Group revenue doubles at pan-African agriculture company Agriterra

AIM-listed African agricultural company Agriterra has reported that its group revenue rose by 115 per cent to 11.4m dollars in the financial year to November 30th.

The group, which has beef ranching, maize buying, processing and farming operations in Mozambique, revealed a raft of developments at its Mozambique base in a trading and operating update published on Wednesday.

Record maize meal sales were achieved from maize processing operations and new monthly milling records were set, the group stated.

The group's Chimio abattoir was fully operational with production slaughter commencing earlier this month on December 3rd. Agriterra stated that it was building up abattoir operations to full expanded capacity of 4,000 head per month from current throughput of over 200 head per month.

A retail unit in Chimoio commenced business on December 11th and an additional retail unit is due to open in Tete by the end of this month.

Euan Kay, Agriterra Executive Director said: "The first half of this financial year has been highly successful with our grain processing operations performing extremely strongly, and our beef operations expanding and beginning to generate material revenues for the group.

"The investment programmes, which we executed at both our beef and grain operations, have created a solid foundation for sustainable growth and expansion, and this is now translating into significant revenue generation.

"As our abattoir operations continue to build towards full capacity, and our retail units take market share, our turnover and margins should continue to grow, significantly enhancing shareholder value and strengthening Agriterra's position as a pan-African agriculture business."

Agriterra's share price was up 5.26% to 3p at 14:08 on Wednesday.

MF