25 May 2012

Maize growth at Agriterra

15/02/2010 Robert Tyerman

Phil Edmonds’ African agricultural venture Agriterra says its maize purchases rose 40 per cent last year to 35,000 tonnes.

The AIM-quoted company, which began life as Sudanese oil flop White Nile, reports a record buying season for its Chimoio milling and processing facility in Mozambique. Agrittera, which lost a drastically reduced £107,000 in the 11 months to May on maiden turnover of £3 million, says Chimoio’s DECA maize product has established an 80 per cent share of the market in the Beira area and other key regions and is now selling as far south as Chokwe, near the key port of Maputo, nearly 1,000 km from Chimoio.

According to director Euan Kay, prices were ‘favourable’ last year, which should translate into higher margins and swell the company’s cash resources. This in turn should help Agriterra expand the capacity of Chimoio and at its other facility at Tete, which bought 8,000 tonnes of maize during last year’s buying season and is now penetrating the markets in Tete Province and elsewhere in Mozambique.

The company says cattle ranching in Mozambique is also making progress, in particular breeding at Dombe and Mavonde, where the total head of cattle is now ‘approximately’ 1,000. Agriterra is targeting abattoir capacity of 50 head a day and then doubling that to 100 head by adding modular systems.

Agriterra shares, which nave traded between 2.75p and 6.38p over the past year, now stand at 5.5p, up 0.45p this morning. That values the company at £30.1 million.

Tags: AIM, Commodities, Growth Stocks

Sector: Food Producers

Companies: Agriterra

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