South Africa's Pioneer Food Group Ltd on Friday flagged an 8 percent growth in turnover for the four months ended in January, as it battles higher food inflation from a severe drought in Africa's most advanced economy.
Pioneer Foods expects slower half-year
"The maize industry has been particularly affected by the drought conditions, resulting in input costs rising 74 percent for the period, with a significant impact on Pioneer Foods' volume," the company said.
Pioneer, which makes staple foods such as maize meal, pasta and juices, said it expected a muted first half in the current financial year, largely due to the drought and compared with a strong performance a year earlier.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
CSO inaugurates campaign to combat electoral irregularities, promote reforms
Lagos arrests 10 fake officials for carrying out unauthorised enforcement
Ogun govt training herbalists to compete in world traditional medicine market
NNPP founder accuses Kwankwaso of betrayal, threatens legal action
2 students fall and die trying to take a selfie at waterfall
VP Shettima calls on academics to contribute to Nigeria's security, prosperity
Elon Musk threatens to suspend Twitter accounts involved in engagement farming
'Yahaya Bello' - Kogi parliament told to begin impeachment process of Gov Ododo
NCDC intervenes as 8 die, Sokoto's mysterious illness remains unidentified
Pulse Sports
Lionel Messi's son breaks the internet after scoring five goals for Inter Miami
Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe
Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024
ADVERTISEMENT