SOUTH AFRICA – Rainbow Chicken has published its annual financial report, revealing a revenue of R14.5 billion (approximately US$814 million).
This follows the recent spin-off from RCL Foods, which reported a total revenue of R26 billion (about US$1.5 billion) for the same period.
The financial figures represent RCL Foods’ performance for the fiscal year ending June 2024.
In the financial report, RCL Foods indicated a satisfactory performance for the 2024 fiscal year, despite challenges in consumer demand.
Revenue from ongoing operations rose by 6.8%, primarily due to increased sales prices driven by persistent high input costs.
Earnings before interest, taxes, depreciation, amortization, and impairments (EBITDA) from continuing operations surged by 36.8%.
The unbundling of Rainbow Chicken from the RCL Foods Group occurred through a pro-rata distribution in specie and became effective on July 1, 2024.
Following the successful separation from Rainbow this year and Vector Logistics in 2023, RCL Foods is concentrating on expanding its remaining business units, as stated by CEO Paul Cruikshank in the annual report.
The report highlighted significant production figures for theRCL Foods group in 2024, including the creation of 85 million jars of mayonnaise, 26 million jars of peanut butter, and 75,000 tons of pet food.
Additionally, 107 million pies, 43 million liters of beverages, 350,000 tons of flour, and 282 million units of bread, buns, and rolls were produced.
Other notable outputs included 30 million units of specialty products, 574,503 tons of sugar, 356,000 tons of chicken products, and 1.25 million tons of animal feed.
Previously, Rainbow Chicken was under the management of Remgro, the investment company owned by billionaire Johann Rupert.
The aim of the separation is to enable both entities to focus on their distinct areas of expertise.
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