Obtala makes significant progress

Annual results from Obtala Resources (LON:OBT) chart a year of transformation culminating in trial farming from in Tanzania.

The group, which is focused on expanding its agricultural and forestry activities in Tanzania and Mozambique, also has natural resources investments in quoted Bushveld Minerals (iron and tin) and Paragon Diamonds (LON:PRG).

In the year to December 31, it posted a £10.6mln profit which was mainly result of pre-IPO services related to the AIM listing of Bushveld (LON:BMN). 

Net assets, meanwhile, rose 19% to £79.5mln and the group had cash of almost £2mln at the year end.

Trial crops of sunflower, groundnut, canola, soya and sesame seed were planted, with ground nuts providing the best yield.

Currently, the group is building a sun-dried tomato and horticultural facility in Tanzania, which it says will optimise profit margins.
Source: Proactive Investors, reported by Ian Lyall in London

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