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Grain sales lift African agriculture firm Agriterra
StockMarketWire.com
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African agricultural company, Agriterra reported a 25% increase in grain sales for the full-year 2020 to 25,389 tonnes when it announced its trading update for the period to March 2021.
The company's grain division performed better than the previous financial year, with meal sales exceeding full-year 2020 volumes by more than 5,000 tons.
Covid-19 restrictions and a slowdown in the oil & gas sector, caused by the pandemic and security issues in the Cabo Delgado province, negatively impacted their premier beef supplier business called Mozbife.
The Coronavirus pandemic has had a significant negative impact globally, both economically and socially. The virus infection rate escalated in Mozambique, following the Christmas holidays and the influx of tourists both locally and internationally.
In the long-term, the company is aiming to minimise the long-term impact of Covid-19 in all areas of their business and improve margins.
The company expects to release full-year results for 2021 in September. At 1:48pm: (LON:AGTA) Agriterra Ltd share price was 0p at 6p
Story provided by StockMarketWire.com
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