South African food maker Tiger Brands has said that it expects full-year earnings to surge by more than 90% in the 12 months to 30 September.
In a regulatory filing, Tiger said it anticipates earnings per share from total operations – including discontinued operations – to increase by between 88% and 93% in the period. Tiger provided an EPS guidance range of 2,007 cents to and 2,068 cents.
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Headline EPS, an additional earnings metric required by South Africa’s stock exchange, is expected to be 18-21% higher than the prior year.
In February this year, Tiger sold its loss-making Nigerian business, Tiger Branded Consumer Goods, to joint venture partner Dangote Industries. Under the agreement, Dangote would provide a cash injection of ZAR700m (US$46.6m) to TBCG and in return Tiger sold its 65.7% stake for the nominal consideration of $1 and wrote off shareholder loans to the venture.
Excluding the contribution from this business, earnings from continuing operations are forecast to grow by between 1% and 6%, the company predicted. Comparable headline earnings are expected to increase by 0-3%.
Tiger is scheduled to release its full-year update on 23 November.
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