Chairman’s statement


Dear Stakeholders

The Group recorded an encouraging performance and results
despite the challenges posed by COVID-19 during the year.
Revenues were 17% ahead of prior year driven by growth in volumes
across the major product ranges at Farmec, Barzem, CT Bolts and
Mealiebrand. Powermec suffered whole goods volumes reduction
and exports sales were affected by COVID-19 induced lockdowns.
The reduction in export sales and related exchange gains due to
Covid-19 lockdowns and the exchange rate stability following
the introduction of the foreign currency auction trading system
respectively, caused a decline in current year operating profitability
by 41% compared to prior year.