LONDON (Alliance News) - AfriAg PLC on Tuesday said it saw another strong performance in the first half from its African agri-logistics business and expects further improvements in the second half.
Approximately 907,000 kilogrammes of perishable produce was air freighted by AfriAg SA (Pty) Ltd for the first to the end of June. This represents a 40% increase compared to the 650,000kg air-freighted for the corresponding period last year. AfriAg say that the first half of the year is typically quieter and expects an even stronger performance in the second half of 2015.
AfriAg also believe that low oil prices and sustained weakness in the South African rand against the pound and the euro is continuing to have a positive effect on its export business.
"We are now seeing strong growth from AfriAg's agri-logistics business, AfriAg SA, in southern Africa as the business becomes more established. AfriAg SA's fleet of 25 refrigerated trucks are now running near capacity and AfriAg Holdings Ltd is now in the process of buying the first of its own refrigerated large trucks to cater for the expanding agri-logistics contracts on offer in the southern African region," said Executive Chairman David Lenigas.
AfriAg shares were up 9.4% to 0.3719 pence early Tuesday, one of the best performers in the AIM All-Share.
By Preten Patel; pretenpatel@alliancenews.com
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