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AICO: Further Cautionary statement

Thu, 23 Feb 2012 12:00:00

The Directors of AICO Africa Limited would like to advise Shareholders of the Company, that further to the Cautionary Statement dated 3 February 2012, the Directors are still engaged in negotiations for a potential transaction, which if successful, could have a material impact on the price of the Company's shares. Accordingly, Shareholders are advised to exercise caution when dealing in the Company's shares until a full announcement is made. By...

AICO: Cautionary statement

Fri, 3 Feb 2012 12:00:00

The Directors of AICO Africa Limited would like to advise Shareholders of the Company, that further to the Cautionary Statement dated 12 January 2012, the Directors are still engaged in negotiations for a potential transaction, which if successful, could have a material impact on the price of the Company's shares. Accordingly, Shareholders are advised to exercise caution when dealing in the company's shares until a full announcement is made. By Order...

AICO: Cautionary Statement

Thu, 12 Jan 2012 12:00:00

The Directors of AICO Africa Limited would like to advise Shareholders of the Company, that further to the Cautionary Statement dated 20 December 2011, the Directors are still engaged in negotiations for a potential transaction, which if successful, could have a material impact on the price of the Company's shares. Accordingly, Shareholders are advised to exercise caution when dealing in the company's shares until a full announcement is made. By Order of the Board ...

AICO: Cautionary Statement

Wed, 21 Dec 2011 12:00:00

The Directors of AICO Africa Limited would like to advise Shareholders of the Company, that the Directors have entered into negotiations for a potential transaction, which if successful, could have a material impact on the price of the Company's shares. Accordingly, Shareholders are advised to exercise caution when dealing in the company's shares until a full announcement is made. By Order of the Board B. Mudzimuirema Director ...

Cottco boosts input credit scheme to farmers

Tue, 29 Nov 2011 00:00:00

THE Cotton Company of Zimbabwe has expanded by 30 percent its farmers' input credit scheme for the 2011/12 cropping season as it seeks to boost output. Contract farming is an arrangement in which a company provides a farmer with inputs to produce and supply it with agricultural product to recover the costs. Cottco managing director Mr David Machingaidze said 156 673 cotton growers would participate under the company's input scheme this season, with 142 650 already assessed. Last...

Cottco is poised for significant growth

Mon, 28 Nov 2011 13:00:00

The Cotton Company of Zimbabwe is One of the Largest of its Kind in Africa and is Poised for Significant Growth. Over the past year, Cottco has enjoyed continued expansion according to Managing Director David Machingaidze. "The company is now more profitable and is poised for significant growth as it expands its grower inputs scheme," he says. "The company has also managed to turn around from loss making to a profitable position." "We have the most experienced staff and enjoy excellent...

Cottco: The Market Leader

Mon, 28 Nov 2011 12:00:00

Popularly known as Cottco, The Cotton Company of Zimbabwe has been in existence since 1969. Over the years it has operated with a number of subsidiary companies. However, in 2008 a restructuring exercise formed a holding company, which led to the birth of AICO Africa Limited. Cottco was delisted from the ZSE on 1 September 2008 paving the way for AICO which listed on the same day. The companies, which once operated beneath the Cottco umbrella, now joined the holding company, making...

AICO HY2011 financial results presentation podcasts

Thu, 17 Nov 2011 12:00:00

We are pleased to release the podcasts of the proceedings at the analyst briefing and results presentation held on 16 November 2011. The following reports and podcasts are available for download from our website:- Podcast: Operating report Podcast: Financial report Podcast: Q and A session HY2011 financial results HY2011 financial results presentation

AICO releases HY2011 interim results and presentation

Wed, 16 Nov 2011 12:00:00

The Board of Directors of AICO Africa Limited is pleased to announce the release of the Group's 2011 interim results for the half year ended 30 September 2011. Below are some financial highlights: Financial Highlights Aggregate sales volumes were 19% above last year. Revenue of US$115.0 million was 117% higher than last year. Loss before tax amounted to US$4.1 million. Loss after tax of US$5.0 million was an improvement over prior year of US$10.9 million. ...

AICO: 2011 interim results briefing

Mon, 14 Nov 2011 12:00:00

The AICO Africa Limited analyst briefing and results presentation in respect of the half year ended 30 September 2011 will be held at the Cottco Pavilion, Harare Exhibition Park, at 3pm on Wednesday 16 November, 2011.

