Tag: Tiger Brands

Tiger Brands registers decline in full-year profit despite 4% rise in revenue

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SOUTH AFRICA – South African food manufacturing giant, Tiger Brands has reported a 4% rise in revenue for the year ended September 30, 2020 from R28.5 billion (US$1.85 billion) registered in 2019 to R29.79 billion (US$1.93 billion). However, its profit for the year fell from R3.8 billion (US$246.6 million) to R1 billion (US$64.8 million) due to SA’s strained economy, the national lockdown and the impact of Covid-19, reports Fin24. “The results for the year have been disappointing, reflecting the challenges faced by the company in maintaining margins in what was…

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Tiger brands anticipates 30% decline in full year earnings

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SOUTH AFRICA – Tiger Brands, JSE listed packaged food processor expects its headline earnings per share (Heps) from total operations to decline by between 27 and 30 percent i.e. 357c – 397c, down from last year’s 1 322c. This is a revised earnings guidance for the year to end September, which is slightly higher from the company’s trading statement of August which indicated that its Heps was expected to decline by between 35 and 40 percent. The improvement according to the food company follows a better-than-anticipated operating income performance in the second…

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Tiger Brands finalizes sale of its value-added meat product business to Country Bird Holdings

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SOUTH AFRICA – South African food manufacturing giant, has announced the completion of sale of its value-added meat product (VAMP) business units to Silver Blade, a subsidiary of Country Bird Holdings. In August the group announced that it had entered into an agreement with Silver Blade, to acquire the meat processing businesses at Germiston, Polokwane and Pretoria for R153 million (US$8.7m), together with all the inventories located at the units for R158 million (US$9m). With the total transaction amounting to R311 million, R40 million (US$2.3m) will be paid on November…

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Tiger Brands chairman Mokhele to be replaced by former Minister Geraldine Fraser Moleketi

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SOUTH AFRICA – Tiger Brands, JSE listed packaged food processor has announced that Khotso Mokhele would step down as chairman of the board on December 31. According to reports by Reuters, Mokhele will be replaced by Geraldine Fraser-Moleketi, a lead independent director at mining firm Exxaro, who will take over on Jan. 1 after a handover period starting from September. Fraser-Moleketi has served in various cabinet roles from 1996 to 2008, including as Minister of Public Service and Administration and Minister for Welfare and Population Development. Recently the food manufacturing…

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Tiger Brands disposes value-added meat products business for US$24.7m to Country Bird Holdings, Molare

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SOUTH AFRICA – South African food manufacturing giant, Tiger Brands has entered into two separate agreements to sell its value-added meat product (VAMP) business units as going concerns for a combined R428 million (US$24.7 million). The agreements are with two separate and unrelated purchasers i.e. Molare Proprietary Limited, one of South Africa’s largest pork processors and Silver Blade, a subsidiary of Country Bird Holdings. The first agreement with Molare regards its abattoir business at Olifantsfontein, which Molare will acquire for R100 million (US$5.7m) and a further R17m (US$0.97m) for inventories…

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Tiger Brands names Deepa Sita as group’s CFO

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SOUTH AFRICA – South African packaged food group, Tiger Brands has appointed Deepa Sita as the company’s Chief Financial Officer and Executive Director with effect from 1 October 2020. Sita will be taking over from Pamela Padayachee, who has been serving as acting CFO from 1 February 2020 after former CFO Noel Doyle stepped into the CEO role. Pamela Padayachee will assume a senior finance role within the company once Sita assumes her position. “The Board would like to express its appreciation for the professionalism and personal commitment of the…

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South Africa’s court favours Tiger Brands on provision of information over listeriosis battle

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SOUTH AFRICA – Tiger Brands, a South African packaged food company has announced that the high court in Johannesburg has upheld its bid to compel third parties to provide critical epidemiological information related to the listeriosis class-action lawsuit. According to News24, some laboratories had refused to provide information they believed was confidential, relating to the identities of those who submitted samples for testing. The court handed down judgment in Tiger Brands’ favour, compelling the third parties to provide the information within a month. “The effect of the ruling is to…

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Tiger Brands’ profits fall by 65% impacted by US$32m impairment charges

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SOUTH AFRICA – Tiger Brands’ headline earnings per share from continuing operations for the six months ended March 31 fell to 501 cents, from 773 cents in the same period last year reflecting a 35% decline. The company has reported a 75 percent decline in earnings per share to 221cents, impacted by R557m (US$32m) impairment charges. According to the food manufacturing giant financials, pretax profit from continuing operations fell 65% to R673 million (US$38m). “The group’s overall performance reflects the difficult trading environment and the challenges faced, particularly within grains, groceries,…

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Tiger Brands shuts Durban Bakery after staffs test positive of COVID-19

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SOUTH AFRICA – Food manufacturing giant Tiger Brands has temporarily closed its Durban bakery after some of its staff tested positive of Covid-19 virus. In a statement issued on Wednesday April 15 ‚ the company said that it closed the bakery as a precautionary measure and that it had contacted the department of health and the National Institute for Communicable Diseases (NICD). “The company has taken this decision in line with best practice protocols and in the interest of the health and safety of all its employees at the bakery‚…

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Tiger Brands commits to not raise prices during lockdown

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SOUTH AFRICA – Tiger Brands has made a commitment not to increase the prices of any of its products during the lockdown period despite incurring additional costs of R60million (US$3.22m) as a result of the incentives and staff transport arrangement during the 21-day shutdown. Africa’s largest packaged goods company said that while the regulations allowed for price increases to be taken, which were supported by valid input cost increases, such price increases might not enhance profit margins beyond those prevailing for the three-month period up to February 29. “This does…

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