Seed Co International Ltd – H1 2024 revenue increased by 23% to US$31m

Published On: December 20, 2023By Tags: Southern-Africa

Seed Co International Limited, reported H1 2024 revenue increased by 23% to US$31m from US$25m year prior with strong growth in East Africa.

Highlights:

  • H1 2024 maize volumes up 18%, total volumes up 16%.
  • H1 2024 earnings improved from a loss of US$3.9m from a US$4.3m loss year prior.
  • Operating margins improved to 4% from -10% year prior.
  • Seed Co is a capital intensive company with an H1 2024 sales/total assets ratio of 0.40 times.
  • H1 2024 inventories increased to US$44m against US$33m year prior.

Investor Issues

  • The group is undergoing a restructuring process in Kenya. Additionally, they have experienced a decrease in business in South Africa and are mitigating currency risks.
  • The group has intentions to grow its presence in Mozambique, as well as entering the Ethiopian market. Furthermore, they have disclosed capital commitments worth US$9.5 million, although no further specifics were provided.

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About the Author: Hartland-Peel Africa Equity Research

Sub-Saharan Africa ex SA: Equity, debt and FX research covering sixteen countries and advising institutional investors. Proprietary data base of sixteen African stock markets, 250+ companies which is one of the most extensive and complete. New issues, IPO’s and distribution of equity on privatisation. Development of lending and corporate finance opportunities for the bank, privatisation and asset management. An ‘A’ rated equity analyst by South African institutional investors as polled by the Financial Mail in 1998 and 1999.