Prioritise Soyabean Production - Olivine

Thu, 6 Oct 2011 12:00:00

OLIVINE Industries has urged the Government to prioritise the growing of soyabeans to boost local production of cooking oil. Addressing journalists on a media tour at the Olivine plant in Harare, the company's managing director, Mr Jonas Mushangari, said soyabeans should be considered as a strategic crop. "Zimbabwe does not have enough soyabeans and we would like the nation and the Government to put priority in the growing of soyabeans. We also encourage the banking sector to fund soya...

AICO: Complexities of Global Cotton Market

Sat, 24 Sep 2011 00:00:00

Farmers and ginners are always embroiled in 'war' over the pricing of seed cotton. The Herald Assistant Editor George Chisoko spoke to the Ginners Association chairman David Machingaidze who is also the Cotton Company managing director about cotton pricing dynamics on the international market Every year there are problems with farmers over seed cotton pricing, could you explain why there is always that war That is correct every year there have been disagreements with farmers...

AICO: Notice of 3rd Annual General Meeting

Wed, 10 Aug 2011 12:00:00

Notice is hereby given that the 3rd Annual General Meeting of the members of AICO Africa Limited will be held at The Cotton Pavilion, Harare Exhibition Centre, Zimbabwe on Wednesday, 31 August 2011 at 1500 hours for the following business: ORDINARY BUSINESS FINANCIAL STATEMENTS To receive and adopt the financial statements for the year ended 31 March 2011 together with the reports of the Directors and the auditors thereon. ELECTION OF DIRECTORS In terms...

AICO Africa Limited releases 2011 annual report

Wed, 10 Aug 2011 12:00:00

The Board of Directors of AICO Africa Limited is pleased to announce the release of the Group and Company's 2011 annual report in respect of the year ended 31 March 2011. Below is a brief extract from Chairman's Statement. Chairman's Statement Economic Overview The macro-economic environment was fairly stable for the year under review with modest economic growth recorded. Access to capital remains highly problematic and as a result economic recovery will be slow and...

AICO: Launch of investor relations initiative and new website

Wed, 29 Jun 2011 12:00:00

AICO Africa Limited is pleased to announce the launch of its new corporate website and online investor relations initiative on www.aicoafrica.com "AICO's interactive website describes our Group's businesses and enables categorized email alerts to disseminate, timely and complete information on our group to registrants. Investors and stakeholders will find this useful in tracking the growth of our sustainable business model and long-term growth story," said Patrick Devenish, AICO...

AICO releases the 2011 abridged report, analyst presentation and podcasts

Tue, 28 Jun 2011 12:00:00

We are pleased to release our audited financial report for the year ended 31 March 2011, together with the analyst presentation and podcasts for the respective period. Below are some extracts from the presentation: Introduction and overview Have substantially better results this year Future looks bright Have turned around in Cottco ...and looking ahead to further growth Seed Co is doing very well ...with volume, revenue and profit...

AICO disposing of Scottco, Exhort

Mon, 30 May 2011 00:00:00

AICO Africa is disposing of two of its subsidiaries, Scottco and Exhort, to concentrate on core business, according to CEO Pat Devenish. Devenish told the recently concluded Zimbabwe Investors Conference that the two businesses no longer suited the group's business model going forward. AICO, acquired Scottco, a cotton spinning company and Exhort, an exporter of frozen vegetables, during the Zimbabwe dollar era for value addition. "These are profitable businesses but as the group...

The Africonomist: A Talk with Pat Devenish

Thu, 26 May 2011 12:00:00

(Editor's note: This piece was originally published in the monthly newsletter of the Africonomist.) Agro-industrial businesses in Africa are playing an increasingly important role in the global food supply chain as the cost and demand for commodities rise and as the world's population expands. Pat Devenish, the group CEO of AICO Africa Ltd., a Zimbabwe-based agro-industrial business that has been connecting small-scale African farmers to markets overseas for at least a decade,...

Seed Co releases new crop varieties

Thu, 24 Mar 2011 00:00:00

SEED CO Zimbabwe has released new crop varieties to ensure maximum production of all grains and oilseeds while in the process reducing the costs of production for the farmer in terms of crop disease control. Group research manager, Ephraime Havazvidi explained that the released new varieties were resistant to diseases and highly adaptable to the changing climatic conditions. "In the 600 series, the new SC637 is a high yielder and can be grown in natural region II B, with a potential output...

