Here’s the latest in ESM’s regular series, Notes From Africa, which brings you the latest retail, consumer goods, and food-and-beverage stories from across the African continent. Past editions can be found here.
Egypt: Afia International Secures $20 Million to Drive International Growth
The Egyptian agri-food firm Afia International, which specialises in the production of edible oils, has obtained a $20 million line of credit from the European Bank for Reconstruction and Development (EBRD). These funds will be used to support its operations and acquire production inputs on both local and international markets.
The company aims to maintain its production despite disruptions to global supply chains and enhance its standards to expand into new export markets abroad.
Nigeria: Flour Mills of Nigeria Reports Loss in Q1 2023
Agribusiness conglomerate Flour Mills of Nigeria (FMN) has posted a loss of ₦10.2 billion ($13.5 million) in the first quarter of its 2023/2024 financial year, compared to a net profit of ₦5.6 billion ($7.4 million) in the same period the previous year.
While the Lagos Stock Exchange (NGX)-listed company recorded a 34% increase in sales, reaching over ₦456 billion ($603 million) during the reviewed period, its operating profit plummeted by more than half, from ₦15.3 to ₦7 billion ($20.2 to $9.2 million). This underperformance is mainly attributed to a foreign exchange loss valued at ₦22.5 billion ($29.7 million) over the period, with financing costs doubling to ₦16.6 billion ($21.9 million).
Democratic Republic of Congo: Wasoko Announces Expansion
Wasoko, the African e-commerce company, is expanding into the Democratic Republic of Congo (DRC). This marks the second country for the startup's expansion in 2023, following its launch in Zambia in May. The company plans to leverage its existing e-commerce hub in neighbouring Rwanda to drive growth for small businesses.
Wasoko aims to become the market leader in the DRC's B2B e-commerce space, given the country's rapidly growing population of nearly 100 million people with increasing purchasing power.
Côte d'Ivoire: Investiv Raises $800,000 To Deploy Agrohubs
In Côte d'Ivoire, Investiv, a pioneer and leader in drone technology in West Africa, recently secured $800,000 in funding from the UK-based social impact investor AgDevCo and Raj Group to establish precision agriculture service centers for rural populations.
The company's goal is to assist small and medium-sized farmers in increasing their farm productivity, primarily through the use of new technologies and the adoption of sustainable farming practices. Investiv is working towards improving yields and reducing production costs through its aerial drone spraying service.
Burkina Faso: Gebana Faso Receives $6.4 Million for Expansion
In Burkina Faso, the Belgian investment company for developing countries, BIO, has invested a total of €6 million ($6.4 million) in the agri-food firm Gebana Faso (GFA).
These funds will be used to construct a cashew nut and dried mango processing facility in the southern locality of Bobo Dioulasso as the company seeks to enhance added value in the agriculture sector.
Egypt: New Sina to Invest $32.4 Million in Q1 2024
Egypt's New Sina for Food Investment and Beverage plans to invest 1 billion Egyptian pounds ($32.4 million) in its activities during the first three months of 2024. This investment will enable the company, specialising in the manufacture of soft drinks, fruit juices, and dairy products, to strengthen its processing plants in Gamasa and Sadat city.
The company also intends to install new production lines to expand its product range for the local market and begin exporting to neighbouring countries in North Africa and the Middle East.
Article by Espoir Olodo.