Tiger Brands earnings jump on strong second half
Tiger Brands has been hit the most by the inflation in food, which is a major business for the company.
The company said its first half was impacted by a lag in recovering “unprecedented and unanticipated” levels of cost inflation. This was compounded by certain supply constraints as a consequence of global and local challenges and industrial action in snacks & treats and bakeries.
It recovered in the second half even as cost and supply challenges remained, reflecting “the effective implementation of category-specific margin recovery initiatives, as well as the execution of category-specific initiatives,” the company said.
As a result, the maker of Jungle Oats and Tastic rice said headline earnings per share rose to 1,702 cents in the year ended 30 September, up from 1,127 cents a year earlier.
Courtesy of Bizcommunity – read full article here.