AICO: Future Bright for U.S. Agriculture Industry

Tue, 7 Dec 2010 00:00:00

Dr. Seshadri Ramkumar Texas Tech University Agriculture will be a growth industry in the United States for the next forty years according to Joel Kotkin, an internationally recognized author on global, economic and social trends. Mr. Kotkin, a native New Yorker, who now resides in California, is well known for his recent book, "The Next Hundred Million, America in 2050." He recently visited Lubbock to deliver a lecture on Texas and North America in 2050 as part of Texas Tech's...

Cottco secures $14,6m credit shock from DBSA

Mon, 29 Nov 2010 12:00:00

The Development Bank of Southern Africa (DBSA) has approved a R104,6 million or $14,6 million corporate loan to support the Cotton Company of Zimbabwe (Cottco)'s input credit scheme for small-scale cotton farmers in Zimbabwe. Cottco, one of AICO Africa's key strategic business units, runs the largest inputs credit scheme in the country with 127 000 growers on contract farming and 242 000 hectares under tillage and has the most extensive network of growers, infrastructure, resources,...

AICO Africa Pursues Funding

Thu, 25 Nov 2010 12:00:00

Diversified conglomerate, AICO Africa Limited, is pursuing funding options for its cotton and fast moving consumer goods (FMCG) businesses, which are expected to record losses during the full year to March 2011. In an announcement, the AICO board said it was "actively pursuing various fund raising options for the group". "Shareholders will be advised of progress in due course," said the AICO board. Sales volumes for the half year to September 2010 within the FMCG unit were 98 percent above...

AICO Abridged Group 2010 interim results

Tue, 16 Nov 2010 00:00:00

The Directors do hereby announce the Abridged Group unaudited results for the six month period ended 30 September 2010. The following are the highlights from the Chairman's Statement: ECONOMIC OVERVIEW The economic environment continues on a stable footing, though recovery and growth are significantly limited by lack of liquidity and high interest rates. On the other hand, power outages remain a considerable constraint to economic recovery... OPERATIONS REVIEW Cotton Seed cotton...

AICO Disposes of Loss-Making Exhort

Fri, 1 Oct 2010 00:00:00

Harare � Zimbabwe Stock Exchange-quoted agro-processing firm, AICO Africa Limited is disposing of its loss making frozen vegetable arm, Exhort Enterprises for US$2,5 million. The group resolved to dispose of its Ruwa-based subsidiary after it was considered a misfit to its global strategy. AICO's financial advisors, Enerst and Young yesterday opened bids for the investment saying the enterprise would go for not less than US$2,5 million. "AICO has resolved to wind down and dispose of its...

AICO: Notice of the Second AGM

Sat, 17 Jul 2010 00:00:00

Notice is hereby given that the Second Annual General Meeting of the members of AICO Africa Limited will be held at The Cotton Pavilion, Harare Exhibition Centre, Zimbabwe on Wednesday, 4 August 2010 at 15:00 hours for the following business: Ordinary Business Financial Statements To receive and adopt the financial statements for the year ended 31 March 2010 together with the reports of the Directors and the Auditors thereon. Election of Directors In terms of...

AICO FY2010 financial annual report released

Sat, 3 Jul 2010 00:00:00

I am pleased to present my report for the year ended 31 March 2010. OVERVIEW The year ended 31st March 2010 was a difficult year for AICO. The introduction of the multi-currency system in February 2009 saw a significant increase in real costs which, apart from a small downward trend at midyear, has continued until now... GROUP STRUCTURE Structure of the Group remains unchanged, smaller subsidiaries are being closed or sold off so as to leave the Group with three large businesses that fit...

AICO in US$7,6m exchange gain

Fri, 18 Dec 2009 00:00:00

A HUGE exchange gain of US$7,6 million earned from consolidating regional operations hoisted AICO Africa Limited back to safety in the first six months of its financial year after a post-tax loss of US$4,2 million had dragged it down. This resulted in a final net earnings position of US$3,4 million for the agro-conglomerate, one of Zimbabwe's largest, which operates a number of regional units through Seed Co Limited and the Cotton Company of Zimbabwe (Cottco), the...