Published: 13 November 2013

In a trading update the National Foods Limited CEO, Mr. Jerome Brookes highlighted that the first four months of trading has shown that turnover was up on prior year but profitability was lower due to an expensive wheat pipeline.

Profitability was also negatively affected by the importation of finished products which affected capacity utilisation which is currently at 44%.

He further highlighted that the company has a $90m stock of raw materials which can enhance profitability in the next eight months. However, maize volumes were down with stock feed adequate for the next four months.

The company continues to invest in re-tooling and re-equipping the business with a view to compete with imports on an equal footing.

At an AGM held yesterday, Tuesday 12 November 2013, at the company head office all resolutions tabled were passed with the requisite majorities.

Special business on the agenda was also approved accordingly.

- businessdaily

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