HomeBusiness DigestInterfresh in bumper earnings

Interfresh in bumper earnings

Shakeman Mugari

INTERFRESH Holdings Ltd (Interfresh) recorded bumper earnings to beat analyst forecasts for the six months ended June 30.

serif”>Earnings per share jumped to 619,18 cents, up from 88,11 cents during the comparative period last year.

Headline earnings increased to 619,54c from 88,11c representing a massive 602% during the period under review.

The results were well ahead of a range of 415 to 600 cents per share gathered by the businessdigest.

An average of 599 cents per share was also gathered from the seven analysts and brokers.

Net profit increased to 610% on the back of a turnover that jumped to $23,6 billion up from $3,8 billion representing a 500% rise during the same period last year.

No dividend was declared.

Speaking at an analysts’ briefing last week, chief executive officer Evan Christophides said all subsidiaries had performed ahead of budget and were poised to achieve real growth during the next quarter.

Volumes at Mazoe Flowers increased 5% with 16 million stems exported todate. Volumes were however hampered by bad weather.

Christophides said with 20 hectares in full production the group would forecast to export 40 million stems by year-end.

Projected earnings stood at 4,5 million euro up from the current 2 million euro earned last year.

He said Smithfield would begin hypericum exports during the third quarter of this year.

The new joint venture Citrifresh exported 200 000 cartons of citrus to Europe and the Middle East.

Citrus exports at Interspan trading venture were 4% up on last year.

Christophides told analysts that the group had identified new markets for citrus.

“New markets have been identified in Russia and Philippines. The market response has been encouraging in those areas and we hope to gain ground,” he said.

Transfruits volumes were up 141% during the period under review helped by the introduction of new vegetables and fruit lines from intensive outgrower scheme.

Previous articleLeadership at the peak
Next articleGono admits failure

Recent Posts

Stories you will enjoy

Recommended reading

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

NewsDay Zimbabwe will use the information you provide on this form to be in touch with you and to provide updates and marketing.