Upfield - comment

Upfield hold their Q1 call later this afternoon after the release of their numbers yesterday evening. The trend continues of higher prices achieved, but at the cost of lower volumes, albeit prices rising faster than the drop in volumes/mix. However, the price increases are not sufficient to cover the significant inflation in commodity prices, which is lowering Gross Profit and EBITDA margins. All questions will be on further pricing action to be taken by the Company.

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