Afriag Share Discussion Threads

[cpap man] 11/5/2017 09:50

Been away but what is there NOT to like?

Only comment would be that AFRI need to migrate if not back to AIM then a STANDARD LISTING on the LSE

[cpap man] 11/5/2017 09:47

AfriAg Global PLC
(“AfriAg Global” or the “Company”;)

Audited final results for the year ended 31 December 2016

Chairman’s report (incorporating the strategic review)

This has been an excellent year for the Company business growth as a global agri-logistics logistics provider, and I am pleased to present the annual report and financial statements for AfriAg Global plc (the “Company”; and, together with its wholly owned subsidiaries, the “Group”) for the year ended 31 December 2016.

Our global distribution footprint has expanded considerably during the year, as we moved to distributing perishable food products by road, air and sea for and to global customers (South Africa, Mauritius, Mozambique, Zimbabwe, Zambia, DRC, Kenya, USA, UK, France, Holland, Russia, Japan, New Zealand and others).

AfriAg Marketing had a very strong year, with revenues growing 54% to £3.035 million during the period, a significant increase from the previous year’s reported revenue of £1.977 million.

Specialist global agri-logistics group AfriAg SA, continues to grow at a fast pace and has developed into a significant global logistics enterprise. It has reported a 91% increase in full year revenues to £11.704 million for the twelve months ended 31 December 2016, versus revenues of £6.122 million for the previous year, with a gross profit of £927,000 (2015: £552,000) and a net profit for the year of £104,000 (2015: £359,000). The Company has equity-accounted for its 40% share of this profit for 2016, being £42,000.

Gross profit for the Group also increased significantly to £334,000 compared to the £50,000 reported for the previous year.

Group Results for the period:

The Group’s gross turnover has increased by over 54% to £3.035 million for the year (2015 - £1.977 million).
The Group’s net loss after taxation for the year was £9,000 (2015 - £96,000 loss).
The Group’s current assets including cash at 31 December 2016 amounted to £1,261,000 (2015 - £810,000).
The Group’s 40% owned agri-logistics investment, AfriAg (Pty) Ltd, gross turnover increased 91% to £11.704 million (2015 - £6.122 million) and reported a net profit of £104,000 (2015 - £359,000).
Strategic Review for the Period:

AfriAg Global was formed only 4 years ago with the view of establishing a global agri-logistics company, with the principal aim of exporting African perishable food products to the global market place. We are now seeing this business plan coming together as envisaged and are now rapidly expanding our operations to providing elite logistic solutions for the timely movement of perishable food not only from Africa to the world but also from the world in to Africa.

At the heart of our business is our own global network, fleet and staff based in Johannesburg at our large modern facilities near O.R. Tambo International Airport. The AfriAg HQ is a full-service logistics facility equipped with the latest facilities to meet our customer’s demanding needs.

And our global partner network spans strategic road, air and sea routes harnessing our resources across this network enables us to deliver bespoke logistics solutions for our customers.

We have strong relationships with our freight counterparties and their branches, fleet, facilities and infrastructure in locations across Europe, Asia, North Americas, and the Middle East.

AfriAg has grown to supply our customers with world class global logistics delivering across our global footprint, international and domestic freight transport services, distribution and refrigerated warehousing services through to remote haulage logistics, aviation and marine logistics support services.

Delivering these services are our main priority. Collectively, they enable us to efficiently and effectively deliver the solutions our customers are looking for, right around the world.

AfriAg Marketing Pty Ltd (100% owned by AfriAg Global Plc):

AfriAg Marketing has experienced an excellent year of trading, increasing revenues to ZAR 60.562 million (£3.035 million) in 2016, compared to ZAR 38.395 million (£1.977 million) in 2015. This 54% increase in revenue not only demonstrates strong development, it also reinforces the belief that the company’s low-overhead, grower-focused structure works in today’s market. The model has been keenly welcomed by both growers and end clients.

This year, the business has been active in the export, distribution and trading of blueberry, passion fruit, pineapple, apple, strawberry, butternut, peas, fine beans, mange tout, sugar snap, baby corn, chillies, baby veg, and herbs.

As well as the UK, the company is now supplying Switzerland, the Netherlands, New Zealand, Russia, and the USA (New York and Los Angeles).

