Seed Co earnings down

Pan- African Seed supplying company, Seed Co International Limited announced that its interim EPS for the full half- year ended 30 September 2022 will be approximately 380percent to 400percent ( between 1.41 and 1.48 US cents) lower than the EPS of 0.38 US Cents for the corresponding period ended 30 September 2021.

The company Secretary, Eric Kalaote stated that adverse outturn is mainly due to reduced sales volume in the absence of the unusual early seed sales that occurred in Malawi, product shortages in Nigeria and Kenya compared to the prior year. He said with the non- recurring early seed uptake in Malawi, the Group reverted to the traditional first half cost accumulation status in line with the highly seasonal nature of the business. “Meaningful sales activity in the dominant Southern African markets of the Group takes place in the rainy second half of the year which explains the traditional losses the Group incurs during the first half,” stated Kalaote adding that on the back of enhanced focus on food security and the strength of the geographical spread that will mitigate mixed rainfall forecasts, the Group is optimistic of better performance.