Tiger Brands hit by strikes and tough market conditions
Strikes, a shrinking market and aggressive competition in the snacks and treats sector were among the reasons Tiger Brands gave for flat sales and lower profits for its 2017 financial year.The fast-moving consumer goods group reported on Monday morning that revenue grew 2.3% to R31.3bn while net profit declined 5.5% to R3bn during the year to end-September.Tiger Brands maintained its final dividend level at R7.02 per share. Since it raised its interim dividend to R3.78 from R3.63, its total dividend for the year of R10.80 was 1.4% higher than the prior year’s R10.65.Revenue from the group’s domestic operations grew 3.6% to R27bn, representing 85% of the group’s total.Its exports and international divisions suffered a 5.4% decline in revenue to R4.2bn. Tiger Brands said its deciduous fruit exports suffered from a stronger rand, resulting in its operating income crashing 91% to R13.2m from R147.6m.Falling grain prices helped the group grow its bread sales.Tiger Brands said its beverag...
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