Tiger Brands first-half earnings rise 11% as turnaround picks up
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GUEST – Tjaart Kruger – Tiger Brands CEO
Tiger Brands’ performance for the 6 months that ended 31 March 2024 reflects a tough trading environment in which consumers remain constrained. Total revenue for the year regressed by 1%, driven by price inflation of 8% and overall volume declines of 9%. Good volume growth in Exports was offset by declines in the Domestic Business.
In the Domestic Market, significantly improved performances were reported from the Groceries, Beverages, Personal Care, Tiger Brands Food Services Solutions (Food Services) and Baby segments. This was, however, diluted by an underperformance in the Grains portfolio and volume declines in Bakeries.
Total revenue for Exports and International increased by 22% to R2,6 billion, maintaining good momentum in trajectory in the Rest of Africa business with solid and sustained volume growth of 10%. Exports reported marked improvements in volumes, revenue and profitability. Building on the rejuvenation and remodelling of the Group’s key distributor model, volumes increased in Mozambique, Zambia and Zimbabwe.
Tiger Brands’ performance for the 6 months that ended 31 March 2024 reflects a tough trading environment in which consumers remain constrained. Total revenue for the year regressed by 1%, driven by price inflation of 8% and overall volume declines of 9%. Good volume growth in Exports was offset by declines in the Domestic Business.
In the Domestic Market, significantly improved performances were reported from the Groceries, Beverages, Personal Care, Tiger Brands Food Services Solutions (Food Services) and Baby segments. This was, however, diluted by an underperformance in the Grains portfolio and volume declines in Bakeries.
Total revenue for Exports and International increased by 22% to R2,6 billion, maintaining good momentum in trajectory in the Rest of Africa business with solid and sustained volume growth of 10%. Exports reported marked improvements in volumes, revenue and profitability. Building on the rejuvenation and remodelling of the Group’s key distributor model, volumes increased in Mozambique, Zambia and Zimbabwe.
