Woodbois branches out in African timber market

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  • Woodbois acquires additional veneer equipment to boost production
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LSE:WBI

Market: LSE
Market Cap: GBP125.63 m
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Woodbois Ltd, listed on the AIM section of the London Stock Exchange, is involved in the production, processing, manufacture and supply of sustainable African hardwood and hardwood products.

The Group also sources sustainable softwood, hardwood and related products internationally, supplying into Africa and across the globe.

With substantial, newly-equipped manufacturing facilities in both East and West Africa, Woodbois is a leading producer, processor and manufacturer of sustainable African hardwoods and hardwood products which we supply to a global customer base.

29 Apr 2021

() said it has acquired two additional veneer lines for its Gabon operations from CEMA Bois De L’Atlas, one of Africa’s largest plywood manufacturers.

The forestry and timber group said it will pay EUR800,000 for the two veneer lines, the first of which is currently in the Gabonese capital of Libreville and will be delivered and installed in the late second and early third quarter of 2021. The second line will be delivered and installed in the second half of the year.

The firm also said it has agreed to sell logs to CEMA’s existing operations in Gabon on a monthly basis under an offtake agreement in lieu of cash consideration payments for the lines.

The first veneer line is expected to add approximately 35 cubic metres (m3) per day of veneer production capacity to its existing 30m3 facilities, the company said, adding that the second veneer line has production capacity for an additional 75m3 per day of output.

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29 Apr 2021

The price of lumber has risen by more than 230% since the onset of the coronavirus crisis and timber is now trading at all time highs of around US$1,188 per thousand board feet.

Futures are trading even higher, and have been so popular that they triggered circuit-breaks in trading earlier this week.

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29 Apr 2021

() has noted a sharp reduction in debt for 2020 as the group said its business had remained “resilient” despite the coronavirus (COIVD-19) pandemic.

In its results for the year ended December 31, the Africa-focused forestry and timber firm reported that its debt had been cut by 85% as part of a restructuring of its balance sheet, while also reporting an adjusted (EBITDA) loss for the period of US$1.7mln compared to a US$1.9mln loss in the prior year.

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