Innscor reports strong volume growth
Michael Makuza, Business Reporter
DIVERSIFIED investment group, Innscor Africa Limited, has reported strong volume growth across all core manufacturing business units with total revenue clocking $290,780 billion during the financial year ending 30 June 2022.
The solid growth represents a 49 percent increase on the comparative year, which was underpinned by strong sales volumes across all core categories.
During the period, the group’s business units achieved improved capacity utilisation, introduced new products, and expanded product offerings across the board.
This has been combined with optimal pricing strategies and growing demand from the informal market to achieve a pleasing result.
“The group recorded revenue of $290,780 billion during the financial year under review, representing a 49 percent increase on the comparative year,” Innscor said in a latest statement accompanying the financials. During the period under review, the company recorded pleasing growth in annual loaf volumes of 19 percent over the comparative year recorded in the bakery division, on the back of improved loaf quality, and a renewed focus on the sales and distribution functions.
“The operation was re-structured in the final quarter of the financial year into its core components of manufacturing, sales, and distribution, and the group is confident that this will further improve loaf quality, enhance production efficiencies, and allow for significantly improved market-reach,” it said.
At National Foods, volumes grew by 13 percent on an overall basis over the comparative year, driven by solid performances in the stock feeds, down-packed, traded goods, snacks and biscuit divisions.
Volumes in the cereals division grew by 35 percent compared to 2021 and were driven by the ever-popular ‘Pearlenta Nutri-Active’ range of instant maize porridge and other exciting product additions, which were introduced during the period including ‘Better Buy Soya Delights’ as well as the ‘Smart Carbs’ range of instant breakfast cereals, which were developed with the health- conscious consumer in mind.
The Colcom division, comprising Triple C Pigs and Colcom Foods, continued to register pleasing volume growth through the year, and from a cumulative 12-month perspective, volumes were 11 percent ahead of the comparative period, driven by strong performances in all core fresh and processed product categories, according to the group.
The company said Irvine’s recorded volume growth across all three core categories.
In the table egg category, a six percent growth over the comparative year represented record production within this category.
“Frozen poultry demand remained firm, and volumes increased by 17 percent versus the comparative year.
Demand across the day-old chick market also improved, and volumes closed 25 percent ahead of the comparative year,” said Innscor.
Meanwhile, the group also posted pleasing results in other light manufacturing and services units, which include Natpak, Prodairy, Probottlers and the group’s non-controlling interest in Probrands.
Natpak recorded encouraging aggregate volume growth of 19 percent over the comparative financial year while Prodairy continued its positive growth trajectory, as volumes closed at 31 percent ahead of the previous year.
Probottlers recorded overall volume growth of 23 percent over the comparative year of 2021 and this performance was driven by the carbonated soft drink category operating under the “Fizzi” brand, following investment during the financial year under review into a new dedicated 500ml bottling line.