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Financial Results Explore this Topic

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Luckin Coffee alleged fraud prompts plummeting share price

Luckin Coffee has been in the spotlight since the company revealed in an SEC filing that it has carried out an internal investigation into an alleged USD310 million fraud on the part of its former chief operating officer. The news resulted in its stock price falling by over 80% on April 2.

China Financial Results

New Hope beefed up its pig output and profit in 2019

In 2019, the company’s total revenue reached a spectacular figure of CNY82.05 billion (USD11.72 bln), up by 18.8% over the previous year, with net profit at CNY5.0 bln, up by 195.78%. The pig industry and food business are the growth hot spots. 

China Financial Results

Conagra third quarter sales down, profit forecast up on Covid-19 demand

Convenience food giant Conagra Brands has reported its Q3 financial results and announced it has raised its profit forecast for 2020 as the coronavirus (Covid-19) pandemic sees consumer demand for its groceries and snacks skyrocketing.

ConAgra Financial Results

Haisheng made a huge loss in AJC but fresh did well in 2019

Haisheng is a major apple juice concentrate (AJC) supplier globally with many multinational partners. The company achieved a total revenue of CNY1.232 billion (USD1.76 bln) compared with last year’s CNY1.753 bln, showed a massive decline of 29.7%. This is the second time when Haisheng reported a loss. Gross profit margin fell from 14.4% to 8.2% due to the price rise of raw materials and increased costs of storage.

Haisheng Financial Results

Conoravirus: UK soft drinks manufacturer rings the alarm bell

The manufacturer of the Vimto drink, Nichols has said it is “not currently able to provide financial guidance for the year ended 31 December 2020” and cancelled the 28 pence (34 US cents) final dividend in a bid to maintain a reasonable level of ready cash.

United Kingdom Commercial

Valio reports positive 2019 financial results, warns of Covid-19 impacts ahead

Finnish dairy co-op Valio reported positive outcomes of its 2019 financial year, with sales driven by ingredients sales to China.

Valio Dairy Products
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Investments

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International bank finances Sri Lankan coconut processor

The Asian Development Bank (ADB), located in the Philippines, has granted a USD5 million loan to the coconut processor PTSAL & Sons Indonesia, owned by the Sri Lankan Silvermill Group. 

Desiccated Coconut Sri Lanka

Exports are an important part of Fruits du Sud business

South African raisin supplier Fruits du Sud is keen to build on its established success as an exporter of good quality raisins.

Dried Vine Fruit South Africa

Pioneer Foods sets sights on gaining traction in UK market

Pioneer Foods/South African Dried Fruit promotes itself as being the country’s leading processor of dried fruits.

Dried Vine Fruit Dehydrated Apple

Carpe Diem reports massive growth in sales to Europe and North America

Carpe Diem produces 100% organic export table grapes, raisins and pecan nuts.

Dried Vine Fruit Fresh Grapes

New tomato paste factory to be built in Egypt

Juices and concentrates company Nouna has announced an investment of EGP26 million (USD1.6 mln) in a new tomato paste factory in Upper Egypt.

Egypt Canned & Tomato Products

Primex closes Candelaria factory due to Covid-19 quarantine

Philippine desiccated coconut producer Primex has closed its factory in Candelaria, Quezon, due to staffing shortages arising from the Covid-19 epidemic.

Desiccated Coconut Coronavirus
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M & A

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JBS completes purchase of US packaged meat business

Brazil’s JBS, the world’s largest beef processor, has concluded the acquisition of Empire Packing Company – a company that specializes in the processing of packaged beef and pork.

United States JBS

Conagra third quarter sales down, profit forecast up on Covid-19 demand

Convenience food giant Conagra Brands has reported its Q3 financial results and announced it has raised its profit forecast for 2020 as the coronavirus (Covid-19) pandemic sees consumer demand for its groceries and snacks skyrocketing.

ConAgra Financial Results

Chinese pork processor acquires feed firm JMC

Chinese pork processor China Xiangtai Food Co. has agreed to buy a majority stake in JMC, one of the leading feed sales companies in southwest China.

China M&A

Philippines’ regulator approves Korean purchase of PepsiCo operation

The Philippine Competition Commission regulator said that the transaction is not likely to result in a substantial lessening of competition, noting that there are competitive constraints from other participants in the carbonated soft drinks, non-carbonated beverage, and bottled water markets.

South Korea Commercial

Russian poultry firm sold by state-run bank

Russia's state-run economic development institution, the VEB, has closed a deal to sell Ural Broiler – one of the country’s largest chicken producers – to Stavropol Broiler company.

Russian Federation Poultry

PZ Cussons, a hygiene and healthcare company, plans to sell its juice and dairy subsidiary in Nigeria.

FrieslandCampina WAMCO Nigeria Plc, a local subsidiary of the Dutch dairy supplier, Royal FrieslandCampina, is to buy Nutricima, a Nigerian dairy juice and beverage distribution company.

Commercial Nigeria
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Operations Explore this Topic

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Cargill latest to shut US meat plant due to Covid-19

Cargill is the latest large US meatpacker to halt operations at one of its US facilities following outbreaks of Covid-19 among workers.

United States Cargill

Covid-19: Belgian cold-pressed juice producer cannot release its stock

HPP Services, a fruit juice processing company in Leval, in the Binche municipality in the province of Hainaut, has only been in business for about 18 months but is already facing the problem of being unable to deliver.

Belgium Beverages

Cargill’s digital tools aid Ivorian cocoa farmers with Covid-19 updates

Cocoa farmers in Ivory Coast currently receive information surrounding Covid-19 via Cargill’s digital farming tool, the company outlined.

Cocoa Côte d'Ivoire

Tyson halts work at Iowa pork plant after multiple Covid-19 cases

Tyson Foods has suspended operations at its Columbus Junction pork plant in Iowa after more than two dozen cases of Covid-19 involving team members at the facility.

United States Tyson Foods

Covid-19: Spanish port of Barcelona cuts fee in blockaded containers

The Port of Barcelona has cut its rates for blockaded importing containers due to the lockdown to avoid the Covid-19 spread. 

Coronavirus Spain

Covid-19 causes coconut chaos

Some of the larger coconut plantations in the Philippines are likely to close, as workers struggle to get to work with no transport.

Desiccated Coconut Coronavirus
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People Explore this Topic

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Luckin Coffee alleged fraud prompts plummeting share price

Luckin Coffee has been in the spotlight since the company revealed in an SEC filing that it has carried out an internal investigation into an alleged USD310 million fraud on the part of its former chief operating officer. The news resulted in its stock price falling by over 80% on April 2.

China Financial Results

TB Fruit accused of loan repayment evasion

Ukrainian AJC giant TB Fruit has been accused of evading repayment of a EUR250 million (USD274.9 mln) loan taken from Delta Bank.

Ukraine Apple Juice

Pioneer Foods sets sights on gaining traction in UK market

Pioneer Foods/South African Dried Fruit promotes itself as being the country’s leading processor of dried fruits.

Dried Vine Fruit Dehydrated Apple

Carpe Diem reports massive growth in sales to Europe and North America

Carpe Diem produces 100% organic export table grapes, raisins and pecan nuts.

Dried Vine Fruit Fresh Grapes

China applies the toughest border control amid a rise of Covid-19 imported cases

As China is cautiously working on the resumption of previous production capacity, the country has stepped up measures to reduce imported cases. 

China People

Coronavirus, FrozenB2B’s Polaris event cancelled

The popular Polaris Europe event hosted by FrozenB2B, the networking group of the frozen food industry, should have been held in Lisbon on April 28-29.

International Frozen Foods
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