LONDON (Alliance News) - AfriAg PLC saw its shares jump Tuesday after the company said its partly-owned South African agri-logistics unit delivered an "excellent performance" in the first-half of the year.
AfriAg said a total of around 650,000 kilogrammes of perishable produce was air freighted by AfriAg SA Pty Ltd, its 40% South African owned agri-logistics unit, in the six months to June 30, in what it said is typically the quietest half of the year for perishable airfreight.
The agricultural investing company said the second-half of the year has also commenced well, with roughly 151,000 kilogrammes of perishables airfreighted in July, significantly higher than in July 2013.
"We look forward to stronger airfreight performances from AfriAg SA as we come into the typically busy airfreight periods of the 3 months leading up to Christmas," said Executive Chairman David Lenigas in a statement.
AfriAg shares were trading 9.4% higher at 0.695 pence Tuesday morning.
The company said the majority of the perishable goods in the first-half of the year and in July, were trucked by its fleet of refrigerated trucks from farming operations in Mozambique, Zambia, Zimbabwe and South Africa, and exported from Africa to Europe and Asia.
It said the main perishable goods flown to Europe included mange tout, sugar snaps, baby corn and chillies, with langoustines and lobsters comprising the main airfreight in to Asia.
AfriAg acquired the 40% shareholding in AfriAg SA in July 2013.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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