Explosives and chemicals group AECI has reported operating losses in its Schirm business in Germany for the year to December as the war in Ukraine hit demand for agrichemicals and pushed up costs, causing it to write down the value of that business by R445m.

The war in Ukraine has led to a plunge in demand from farmers. In contrast, sanctions against Russia, which supplies a large chunk of the global supply of ammonium nitrate used as a fertiliser or explosive base, have affected the pricing and availability of raw materials...

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