African hardwood business reports better year

15 May 2019

International African hardwood focused business Woodbois has posted a big increase in revenue and a cut in its pre-tax losses.

Woodbois Ltd, previously known as Obtala, has undergone a period of restructuring and posted annual revenue for 2018 of US$13.4m (2017: US$7.9m), with gross profit up to US$2.1m (2017: US$453,000). The company’s pre-tax losses reduced to US$5.6m (2017: US$7.3m).

Woodbois Ltd, listed on the AIM section of the London Stock Exchange, has production facilities in Gabon and Mozambique.

The Gabon sawmill was equipped with new Shenyang vertical bandsaws this year, complemented by new Mebor and Woodmizer edgers, purchased in 2018 and 2019. New Techdri kilns with a capacity of 1,000m3 will be installed at the sawmill during 2019 meaning that all processing will take place onsite.

The veneer factory, which opened at the end of 2018, is equipped with a full Cremona peeling and drying line and a new custom-built heating system. Okoume and Ilomba veneers are produced in thicknesses of 0.5mm – 10mm.

A plywood line installed in 2019 maximises recovery rates from the veneer production. The products are principally used within Africa for concrete shuttering.

The Group manages and operates approximately one million acres of natural forest concessions in Gabon and Mozambique. Woodbois’ head office is in London, where Paul Dolan operates as CEO.