In 2020FY, Livestock Feeds Plc. recorded substantial revenue growth (+12.30%), from NGN9.96bn in 2019FY to NGN11.18bn – representing the firm’s highest revenue on record since 2014FY. This growth stemmed from an increase in the product prices during the year, and robust demand from poultry farmers as feed-milling inputs became more expensive. Hence, formulating their own feed was no longer the cost effective route. This supported revenue growth for animal feed millers like Livestock Feeds Plc. On a regional basis, sales from Aba, Ikeja and Onitsha (West and Eastern Nigeria) saw the most improvement, up 24.45%, 11.98% and 77.37% YoY respectively. In contrast, sales slumped in the North (-11.27% YoY) – constrained, in our view, by the effect of the pandemic on the company’s supply chain and distribution channels.
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