Categories: South Africa

Senwes’ interim gross profit increases 60%

Senwes announced a profit after tax of R144,9 million in its interim financial statements for the period May to October…

This was an increase of 60,7% compared with the previous year. Normalised headline earnings increased to 97,8c/share. This was 81,5% higher than the 53,9c/share achieved for the corresponding period in 2016.

According to Francois Strydom, CEO of Senwes, the company’s results underscored the importan­­­ce of agriculture to the South African economy.

Coupled with the economic multiplier effect of the sector, agriculture could create export opportunities, as well as jobs, he said.

“This, nevertheless, depends on government creating a secure environment that would benefit the sector security,” he added.

Strydom said that the South African economy needed stability and surety, which was currently being undermined by the ANC, who seemed “almost hell-bent” on destroying the economy.

However, Strydom added that businesspeople were positive by nature, and had the ability to survive and prosper. They could also create value, despite economic instability and uncertainty.

“Senwes has for 17 years in a row created value for clients, staff and other stakeholders,” Strydom said.

An interim dividend of 27c/share was declared, compared with the 20c/share in 2016. The first six months of the financial year in 2017 were characterised by the bumper maize crop, with maize prices responding accordingly.

As such, Senwes’ turnover declined 15,4% as a result of lower commodity prices. However, Senwes’ market access increased from R57 million to R152 million, while input supply decreased from R31 million to R17 million. Financial services decreased 2,9%, from R69 million to R67 million.

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