Market cheers as Kaap Agri shrugs off drought to boost earnings
DURBAN – Kaap Agri’s share price rose more than 17percent on the JSE on Friday after the group said that it expected to report a surge in earnings for the year to the end of September, despite the slower-than-anticipated recovery from the drought.
Kaap Agri said on Friday its revenue had increased by 29.1percent to R8.5billion, up from R6.5bn compared with a year earlier, with like-for-like comparable growth of 7.6percent.
“This growth in revenue was driven by a 10.6percent increase in the number of transactions.
“Product inflation, excluding the impact of fuel inflation, is estimated at 0.2percent, with fuel inflation being 6.1percent,” the group said.
The share gained 17.77percent on the JSE to close at R28.50 at the end of the day.
Source: iol.co.za
