By Audrey Lotechukwu
TUE, 27 OCT, 2020-theGBJournal-The country’s leading integrated food business and agro-allied Group published its unaudited 2020/21 half year financial today showing growth in profit before tax of N14.6 billion (69% YoY growh) and profit after tax of N9.9 billion for the six months ended 30th September 2020.
The owners of the iconic brand, Golden Penny, grew its revenue in the period under review to N355.1 billion, compared to N270.8 billion in H1 2019/20, a 31% YoY growth, with a Q2 growth of 47% Vs LY.
The increase in profit before tax according the Group, ‘’was largely driven by the agro-allied segment, which generated a profit of N6.3 billion compared to a loss the previous year.’’
The segment saw very strong improvement in the edible oils and fats, protein and fertilizer businesses following the investments over the last few years.
The edible oil and fats value chain saw a significant year on year increase of 32% in volume turning in a profit when compared to the loss in H1 2019/20. Volumes for the protein value chain also increased by 18% year-on-year, while the starch value chain was up by 31% year-on-year
‘’With this result, our business has once again shown its resilience, by following the path of sustainable growth despite the prevailing challenges in both the local and global economy,’’ Paul Gbedebo, the Group Managing Director/CEO said.
Gbedebo said, ‘’the management will for the remaining part of the financial year continue to concentrate on improving operational effectiveness through accelerated strategies for the Group-wide cost optimization, which will ensure sustainability in the current market climate, while we continue to invest in growing the business further.’’
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