(Reuters) – South Africa’s top poultry producer Astral Foods said on Wednesday it expects to post an annual profit this year, as it recovers from the previous year’s rare loss caused by power cuts and the country’s worst-ever bird flu outbreak.
Astral said in a trading update its headline earnings per share for the year ended Sept. 30 would be between 18.53 rand and 19.85 rand ($1.05 and $1.12), compared with a loss of 13.24 rand per share a year earlier.
This was the company’s first-ever loss in its 24-year history.
Last year, South Africa lost nearly 10 million chickens, about a third of its national flock, during its worst outbreak of high-pathogenic avian influenza (HPAI), a bird flu with a high death rate that spreads rapidly through a flock.
The country also experienced lengthy and intense electricity cuts, blamed on frequent breakdowns of its ageing coal-fired plants, which drove up costs.
The bird flu was contained towards the end of 2023 and South Africa has seen improved performance from its power plants, resulting in more than 200 days without power cuts since the end of March 2024.
Astral said it will publish its annual results on Nov. 18.
($1 = 17.6832 rand)
(Reporting by Nelson Banya; Editing by Rashmi Aich)
