Woodbois achieves big revenue growth in half-year

5 August 2022

Africa focused forestry and timber trading company Woodbois Limited has announced a 38% increase in revenues during the first half of 2022.

The company recorded revenues of US$11.3m for the six months to 30 June 2022, while at the same time posting its first ever operating profit – US$15,000 (H1 2021: US$700,000 operating loss).

“In the first half of 2022 we have achieved record levels of production, strong revenue growth, further improvement in both margin and EBITDAS, as well as a first maiden operating profit with a positive operating cash inflow,” said Paul Dolan, CEO of Woodbois.

“Whilst there are challenges our highly motivated team are on-track to deliver further strong growth in our metrics, including revenue and profitability.”

The company says it on track in 2022 to deliver strong revenue and profitability growth.

Total sawn timber production was 9,565m3 in H1 2022, a 37% increase over H1 2021, while total veneer production was 2,740m3 in H1 2022, a 50% increase on H1 2021.

Q2 was the best quarter and the half-year was the best six months for volume of product shipped since before the pandemic. Total number of containers shipped in Q2 2022 increased by 24% over Q1 2022.

The second veneer line installed at the factory in Mouila is currently undergoing final testing and will commence production in August. This will generate additional higher value product and will represent another significant milestone of achievement.

Work on FSC certification has continued and is now over 60% complete. It aims for completion during 2023.