In this respect, the addition of a UK office has proven very beneficial in terms of range development and in driving the business into more strategic markets. This maximises the potential of the growers, and the appetite from the market for a more direct relationship with growers has also been welcomed.

Profit levels remained good at ZAR 2.057 million (£105,000) despite a forex loss of ZAR 1.297 million (£67,000) caused by the immediate fall-out from the UK’s Brexit vote. The recovery from this exchange rate issue showed that the foundations of the business are strong and augurs well for ongoing growth.

The company’s core ethos (of maximising the return to growers, paying them on the best terms available, and ensuring that end clients get exactly what they want) is reaping its reward. Both sides are coming back and asking for more. This we feel is the main reason for continued success and will remain our motivation.

The coming year promises more exciting times as the company builds on the foundations laid. The decision to drive into more diverse markets worldwide during periods of economic uncertainty is opening the door to significant growth, and our in-house logistics strength undoubtedly adds huge value. This stands out as a relatively unique offering in the market place. It remains clear that the model is both working and gaining momentum.

AfriAg (Pty) Limited (40% owned by AfriAg Global Plc):

AfriAg SA is a truly global and fast growing logistics business. Road haulage, air freight and sea freight of fresh and frozen food in to and out of Africa and to many destinations around the world.

AfriAg SA now operates logistics services to many major global cities and ports around the globe. The company has turned into a truly global enterprise and we seeing tremendous growth across many markets. We are now one of the largest air freighters of perishable food out of southern Africa using some of the world’s largest airlines and providing bespoke first world logistics to destinations all over the world through our rapidly expanding global network of airlines and agents.

AfriAg SA had an outstanding trading year in 2016, reporting an increase of 91% in revenues to £11.704 million in the full year to 31 December 2016, versus revenue of £6.122 million for the previous year, with a gross profit of £927,000, a net profit for the year of £104,000. The Company has equity-accounted for its 40% share of this profit for 2016, being £42,000.

Public Trading Platform for the Company’s shares:

On 25 January 2016, the Company posted a circular to Shareholders convening a general meeting on 16 February 2016 proposing that Shareholder’s should vote to cancel the admission of the Company's Ordinary Shares to trading on AIM under AIM Rule 41.

The Company’s Board had determined that in their view and given the size and stage of development of the Company, that the ISDX Growth Market (now renamed NEX Exchange Growth Market) provides Shareholders with the most appropriate listing platform on which to promote the Company's growth strategy.

On 16 February 2016, the Company’s Shareholders voted in favour at that General Meeting to delist from the London AIM market.

The Company’s shares ceased trading on AIM market on 24 February 2016 and remain trading on London’s NEX Exchange Growth Market under the Ticker Symbol “AFRI”.

Change of Name:

The Company changed its name on 25 July 2016, from AfriAg Plc to AfriAg Global Plc to reflect the dramatic changes seen by the business since its birth from an African centric bespoke food logistics business to one that now provides global logistics, food sales, marketing and bespoke distribution services to many corporations and food wholesalers around the world.

The Company’s ticker symbol on the London ISDX Growth Market (now called NEX Exchange Growth Market) remained unchanged as “AFRI” and the Company’s new website changed to www.afriagglobal.com.

Outlook

The Company anticipates another year of strong growth. The Company also intends to identify further investments in the African agri-logistics sector, to enhance the AfriAg brand, which has now become very well established.

The Board would like to take this opportunity to thank our shareholders, staff and consultants for their continued support and I look forward to reporting further significant progress over the next period and beyond.

David Lenigas
Executive Chairman

[chrisgail] 09/5/2017 19:50

A good set of results, I will continue to hold as the growth story develops.

[cpap man] 19/4/2017 17:05

Reckon so KM - also DL has stated that AFRI will migrate to a full London listing this year.

[knightmoves] 19/4/2017 16:59

A few decent buys today... News due soon ?

[kenny100] 09/3/2017 19:11

Fresh herbs from two locations now..........

