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Kaap Agri sees strong interim growth
By Edward West
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KAAP AGRI, the agricultural goods and fuel retailer, saw higher-than-expected retail product sales growth and a strong contribution from the new TFC retail fuel sites during the six months to March 31, chief executive Sean Walsh said yesterday.
The share price of the 108-year-old company extended recent sharp gains and was up 3.5 percent to R44.01 by midday yesterday, this after the price had risen from R36.03 on April 16. A year ago, the share price was R21.78.
The Agri channel performance was stable and increased during the second quarter. Kaap Agri’s branches serve mainly the fruit industry in the Western Cape.
Photo: iStock
Over its interim reporting period Kaap Agri saw a reduction in debt and continued strong cash generation.
Strategic initiatives over a number of years are culminating in exciting improvements in various parts of the business, says its CEO, Sean Walsh.
Walsh remains cautious regarding the potential impact of further Covid-19 infection cycles in the country.
Kaap Agri has managed to pull through the Covid-19 pandemic relatively unscathed.
Its 2021 interim performance aligns it with a normal growth path - despite the economic fallout of the coronavirus pandemic, the group said on Thursday.
The reduction in debt, effective working capital management and continued strong cash generation have contributed to strong growth in earnings and improved return on invested capital, according to its CEO, Sean Walsh.
Cape Business News
May 6, 2021
SOME OF the Western Cape’s best known agricultural assets could be on the block.
PSG controlled agribusiness investor Zeder Investments recently indicated that it had received unsolicited offers for certain of its assets.
Zeder’s largest investments are seed business Zaad, fruit marketing specialist Capespan, The Logistics Group (TLG) and agriservices business Kaap Agri.
Zeder appears to be in the process of winding down after selling its majority stake in Pioneer Foods to multinational brands conglomerate PepsiCo. The group also recently sold off its holding in the Quantum poultry, egg and animal feeds business.
Zeder has showed no inclination to make new investments, and has recently concentrated on paying out special dividends and buying back its own shares.
Kaap Agri shares rally on positive earnings outlook iol.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from iol.co.za Daily Mail and Mail on Sunday newspapers.