South African group Tiger Brands has booked a “disappointing” set of full-year results as the pressure on pricing and the acquisition of Dangote Flour Mills of Nigeria hit the bottom line.
The company said today (20 November) that operating profit fell 11.6% to ZAR3.1bn (US$307.9m). Headline earnings per share dipped 3.8% to 1,624 cents. Excluding the Nigerian acquisition, operating profit was flat and headline EPS was up 5.4%.
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The decline in earnings came despite a 19.1% increase in turnover, which increased to ZAR27bn.
Commenting on the result, Tiger said its ability to raise prices was hampered by pressure on consumer spending and growing competition from own label products.
Click here to view the full update from Tiger Brands.
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