Tiger Brands’ profit trebles after ditching the Dangote millstone
Tiger Brands reported aftertax profit of R3.3bn for the year to end-September — 3.5 times higher than the previous year’s R942m, which was dragged down by a R2.2bn write-down of its Nigerian acquisition Dangote Flour Mills. The group disposed of its Nigerian subsidiary in February. Tiger Brands’ total turnover from continuing operations grew 11% to R31.7bn, its results statement released on Wednesday morning said. Nearly 40% of the group’s turnover comes from grain sales. While this grew 13% to R12.8bn, it was driven entirely by inflation caused by drought. Volumes were flat, and operating income fell 3% to R2bn, the results statement said. "During the year, the Fatti’s & Moni’s brand was expanded into the fast-growing convenience segment with the launch of instant noodles, and early indications are encouraging," Tiger Brands said. "Jungle’s performance benefited from innovation, such as the single-serve Jungle cups that leverage on the trend of convenience and breakfast-on-the-go."...
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