agriterra ltd said thursday that total sales for fiscal 2022 were much lower than forecast despite the extraction rate at its grain division rising to 79 from 75 in fiscal 2021 the aimlisted agricultural company said the drop in sales has been caused by the excessive volume of maize being imported from malawi and zambia it added that although the initiatives implemented in the second half helped drive sales they continue to be behind expectations although cheaper maize purchases improved fiscal 2022s overall gross margin to 267 from 154 the year prior these efficiencies didnt translate into improved bottom line results or overall performance the company said the combined effect of a below average rainfall and the increased price of wheat and oil due to the ongoing conflict in ukraine will reduce the availability of local food and cause a higher demand for the companys products the company said shares at 0722 gmt were flat at 559 pence