Mon, 24 Feb 2020 12:24 - Updated Tue, 25 Feb 2020 15:42
Induve records 20 percent drop in production
Luanda - The Angolan Vegetable Oil Industry (Induve) recorded in 2019 a drop of 20 percent in its production of corn flour and animal feed, when processing only 60.000 tons, motivated by the non-timely availability of foreign exchange for import of the raw material.
Send by email
To share this news by email, fill out the information below and click Send
To report errors in the texts of articles published, fill out the information below and click Send
Cunene: Wheat flour
Photo: JOSE CACHIVA
On average, this plant, located in the Industrial zone of Mulemba, in the municipality of Cacuaco, in Luanda, annually processes 80.000 tons of corn flour and animal feed.
In order to import raw materials, the company needs to open letters of credit, but even so, the availability of the value in kwanzas and the exchange variation has caused great losses in Induve's industrial activity.
Speaking to Angop, the financial administrator of Induve, Kidy Aragão, referred that according to the rules of the National Bank of Angola (BNA) any value imported above US $ 100.000, although these numbers are changed today, must be with letters of credit and these are matured within 60, 90 or 120 days.
“I open a letter of credit and I have the amount in kwanzas, I make my spreadsheet according to the expectation, which is the amount I should have at the time of import, which is in kwanzas and I start selling in this period, but in fact when the payment period arrives, there is precisely the exchange variation that is generally negative, causing damage to our activity ”, he lamented.
Despite this constraint, the company's management has ambitions to expand its production lines, since the industry supplies almost 60 to 70 percent of the national market with cornmeal, reaching the entire production chain of basic food products, mainly cereals.
- 24/02/2020 12:06:50
Luanda - The Angolan Vegetable Oil Industry (Induve) has started investing, since last year, US $ 20 million in the construction of a wheat flour processing unit, in order to respond to the challenge launched by the Angolan Government to reduce imports .
- 22/02/2020 12:18:18
Malanje - A factory that processes white potatoes into potato chips, called "Palanca", with the capacity to produce 12,000 (40 and 80 grams) packs of this product in six hours, opened on Friday in the Municipality of Cacuso, north-central Malanje Province.
- 21/02/2020 10:38:01
Huambo - Ninety three million Kwanzas were collected by the General Tax Office (AGT) in the central Province of Huambo, due to the value added tax (VAT) collection in the first three months following its entry into force (October 1, 2019).