriculture announced a plan to implement a sustainable cassava strategy targeting a 550% increase in hectarage of improved cassava seed variety by 2030.

The plan sought to expand the 40,000 hectares planted in 2020 to 260,000 hectares in 2030 and to increase the number of improved cassava seed cuttings from the current 80 million to 1.6 billion per annum.