Quantum Foods earnings are down by 13%
CAPE TOWN - QUANTUM Foods, the feeds and poultry business providing animal protein to selected local and African markets, said headline earnings fell 13 percent to R218 million in the year to September 30.
Revenue for the country’s biggest egg producer increased by 15 percent to R5.1 billion compared with the prior corresponding period.
Operating profit decreased by 11 percent to R218m from R245m. Headline earnings per share decreased 13 percent to 80.5 cents a share.
Dividends per share fell by 52 percent to 16c a share, from 33c in the prior corresponding period.
Directors said in the results statement yesterday that the performance was satisfactory, against the backdrop of the Covid-19 impacted economy and volatile industry conditions.
The company continued operations at full capacity during the lockdown period, and it did not suffer the financial pressures that other companies experienced.
During the year the company’s biggest shareholder Zeder Financial Services sold its shares to competitor Country Bird Holdings.
Subsequently a private equity group, Luxembourg based Aristotle Africa purchased a large number of Quantum shares, with Country Bird Holdings becoming the second biggest shareholder.
The South African layer flock increased to a record high of 29.5 million layers in April 2020, but by September 2020 the flock declined to 28.6 million.