[kenny100] 25/2/2017 19:08

hxxp://afriagmarketing.com/

[kenny100] 25/2/2017 19:07

hxxp://www.ckfmcg.com/ck-energy.asp

[kenny100] 25/2/2017 19:05

Logistics
We can offer a truly comprehensive service through our sister company AfriAg Global, strategically based next to Johannesburg’s O R Tambo international airport. AfriAg Global has a network spanning strategic road, air and sea routes and the resources to deliver bespoke logistic solutions. It runs 76 refrigerated trucks across sub-Saharan Africa and is the largest carrier on IAG cargo from southern Africa. AfriAg Global no longer just dreams of moving food around Africa – it now flies and ships Africa’s best around the globe.

[kenny100] 25/2/2017 19:04

hxxp://www.drk.co.uk/

[kenny100] 25/2/2017 19:02

hxxp://afriagmarketing.com/product-range-development/

[kenny100] 25/2/2017 19:02

hxxp://ckfmcg.com/contactus.asp

[knightmoves] 24/2/2017 21:47

Expecting next update around May, anticipating it to be a positive one.

[cpap man] 03/2/2017 09:15

Still no trading update from AFRI yet blueblood?

[cpap man] 04/1/2017 17:50

As DL has promised AFRI need to now get a full [standard] list on the LSE

[blueblood] 04/1/2017 17:35

DL active on twitter about massive growth at AFRIAG Global. Buys building back at 0.3p and trading update mid month. Could be about to break out and just wish ADVFN would recognise ISDX/NEX trading and put proper share price chart in thread header!

[rwauu] 08/12/2016 10:49

Big guy gave up on lobster pot shares and company

[cpap man] 27/9/2016 14:30

AfriAg Global PLC
(“AfriAg Global”, the “Group” or the “Company”;)

Unaudited Interim Results for the six months to 30 June 2016

AfriAg Global PLC (ISDX: AFRI), the London listed global food logistics specialists, today announces an excellent first half year performance with it’s first ever half year profit recorded in its unaudited interim results for the 6-month period ended 30 June 2016.

Summary of Financial Results for the period:

The Group’s gross turnover has increased by over 264% to £1.422 million for the period (6 months ended 30 June 2015 - £537,000)
The Group’s 40% owned AfriAg SA’s gross turnover has increased by 240% to £4.430 million for the period (6 months ended 30 June 2015 - £1.849 million)
The Group’s net profit after taxation for the period was £48,000 (6 months ended 30 June 2015 - £168,000 loss).
The Group’s current assets including cash of £172,000 at 30 June 2016 amounted to £1,063,000 (6 months ended 30 June 2015: £977,000).
David Lenigas, Executive Chairman of AfriAg Global, commented: "The start of 2016 has seen the business and its investments grow substantially, indeed more than we could have anticipated. We see an even stronger second half performance in front of the us as we gear up for the very busy pre-Christmas period. Our customer base has spread far more globally over the last 6 months, with regular airfreight shipments of food, not only around and within southern Africa, but to the USA, Europe, the Middle East and Asia.”

Strategic Review for the Period:

AfriAg Marketing:
(100% owned by the Company)

The first half of 2016 has been an outstanding period of growth for the Company, with its 100% owned marketing division AfriAg Marketing Pty Ltd ("AfriAg Marketing") generating in excess of 264% increase in revenues, compared to the same period last year, to ZAR 31.307 million (£1.422 million) with a net profit for the period of ZAR 2.153 million (£98,000) and total assets of ZAR 7.569 million (£382,000).

AfriAg Marketing has had an excellent first half trading performance, almost matching the whole of last year’s trading performance. We continued to trade and ship our core lines of peas (sugar snap and Mange tout), pineapples, passionfruit, citrus, apples, herbs, chilies, butternuts from Africa to export markets mainly in Europe.

AfriAg (Pty) Ltd:
(40% owned by the Company)

In addition, the Company is pleased to report that the specialist global agri-logistics group AfriAg (Pty) Ltd ("AfriAg SA") in which the Company has a 40% equity shareholding, continues to grow from strength to strength. It has reported a 240% growth in top line revenues for the 6 month to 30 June 2016 of ZAR 97.555 million (£4.430 million) compared to the same period last year, with a net profit for the 6 months of ZAR 0.338 million (£15,000) and total assets of ZAR 68.818 million (£3.473 million). The Company has equity-accounted for its 40% share of this profit for 2016, being £6,000 (30 June 2015: Loss £19,000).

