Agriculture-focused Kaap Agri, whose interests span retail, fuel, and manufacturing, says its revenue was up by almost a quarter in the first three months of its 2022 financial year, driven by a surge in fuel prices and buoyant farming activity.

Group revenue was up 24% in the three months to end-December, Kaap Agri said in a voluntary update, with recurring headline earnings up 15.1% to R130.6m. This is the group’s preferred measure, excluding certain non-recurring items, such as acquisition costs...