The agricultural sector (with the livestock subsector inclusive) witnessed a strong recovery in 2021 (Agricultural GDP growth: 25.88%YoY, Livestock GDP growth: 1.71YoY%). In our opinion, the robust demand for animal feed by poultry and other livestock farmers underscored this growth in the livestock subsector. Hence, animal feed players such as Livestock Feeds Plc recorded strong revenue growth in the period. On a regional basis, the company benefitted significantly from the Southwestern market as it delivered the highest sales growth (+56.06% YoY), closely followed by revenue from the Eastern market (+22.35% YoY).
