Afdis grows revenue by 11%

Afdis grows revenue by 11%
Published: 13 February 2014
Afdis reported a reasonable set of results showing 11% growth in turnover to $18.4m on the back of a favourable sales mix which positively impacted trading margins. Nonetheless, sales volume declined by 25% to approximately 3.1m litres.

Afdis recently raised approximately $5.0m through a renounceable rights offer to fund the ready-to-drink alcoholic beverages project. Management reports that the $1.5m shareholder loan has been expunged.

The localisation of production of ready-to-drink alcoholic beverages is at an advanced stage, machinery has been ordered and production is targeted to start in the coming financial year.

The company aims at growing sales as well as improve efficiencies and contain costs. Management expect net gearing to reduce to below 30% on borrowings of approximately $3.0m. Despite the challenging economic environment Afdis has managed to record a strong performance suggesting tremendous growth potential. Volume growth margin recovery is expected as the company ramps up local production.
- businessdaily
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