Tiger Brands South Africa’s annual profit rises slightly

by MMC
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Tiger Brands beverage manufacturing plant in South Africa

A Tiger Brands beverage production facility is seen in Germiston, South Africa November 17, 2022. REUTERS/James Oatway Acquire license rights

JOHANNESBURG, Dec 1 (Reuters) – Tiger Brands, South Africa’s largest food producer (TBSJ.J) The group announced on Friday a 2% increase in its annual profit, supported by better than expected growth in revenues from associated companies.

The owner of Jungle Oats and Koo Baked Beans said its headline earnings per share, a measure of profit, rose to 1,735 cents in the 12 months ended Sept. 30, from 1,702.4 cents.

Profit from associated companies rose 46% to 697 million rand ($37.05 million), while group operating profit fell 9% to 3.1 billion rand, Tiger Brands said .

“Tiger Brands’ results reflect a challenging business environment marked by high food inflation, cost-conscious consumers who continue to shift away from premium products, a depreciating rand and unreliable electricity supplies,” the company added. .

Total revenue increased 10% to R37.4 billion, driven by price increases of 11% and favorable foreign exchange gains of 1%, while overall volume declined 2%.

The maker of Purity baby products said that despite double-digit inflation across the portfolio, the impact on group volumes was minimal.

Consumer goods producers around the world have raised prices to cope with rising costs of almost all raw materials, energy and packaging after Russia’s invasion of Ukraine worsened the Pandemic-related supply chain blockages.

($1 = R18.8101)

Reporting by Nqobile Dludla; Editing by Tom Hogue and Eileen Soreng

Our standards: The Thomson Reuters Trust Principles.

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