Likewise, AfriAg SA had a stellar performance for the period with its airfreight shipments of perishable food for the period recording a record 1.45 million kg, which has increased by 158% over the same period last year (6 months ended 30 June 2015: 907,000 kg). This growth has come primarily from increasing exports of perishable food from southern Africa to global markets stretching from Asia, the USA and Europe. The business has also seen a substantial increase in business from shipments of frozen meat products by sea and road from South America, Europe and the USA in to Africa.

Outlook:

In August 2016, the Company announces that it has launched a new 100% owned UK subsidiary, AfriAg International Limited ("AfriAg International"), to promote and sell fresh food produce from southern African producers directly in to the UK and European market places. AfriAg International will provide a UK representational base for AfriAg Marketing's Sub-Saharan based growers, who are already permitted to sell their fresh food produce directly in to the EU markets, and provide them with direct access to UK and European retailers. AfriAg International intends to offer fresh food and vegetables from producers across Kenya, Zimbabwe, Mauritius and South Africa that are sustainable, renewable and responsibly grown. Our fresh produce offer will include: Herbs, Apples, Pears, Blueberries, Physalis, Lychees, Citrus, Table Grapes, Fine beans, Sugar snap, Mange tout, Pineapples, Passionfruit, Herbs, Chilies, Butternut and Sweet potatoes.

AfriAg SA has advised the Company that it has placed orders for another 20 refrigerated trucks to increase its fleet from the current 52 to 72 before the end of the year, to cope with the pace of expansion of the trucking logistics division in southern Africa.

Financial Results:

During the period, the Company increased revenues to £1,422,000 (6 months ended 30 June 2015: £537,000) and made a gross profit of £183,000 (6 months ended 30 June 2015: £49,000). The operating profit for the period was £6,000 (6 months ended 30 June 2015: loss £154,000). The total comprehensive income for the period attributable to equity holders of the parent was £87,000 (6 months ended 30 June 2015: loss £169,000).

There was a weighted earnings per share of 0.003p (30 June 2015: loss per share 0.01p).

Current assets at 30 June 2016 amounted to £1,063,000 (30 June 2015: £977,000).

In addition, the Company’s 40% owned AfriAg SA increased revenues to £4.430 million (6 months ended 30 June 2015: £1.849 million) and made a gross profit of £286,000 (6 months ended 30 June 2015: £58,000), with a net profit for the 6 months of £15,000 and total assets of £3.473 million. The Company has equity-accounted for its 40% share of this profit for the 6 months to 30 June 2016, being £6,000 (6 months ended 30 June 2015: Loss £19,000).

The unaudited interim results to 30 June 2016 have not been reviewed by the Company’s auditor.

In Conclusion:

The Board would like to take this opportunity to thank our shareholders, staff and consultants for their continued support and I look forward to reporting further progress over the next period and beyond.


David Lenigas
Executive Chairman
27 September 2016

[michaelx105] 27/9/2016 14:02

Results came. Fast growth.

[michaelx105] 21/9/2016 15:09

No, its just beginning.More trucks and fast growth.

[data1t] 21/9/2016 14:51

It is all nearly over ?

[tallprawn] 16/9/2016 07:56

Tick up on the bid this morning... Looks like that 1m trade reported last night was a buy.Under 2 weeks now to interims.

[rwauu] 08/9/2016 16:33

Rossannan, LGO is rubbish, loads of debt, no control on placement ahoys, afri went up, but hey- it was 1.9 or 0.6 some time ago. So 0.3 is not an achievement. Evo is GONE! Has anyone noticed???? Now it trades under different name and in low 0.000000 digits. Compare this to previous 0.3-0.2 range. Solo is dilluted to hell, god, everything on your list is rubbish.


Buy something decent. With dividends, good payout. I tipped ARM long time ago. Can you see how it went up??? Good business. Rubbish is always rubbish.

[rwauu] 08/9/2016 16:27

Must be the time for placement ahoy. So much pumping. Shares are down as hell and there is no way up. DL avoided any news, comments, etc when it went to lobster pot. I place this to "Avoid like plaque" list.