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AfriAg PLC Strong growth from Agri-Logistics business

AfriAg PLC (LON:AFRI) has today announced another strong performance in the half year to 30 June 2015 for perishable airfreight logistics from AfriAg’s 40% owned specialist African agri-logistics group AfriAg SA Ltd (“AfriAg SA”).

David Lenigas, Executive Chairman of AfriAg, commented: “We are now seeing strong growth from AfriAg’s agri-logistics business, AfriAg SA, in southern Africa as the business becomes more established. AfriAg SA’s fleet of 25 refrigerated trucks are now running near capacity and AfriAg Holdings Ltd is now in the process of buying the first of its own refrigerated large trucks to cater for the expanding agri-logistics contracts on offer in the southern African region.”

Airfreight Logistics – Update:

A total of approximately 907,000 kg of perishable produce was air freighted by AfriAg SA for the 6 month period from 1 January to 30 June 2015;

· This represents a 40% increase over the 650,000 kg airfreighted for the corresponding period last year, typically the quieter half of the year. In the six months to 31 December 2014 a total of 1,074,000 kg of perishable goods was airfreighted and we are anticipating an increase in the second half performance of the year to 31 December 2015;
· The low oil prices and sustained weakness in the Rand against the Pound and the Euro continue to have a positive effect on AfriAg’s export business.

These perishable goods were trucked by AfriAg’s modern fleet of 25 refrigerated trucks from farming and fishing operations in southern Africa and exported by airfreight from to Europe and Asia from Johannesburg and Cape Town international airports.

 

AfriAg Plc is an investment company. The principal activity of the Company is that of investing by seeking to acquire a direct and/or indirect interest in projects and assets in the agriculture and logistics sectors. The Company focuses on opportunities in Europe, Africa and the Middle East. The Company, through its wholly owned subsidiary AfriAg Marketing (Pty) Ltd, is engaged in the export and import of perishable food products. The Company has a 40% investment in AfriAg SA (Pty) Ltd, an agri-logistics company that transports various types of perishable food and agricultural-related produce around southern Africa and transports these products to supermarkets in Europe, the Middle East and Asia by sea and air freight.

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