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.
Nigeria: BUA Food Doubles Profits In 2021
Nigerian food company BUA Food plc has posted an after-tax profit of ₦ 70 billion (€159 million) for its financial year ended December 2021, twice as much as the previous year. This performance was due in part to strong growth in the company's sales, which increased from ₦177 billion (€401 million) to ₦233 billion (€529 million). Founded in 2000, BUA Food specialises in the processing, manufacturing and distribution of food products such as sugar, flour, pasta, rice and edible oils.
South Africa: Inseco Raises $5.3 Million For Expansion
In South Africa, the agribusiness start-up Inseco has secured $5.3 million in seed funding. The financial boost will enable the company to grow its team and expand its technology to new markets in Africa. The company, which has been operating in South Africa since 2017, in the edible insect market, also intends to strengthen its production of animal feed and fund its research and development arm.
Morocco: Edita Food Unveils New Production Plant
In Morocco, snack foods producer Edita Food Industries (EFI) has launched a new factory as part of its expansion in North Africa. It entered Morocco in 2019. The new unit will enable the company, which originates in Egypt to better serve consumers with locally produced products such as packaged cakes, bakery and biscuits instead of imports from its homeland. The company has invested over 200 million dirhams (€51 million) in the first phase of the project.
South Africa: Lotus Starts Construction Of Biscuit Production Plant
Belgian company Lotus has started work on a new production facility in South Africa. The unit, the company's third of its kind in the country, will require a total investment of R170 million (€10.13 million). With this project, the company brings its total investment in the country to over €56 million since 2019. Currently, Lotus has a production capacity of 3,100 tonnes of biscuits per year and employs over 520 people.
Ghana: Farmerline Receives A Financial Boost
In Ghana, the agri-tech firm Farmerline has obtained a $12.9 million package from a consortium of investors. With this funding, the company plans to strengthen its activities for the benefit of Ghanaian agricultural SMEs, and will continue its expansion in Côte d'Ivoire. Moreover, it will use artificial intelligence to increase revenues for Ghanaian agribusinesses and farmers, helping them access agricultural inputs, equipment, and connecting them to global markets. Founded in 2013, Farmerline plans to reach 300,000 farmers by 2022.
Côte d'Ivoire: Norfund Loans $10m For New Cashew Processing Plant
In Côte d'Ivoire, the local subsidiary of the Singaporean group Valency has received a $10 million loan from the Norwegian investment fund for developing countries (Norfund). The funding will enable the company to finance the construction of a new cashew processing plant at a total cost of $20 million. The project aims to support cashew producers in the region, enhance sustainability and improve livelihoods by creating skilled jobs. The company plans to add 45,000 tonnes to the total volume of cashew nuts processed in the country each year. Cashew nuts are one of Côte d'Ivoire's main agricultural products, and the country is the world's largest producer.
© 2022 European Supermarket Magazine – your source for the latest A-brand news. Article by Espoir Olodo. Click subscribe to sign up to ESM: European Supermarket Magazine.