Kaap Agri financial results

Fresh fruit exports may be under pressure this year due to additional supply chain related costs and lower market prices

South African company Kaap Agri have published their financial results for the six months ended 31 March 2022. 

Revenue increased by 26.7% to R7.2 billion, up from R5.7 billion in the prior corresponding period.

EBITDA increased by 13.0% to R398.3m from R352.4m in the prior corresponding period. Prior to 30 September 2021, EBITDA was calculated by including interest received but excluding interest paid. The calculation of EBITDA has been changed to exclude both interest received, and interest paid as this is deemed to be a better reflection of the true operational performance of the Group and an improvement in disclosure. Comparable EBITDA performance has been updated with this improvement in methodology.

Fresh fruit exports may be under pressure this year due to additional supply chain related costs and lower market prices. Logistical challenges persist, however, ongoing collaboration between
Transnet, logistics operators and farming businesses is expected to assist in improving port efficiency. Industry-wide fuel volume pressures have increased due to consumer resistance as a result of the higher fuel prices.

The first six months of the 2022 financial year generated strong revenue growth across the agri and fuel channels whilst pressure remained on retail category growth. TFC retail fuel sites experienced a slow and continued post-Covid recovery in retail fuel volumes, with fuel site convenience and quick service restaurant performance also improving. Kaap Agri grew revenue by 26.7% to R7.2 billion, up from R5.7 billion in the previous comparable financial period, with like-
for-like comparable revenue growth of 22.9%. Group revenue growth was underpinned by increased inflation in most categories with exceptionally high year-on-year inflation in fuel, fertilizer and chemical commodities. The growth in revenue was also driven by a 7.7% increase in the number of transactions. Product inflation, excluding the impact of fuel price inflation, is estimated at 9.2%.

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