African Forestry and Timber Trading Firm Woodbois Limited Reports Improved Revenues in H1 2021

Woodbois Limited, an African forestry and timber trading firm, has reported increased revenues in the first 6-months of 2021 and expects sawn timber output to grow by 30% in the remain 6-months of the year. Woodbois, with sawmilling and veneer operations in Gabon, recorded revenues of US$8.2 million in the first 6-months of 2021, up from US$6.7 million, in the previous six-month period. Gross profit margin for the first six months of 2021 demonstrated a strongly positive change of basis, advancing to 20% vs 8% for FY 2020.

The installation of a Primultini sawmill line has been completed, which will help sawn timber output to increase by 30% in H2 2021. The acquisition of two additional veneer lines in Gabon from CEMA Bois De L’Atlas (one of Africa’s largest plywood manufacturers), has also taken place in an €800,000 deal. The first line is expected to be delivered in Q3 2021 and installed in Q4 2021, and the second line expected to be delivered and installed in H2 2022.

Total sawn timber production in H1 2021 was 7,000m3, a 75% increase vs H2 2020. Total veneer production was 1,830m3 in H1 2021, a 66% increase on H2 2020. Woodbois in Q1 2021 entered into the carbon credit market, and it is reviewing a number of African reforestation projects, which would allow the company to generate carbon credits for distribution in the Voluntary Carbon Market.