Famous Brands sales grow 6.7% even as losses from UK’s GBK more than tripled

SOUTH AFRICA - Famous Brands, JSE listed and Africa's leading quick-service franchisor has reported 6.7% growth in sales despite a loss from Gourmet Burger Kitchen (GBK) which more than tripled in the UK, Business Day has reported. In its voluntary performance update issued on August 16, the casual dining restaurant chain said GBK would contribute…

Tiger Brands full-year profit fall by 37% after Listeriosis outbreak aftermath

SOUTH AFRICA - Tiger Brands Ltd., a South African packaged goods company, has said that its full-year profit fell as much as 37% after one of its plants was blamed for South Africa’s listeriosis outbreak. According to Bloomberg, the company shares dropped by 9.8%, the most since March 5, the day after the South African…

Sea Harvest expects 31% decline in profits hit by Viking buyout

SOUTH AFRICA - South African fishing company Sea Harvest expects interim basic earnings a share to decline by 31%, a slowdown attributed to the acquisition of rival Viking Fishing Holdings. For the six months ended June, basic earnings were expected to be between 46cents and 50c a share, a decrease of between 31% and 25%…

Coca-Cola Beverages SA appoints Flora Jika as new logistics director

SOUTH AFRICA - Coca-Cola Beverages South Africa (CCBSA) has appointed Flora Jika as the new logistics director after working with the company for almost ten years, Business Day has reported. Jika, a holder of master’s degree in industrial engineering from Wits University, joined CCBSA in 2008 after a four-year stint at Anglo American’s Witbank coalfields.…

Tongaat Hulett shareholders reject remuneration policy as CFO steps down

SOUTH AFRICA - The complementary sugarcane and maize feedstocks company, Tongaat Hulett’s shareholders have voted against a non-binding advisory resolution endorsing the company’s remuneration policy at its Annual General Meeting. Meanwhile, CFO Murray Munro who joined the group in 2003 has stepped down due to health reasons but will remain as an employee of the…

Clover shares grow on expected increase in headline earnings

SOUTH AFRICA - The branded foods and beverages group, Clover Industries said it expects its headline earnings a share to increase by between 207.13% and 227.13% for the year to June, IOL reports. Following the announcement, its share price jumped by 2.14 % to $1.36 a share, from the previous price of $1.33. The release…

Oceana Group eying offshore acquisitions as it looks to diversify operations

SOUTH AFRICA - Oceana Group, one of the largest fishing companies on the continent is eying acquisitions on other markets as it looks to diversify its operations out of South Africa, Business Day reports. In South Africa, the company is said to be limited to making big acquisitions prompting to turn to other regions for…

Plastic recycler Extrupet to inject US$15m into economy to meet recycling goals

SOUTH AFRICA - Africa’s largest PET bottle recycler Extrupet has announced plans to inject US$14.99 million into South Africa’s economy to help meet recycling and job creation goals for the next five years. Plans by Extrupet, which recycles about 2.5m plastic bottles per day, would help the country achieve its post-consumer recycling targets set for…

Tongaat Hulett’s CEO Peter Staude to retire end of October

SOUTH AFRICA - The agricultural and sugar processor Tongaat Hulett has announced that its long-serving Chief Executive Peter Staude will be stepping down his role at the end of October after attaining the retirement age of 65 in June, Business Day reports. Staude who has been CEO of the agri-processing business since 2002 said in…